Irwin Financial Corporation Announces Redemption of Trust Preferred Securities
November 08 2006 - 8:00AM
PR Newswire (US)
COLUMBUS, Ind., Nov. 8 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC), a bank holding company (the "Corporation"),
announced that IFC Capital Trust V (the "Trust"), a subsidiary of
the Corporation, will redeem on December 8, 2006 (the "Redemption
Date") all $30,000,000 of its 9.95% Trust Preferred Securities (the
"Trust Preferred Securities") and all $928,000 of its 9.95% Common
Securities (the "Trust Common Securities") at a redemption price
equal to $1,000 per Trust Preferred Security, representing an
amount equal to 100% of the principal amount of such Trust
Preferred Security, plus accrued but unpaid dividends up to, but
not including, the Redemption Date of December 8, 2006. All
dividends accruing on the Trust Preferred Securities and on the
Trust Common 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 $31,492,500. 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 $30,000,000 of its
9.95% Junior Subordinated Debt Securities due 2031 (the "Debt
Securities") which are held exclusively by the Trust. The Debt
Securities are to be redeemed on the Redemption Date at a
redemption price of 100% plus interest accrued on the Debt
Securities up to, but not including, the Redemption Date. In
advance of this redemption, the Corporation expects to issue
approximately $30 million of Tier-1 eligible trust preferred
securities to fund the redemption. As a result of this redemption,
the Corporation expects to incur approximately $0.8 million of
expense in December 2006 reflecting the write- off of unamortized
debt issuance costs. 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 The expectations expressed in this press release about
the redemption of IFC Capital Trust V, the issuance of trust
preferred securities, and the Corporation's expected costs in
connection with these activities are forward- looking statements.
These statements involve inherent risks and uncertainties that are
difficult to predict and are not are not guarantees of future
performance. 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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