Irwin Financial Corporation Announces Shareholder Vote Results and Information on NYSE Listing
01 Giugno 2009 - 10:15PM
PR Newswire (US)
COLUMBUS, Ind., June 1 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC), today announced the voting results from the
Corporation's Annual Meeting of Shareholders held on May 29, 2009
and information on its NYSE listing. At the shareholders' meeting,
each of the four Directors nominated to serve a three-year term,
Dave Goodrich, Brenda Lauderback, John McGinty, and Marita
Zuraitis, was elected by shareholders, with each Director receiving
96 percent or more of votes cast. Shareholders voted in favor of
each of the three other proposals - adding shares to the Employees'
Stock Purchase Plan, approving the Short Term Incentive Plan to
qualify it for performance-based compensation, and confirming the
Corporation's independent public accountants for 2009 - with 97
percent or more of votes cast. The New York Stock Exchange ("NYSE")
has provided notice to the Corporation that, due to the decline in
its level of market capitalization and shareholders' equity, the
Corporation currently does not satisfy one of the NYSE's standards
for continued listing and that to maintain its listing, the
Corporation has 45 days to submit a business plan that demonstrates
that the Corporation will be in compliance with the continued
listing standard within 18 months. The business plan will be
reviewed for final disposition by the Listings and Compliance
Committee of the NYSE. If the plan is accepted, the Corporation
will be subject to quarterly monitoring for compliance with the
plan and the stock will continue to trade on the NYSE. If the plan
is not accepted, the Corporation will be subject to suspension by
the NYSE and delisting. The Corporation believes compliance would
be achievable through Government support for its existing
re-capitalization plan. About Irwin Financial Irwin(R) Financial
Corporation (http://www.irwinfinancial.com/) is a bank holding
company with a history tracing to 1871. The Corporation provides a
broad range of banking services to small businesses and consumers
in our branches in the Midwest and Southwest and to restaurant
franchisees nationwide. About Forward-looking Statements This press
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. We intend such forward-looking
statements to be covered by the safe harbor provisions for
forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. We are including this statement for
purposes of invoking these safe harbor provisions. Forward-looking
statements are based on management's expectations, estimates,
projections, and assumptions. These statements involve inherent
risks and uncertainties that are difficult to predict and are not
guarantees of future performance. Words that convey our beliefs,
views, expectations, assumptions, estimates, forecasts, outlook and
projections or similar language, or that indicate events we believe
could, would, should, may or will occur (or will not or might not
occur) or are likely (or unlikely) to occur, and similar
expressions, are intended to identify forward-looking statements.
These may include, among other things, statements and assumptions
about reestablishing compliance with the NYSE's continued listing
standards through the execution of the Corporation's
re-capitalization plan. We qualify any forward-looking statements
entirely by these and the following cautionary factors. Actual
future results may differ materially from our forward-looking
statements and we qualify all forward looking statements by various
risks and uncertainties we face, as well as the assumptions
underlying the statements, including, but not limited to, the
following cautionary factors: difficulties in completing our
recapitalization plan, including the failure to raise sufficient
private investment through our proposed rights offer or a possible
exchange of trust preferred securities for our equity or by other
means, the failure of a sufficient number of shareholders to
participate in a rights offer or to exercise fully their rights,
the failure to satisfy the conditions that require the standby
purchasers to exercise fully their subscription privileges, the
failure to receive assistance in substantially the form proposed to
the U.S. Treasury and banking regulators, or the failure to obtain
any necessary regulatory approvals; potential further deterioration
or effects of general economic conditions, particularly in sectors
relating to real estate and/or mortgage lending, small business
lending, and franchise restaurants finance; unanticipated
deterioration in the credit quality or collectability of our loan
and lease assets, including deterioration resulting from the
effects of natural disasters (including a pandemic); difficulties
in accurately estimating any future repurchases of residential
mortgage, home equity, or other loans or leases due to alleged
violations of representations and warranties we made when selling
these loans and leases to the secondary market or in
securitizations; unanticipated lawsuits or outcomes in litigation;
legislative or regulatory changes, including changes in laws, rules
or regulations that affect tax, consumer or commercial lending,
corporate governance and disclosure requirements, and other laws,
rules or regulations affecting the rights and responsibilities of
our Corporation, or our state-chartered bank or federal savings
bank subsidiary; regulatory actions that impact our Corporation,
bank or thrift, including the written agreement the Corporation and
its state-chartered bank subsidiary, Irwin Union Bank and Trust
Company, entered into with the Federal Reserve Bank of Chicago and
the Indiana Department of Financial Institutions on October 10,
2008, and the supervisory agreement the Corporation's federal
savings bank subsidiary, Irwin Union Bank, F.S.B., entered into
with the Office of Thrift Supervision on the same day; the
availability of resources to address changes in laws, rules or
regulations or to respond to regulatory actions; changes in the
interpretation and application of accounting or other rules
affecting the Corporation's capital; or governmental changes in
monetary or fiscal policies. In addition, our past results of
operations do not necessarily indicate our future results. We
undertake no obligation to update publicly any of these statements
in light of future events, except as required in subsequent reports
we file with the Securities and Exchange Commission. DATASOURCE:
Irwin Financial Corporation CONTACT: Suzie Singer, Corporate
Communications of Irwin Financial Corporation, +1-812-376-1917 Web
Site: http://www.irwinfinancial.com/
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