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Columbus, Ind.-based Irwin Financial (NYSE: IFC) has 45 days to submiyt a plan toNYSE officials, the company said in a news If the plan is accepted, Irwin Financial’ss stock will continue to tradew on the NYSE, and the company’zs financial performance will be reviewe quarterly. Irwin Financial on May 11 reporteda $94 millio first-quarter loss on the heels of a $104 million loss in the fourthu quarter of 2008. The which has been stung by badmortgage loans, is tryingb to restructure its businesz to shift its focus from mortgage and home-equity lendinfg and equipment leasing to community banking.
Irwin Financial continues to pursue a plan to develooa public-private partnership with Columbus, Ind.-based engine-makerd and four other investors, which have agreed to buy up to $34 millioh of common shares after shareholders have been givem the first opportunity to invest in the offering. Thoss investors include Irwin Financial chairman and CEO Will Mille and his family members andHenry B. Schacht, a formed chairman and CEO of Cummins and Each ofIrwimn Financial’s board members also has promisedf to invest in the offering, whicj must meet the approval of banking regulatorsd and the .
If the funding plan is Irwin Financial should be able to meetNYSE requirements, the company said in the
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