Losses continue in 3Q for Irwin Financial
20 Nov 2008
Irwin Financial, the Columbus-based bank saddled with losses from delinquent loans, announced today that it lost $54 million during the third quarter, a three-fold increase from last year.
Losses were $54.4 million, or $1.85 a share, compared to $18 million or 64 cents a share at the same point in 2007.
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Irwin noted that it is making progress on its restructuring efforts.
"We will return to profitability by simplifying our business and returning to the core principles that have driven our success for the past 137 years: serving small businesses and consumers in our branch communities," said Will Miller, chairman and CEO of Irwin Financial.
Irwin has suffered steep losses, including $107 million in the previous quarter.
Much of that has come come from bad home-equity loans, many of them made in fast-growing Western states such as California and Nevada before the housing bubble burst.
Source:http://www.indystar.com/article/20081110/BUSINESS