Irwin to Divest Certain Origination Ops

Irwin Financial Corp., Columbus, Ind., has announced that its subsidiary Irwin Mortgage Corp. will divest its net branch and credit union lending operations and a portion of its traditional retail lending operations in sales to two companies.The terms of the two agreements were not disclosed. IMC agreed to sell 40 of its retail and retail/net branches, mainly in coastal states, as well as its credit union lending business. American Home Mortgage Corp., Melville, N.Y., will acquire the CU channel, 23 of the retail and retail/net branches, and the Concord, Calif., loan operations center, Irwin reported. Meanwhile, Pinnacle Financial Corp. will buy the balance of the branches and the Carson, Calif., loan operations center. Irwin said its mortgage subsidiary will now concentrate on the growth of its most profitable channels in wholesale, correspondent, and consumer direct lending and "sharpen" its focus in traditional retail lending to low- and moderate-income and emerging market homebuyers. It will retain 21 traditional retail branches concentrated in the Midwest and the East. Irwin can be found online at http://www.irwinfinancial.com.