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69 days ago
Irwin Financial files for bankruptcy liquidation September 21, 2009 Columbus-based Irwin Financial Corp. has filed for Chapter 7 bankruptcy, setting the stage for the liquidation of the remaining assets of the troubled banking company. Columbus-based Irwin Financial Corp. has filed for Chapter 7 bankruptcy, setting the stage for the liquidation of the remaining assets of the troubled banking company. The bankruptcy petition, signed by Irwin CFO Gregory F. Ehlinger, lists between 200 and 999 creditors. It estimates ...71 days ago
Who is the 94th bank in 2009 failed and took over by the regulators? The answer is it is the bank I am working for. After trying hard for several quarters, finally, on 9/18/2009, we were seized by the regulators and then simultaneously sold to another bank FFBC. I didn't know it is coming so fast, I thought we still have another 2 weeks. Around 4:30PM, rumor has it that FDIC people shown up in the headquarter. At that moment, my heart is beating faster for a few minutes and I can tell my hands are cold. I mean, really? today? now? After all, this company has existed for 138 years and we have been in losses for several quarters. Not even another 2 weeks? Apparently, this is true. About 5PM, we got the official word. Then at 5:30PM, when the branch closed for business, we actually see FDIC representative and FFBC representative walking in the door, gather us together and announce to closing and selling. This is unreal. Of all the failure stories I read on WSJ and Bloomberg, now comes ...
71 days ago
On September 16th, 2009, IFC announced that it received Cease and Desist Order with the Federal Reserve. To truly record what was happening, here is the quote from the 8-K filed by IFC: " As previously announced, on September 15, 2009, Irwin Financial Corporation (the “Corporation”) was told by the Federal Reserve Bank of Chicago (the “Chicago Reserve Bank”) and the Indiana Department of Financial Institutions (the “DFI”) that they disagree with the Corporation’s view of the timing of the recognition of certain loan losses at its principal depository institution subsidiary, Irwin Union Bank and Trust Company (“IUBT”). As a result, IUBT has been required to submit to the Federal Deposit Insurance Corporation amended Consolidated Reports of Condition and Income (the “Amended Call Report”) for the three months ended June 30, 2009 consistent with the Chicago Reserve Bank's and the DFI’s view of the timing of these losses. On September 16, 2009, the Corporation’s Audit ...
75 days ago
Last night, US Open 2009 Final, Federer vs. Del Potro, 5 time champion vs 20-year-old-first-gram-slam-appearance. For a moment or two, I thought Fed was going to crush the young man with his second serve (his serve is not in the game at all), but the glory of Fed Dynasty is ending. Instead of taking the 2-0 lead, Fed lost second set in the tie break and the marvelous young man just played better and better. Legend has it that the 2009 champion is the 20 year old from Argentina. But the highlight of the night is not in the game. During the trophy ceremony, the new champion is kind of shy and his English is certainly not enough to express his excitement and joy. So as tall as he at 6Ft 6, he asked the moderator kindly after he finished the interview in English " Can I speak in Spanish to the fans?" (There are hundreds of Argentina fans in the stadium, more at home watching tv". "SORRY, WE ARE RUNNING OUT OF TIME HERE." Casually and brutally, the moderator ...
81 days ago
I wanted to go there when I first came to the states, which was 8/18/2003. The dream came true this September, 6 years later. I didn't go when I was living in Boston, which is only 4 hours driving to Flushing. I didn't go when I was living in California either, which is 6.5 hours flying. I finally made it when I am living in Bloomington, a 2 hour flight away. Life is short and you never know when your dream can come true. Enjoy the moment! When can we go to French Open to see the King of Clay playing? We saw him in Cincinnati this year, not his best surface.
