IFC Irwin Financial Corp

Transaction meets Freedom's objective for strategic, aggressive growth MOUNT LAUREL, N.J., Aug. 7 /PRNewswire/ -- Freedom Mortgage Corporation announced today that it has signed a definitive purchase agreement to acquire from Irwin Financial Corporation (NYSE:IFC) the mortgage production operations of its wholly-owned subsidiary, Irwin Mortgage Corporation. This transaction will strengthen Freedom's position as one of the largest privately held mortgage companies in the nation. Terms of the transaction were not disclosed. "Freedom is a thriving company, and Irwin Mortgage offers exceptionally strong platforms in retail, direct, wholesale and correspondent delivery channels. IMC is a proven leader with sophisticated systems, and this acquisition creates a winning combination," Freedom CEO Stan Middleman said. "This transaction meets Freedom's objective for strategic, aggressive growth," Middleman continued. "Through this purchase, we acquire Irwin's deep distribution channels and gain access to their talented workforce. It creates an instant presence for Freedom in many desirable markets. The Irwin footprint complements ours with virtually no redundancy." Freedom currently serves primarily the Mid-Atlantic, Northeast, and California through the Northwest. The acquisition of Irwin expands Freedom's reach into the Southeast, Midwest, Arizona and Florida. With the purchase of Irwin Mortgage's production operations, Freedom will add nearly 40 offices, bringing its total reach to nearly 150 offices nationwide. Classic Strategies Group, LLC advised Freedom Mortgage Corporation and JPMorgan advised Irwin Financial Corporation. About Freedom Privately held Freedom Mortgage Corporation is a licensed mortgage banker that has been lending to residential homeowners since 1990. Headquartered outside of Philadelphia in Mount Laurel, New Jersey, Freedom's mortgage and finance professionals provide a wide range of residential mortgage products and high quality of customer service through consistent communication and a true desire to help customers finance home purchases. DATASOURCE: Freedom Mortgage Corporation CONTACT: Susan Matthews of Borshoff Johnson Matthews, +1-317-631-6400 - office, or +1-317-590-3202 - mobile, , for Freedom Mortgage Corporation

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