The Republic staff reports
Federal and state regulators have closed Columbus' Irwin Union Bank and Trust Company.
Also closed on Friday was Irwin Union Bank, F.S.B., out of Louisville, Ky., a subsidiary of Columbus-based Irwin Financial Corp. in Columbus.
Regulators have named the Federal Deposit Insurance Corporation as receiver for the banks. To protect depositors, the FDIC agreed to assume all deposits from the two banks.
As of Aug. 31, Irwin Union Bank and Trust Company had a total of $2.7 billion in assets and $2.1 billion in total deposits.
The banks' branches are scheduled to reopen for normal business hours Saturday as branches of First Financial Bank.
Those with deposits at closed bank automatically will have those deposits, which still will be insured, transferred to First Financial.
FDIC advised all affected customers to continue using their existing branches until First Financial can fully integrate the deposit records of the two institutions.
This evening and over the weekend, depositors of Irwin Union B&T Company and Irwin Union Bank, F.S.B. can access their money by writing checks or using ATM or debit cards.
Checks drawn on the institutions will continue to be processed.
Loan customers should continue to make their payments as usual.