Irwin Financial (IFC) Enters Cease and Desist Order with Indiana Federal Reserve
In a Form 8-K, Irwin Financial (NYSE: IFC) announced that it entered into a cease and desist order with the Federal Reserve of Indiana. The Order includes requirements that the Corporation and IUBT achieve certain designated capital levels and reduce reliance on certain types of deposits by September 30, 2009. The Corporation and IUBT believe that there is no realistic prospect of achieving the required capital levels by the date required in the Order and, in the absence of certain loan sales, which the Corporation and IUBT believe would not be approved by appropriate regulatory bodies, they cannot achieve the requisite reduction in reliance on the designated deposits by the required date.
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