Irwin Financial Corporation Announces Executive Transition
December 13 2007 - 8:15AM
PR Newswire (US)
COLUMBUS, Ind., Dec. 13 /PRNewswire-FirstCall/ -- Irwin Financial
Corporation (NYSE:IFC), a bank holding company focusing on small
business banking and consumer mortgage lending, today announced
that it will eliminate the position of Executive Vice President
held by Thomas D. Washburn as of December 30, 2007. Mr. Washburn
will assume the title of Vice Chairman as of December 30, 2007 in
order to assist the Corporation in the transition of his
responsibilities to others, a role that will end by or before June
30, 2008. Washburn, 60, joined Irwin in 1976 and held a variety of
leadership positions at the Corporation and its principal operating
segments during the ensuing 31 years. Mr. Washburn's current direct
responsibilities as Chairman of the Corporation's three lines of
business will transfer on December 30, 2007 to William I. Miller,
the Corporation's Chairman and CEO. "During his distinguished
career, spanning four decades, Tom has been one of the primary
architects of the transformation of this Corporation from a
small-town, Indiana-centric community bank to its North American
platform today," said Mr. Miller. "Tom's leadership has helped
drive the Corporation's assets from $165 million to $6 billion
today. More than that, he has been a valued mentor to many in the
Corporation. Tom's insights, guidance, and future orientation have
been instrumental to our growth over the past several decades."
"The Corporation, our home equity, and commercial banking segments
are all making a number of restructuring changes in response to the
current environment for financial services in order to reduce the
Corporation's costs. In this context, Tom has graciously accepted
this decision of the Corporation and, in addition, has offered to
provide the Corporation with transition advice for a period of up
to six months following the termination of his role as Executive
Vice President of the Corporation and Chairman of our operating
segments. We are fortunate that he will work with us to ensure a
smooth transition in his duties," Mr. Miller concluded. Mr.
Washburn's separation agreement includes payment to him of
approximately two times his current annual base salary and target
bonus, in addition to benefits he has earned but not yet received
under the Corporation's qualified defined benefit and supplemental
executive retirement plans, equity-based compensation plans, as
well as continuation of certain health insurance benefits. The cost
to the Corporation of the separation agreement, which will be
recognized in the current quarter, will be approximately $1.1
million, or approximately two cents per share. Mr. Washburn may
choose to work for the Corporation at his option, in the role of
Vice Chairman, to assist in the transition of his duties through
June 30, 2008. 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
small businesses and consumers in selected markets in the United
States and Canada. About Forward-Looking Statements This press
release contains forward-looking statements 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, which include the
elimination of the position of Executive Vice President as of
December 30, 2007, our estimate of the cost of Mr. Washburn's
separation agreement and our intention to recognize the cost in the
current quarter. 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, +1-812-376-1917, or Greg
Ehlinger, Chief Financial Officer, +1-812-379-7603, both of Irwin
Financial Corporation Web site: http://www.irwinfinancial.com/
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