The Republic Staff Reports
Irwin Financial Corp. has filed for bankruptcy, and trading of its common stock has been suspended by the New York Stock Exchange.
The Columbus-based financial institution filed Friday for Chapter 7 bankruptcy in U.S. Bankruptcy Court Southern District of Indiana.
IFC listed assets of $10 million to $50 million, and liabilities of $100 million to $500 million.
IFC lost about $450 million over the last six quarters.
NYSE Regulation Inc. suspended trading of IFC stock because the "company's securities are no longer suitable for listing on the NYSE," according to a press release.
IFC had both of its banks, Irwin Union Bank and Trust and Irwin Union Bank FSB, sold to Hamilton, Ohio-based First Financial Bank on Friday when state and federal regulators deemed IFC's banks were operating in unsafe and unsound manners.
NYSE Regulation cited the sale of the banks and the pulling of their charters as reasons for IFC's delisting.
NYSE Regulation also suspended IFC Capital Trust VI8.7% Cumulative Trust Preferred Securities because of the removal of IFC's common stock.
Chapter 7 bankruptcy provides for the sale of the debtor's nonexempt assets and uses the proceeds to pay creditors, according to www.uscourts.gov.