Irwin Restructures to Strengthen Capital

Irwin Financial Corporation, Columbus, OH, has entered into "standby" purchase agreements with five investors to purchase up to $31 million of common shares after shareholders have been given the first opportunity to invest in the offering. The deal is part of a previously announced $50 million rights offering to shareholders. "We continue to make progress executing our strategic restructuring plan to reduce our exposure to the national mortgage lending industry and return to our traditional focus on delivering banking services to small businesses and local communities where we have branches," said Will Miller, chairman and CEO of Irwin Financial. He said the offering will help Irwin continue to maintain required capital levels while completing the initiative.