Irwin Reports $107M Loss

Irwin Financial Corp., a bank holding company based in Columbus, Ind., has reported a net loss of $107 million ($3.64 per share) for the second quarter, citing charges linked to a strategic restructuring of the company and its exit from the home equity business. The loss includes approximately $94 million in losses from the leasing and home equity businesses Irwin is leaving. "Through asset sales and significantly reducing our exposure to home equity credit losses, management and the board are refocusing the corporation on our core services to small business and local branch-based customers," said Will Miller, chairman and chief executive officer of Irwin Financial. "With the remaining home equity portfolio in runoff mode, we have capped our exposure to the national home equity industry while we exit this business." Mr. Miller predicted a return to profitability for the company in 2009. Irwin can be found online at http://www.irwinfinancial.com.