Irwin Financial Corporation Announces Redemption of Trust Preferred Securities
June 23 2006 - 5:15PM
PR Newswire (US)
COLUMBUS, Ind., June 23 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC), a bank holding company (the "Corporation"),
announced that IFC Capital Trust IV (the "Trust"), a subsidiary of
the Corporation, will redeem on July 25, 2006 (the "Redemption
Date") all $15,000,000 of its 10.25% Trust Preferred Securities
(the "Trust Preferred Securities"). The Trust Preferred Securities
have been called for redemption at a redemption price equal to
$1,076.875 per Trust Preferred Security, representing an amount
equal to 107.6875% of the principal amount of such Trust Preferred
Security, plus accrued but unpaid dividends up to, but not
including, the Redemption Date of July 25, 2006. All dividends
accruing on the Trust Preferred Securities will cease to accrue on
and after the Redemption Date. The total amount of the redemption
of the Trust Preferred Securities, including accrued but unpaid
dividends, will be $16,921,875.00. The Trustee has notified the
holders of the redemption. The Trust is taking such action in
connection with the concurrent redemption by the Corporation of all
$15,000,000 of its 10.25% Junior Subordinated Debt Securities due
July 25, 2031 (the "Debentures") which are held exclusively by the
Trust. The Debentures are to be redeemed on the Redemption Date at
a redemption price of 107.6875% plus interest accrued on the
Debentures up to, but not including, the Redemption Date. As a
result of this redemption, the Corporation expects to incur
approximately $1.5 million of expense in July 2006 reflecting the
write-off of unamortized debt issuance costs and the call premium.
About Irwin Financial Irwin(R) Financial Corporation
(http://www.irwinfinancial.com/ ) is a bank holding company with a
history tracing to 1871. The Corporation, through its principal
lines of business, provides a broad range of financial services to
consumers and small businesses in selected markets in the United
States and Canada. About Forward-Looking Statements This press
release contains forward-looking statements and estimates that are
based on management's expectations, estimates, projections, and
assumptions. These statements and estimates include but are not
limited to earnings estimates and projections of financial
performance and profitability, and projections of business
strategies and future activities. 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 might not occur) or are
likely (or unlikely) to occur, and similar expressions, are
intended to identify forward- looking statements in this press
release in connection with the redemption of the Trust Securities,
including estimated expenses and any other statements that are not
historical facts. We qualify any forward-looking statements
entirely by these cautionary factors. Actual future results may
differ materially from what is projected due to a variety of
factors including: difficulties in obtaining funding as needed;
legislative or regulatory changes, including changes in tax laws or
regulations, changes in the interpretation of regulatory capital
rules, changes in applicable accounting policies or principles or
their application to our businesses or final audit adjustments;
additional guidance and interpretation on accounting issues and
details of the implementation of new accounting methods; or
governmental changes in monetary or fiscal policies. 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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