COLUMBUS, Ind., July 23 /CNW/ -- Irwin Financial Corporation (NYSE: IFC)
today announced it has entered into an agreement that, when completed as
expected in the third quarter, will transfer ownership of the Corporation's
small-ticket leasing assets in Canada to Roynat Inc., a wholly-owned
subsidiary of Scotiabank Group, headquartered in Toronto, Ontario, Canada.
This agreement is subject to required regulatory approval.
"We are pleased to announce that we have reached an agreement to sell our
small ticket leasing business in Canada to Roynat Inc.," said Will Miller,
Chairman and CEO of Irwin Financial.
Irwin Financial expects to release its second quarter 2008 results and
pro forma results that reflect the effect of this transaction when it files
its next Form 10-Q.
About Irwin Financial
Irwin(R) Financial Corporation ( http://www.irwinfinancial.com ) is a
bank holding company with a history tracing to 1871. The Corporation provides
a broad range of banking services to small businesses and consumers in
About Forward-Looking Statements
This press release contains forward-looking statements that are based on
management's expectations, estimates, projections, and assumptions. These
statements involve inherent risks and uncertainties that are difficult to
predict and are not guarantees of future performance. Other than statements
of historical fact, statements about the expected completion of the sale of
the Corporation's Canadian small-ticket leasing business and the expected
release and filing of results that reflect the effect of this transaction are
forward-looking statements. Actual future results may differ materially from
what is projected due to a variety of factors, including, but not limited to,
unforeseen difficulties the parties may experience in completing the
transaction as currently contemplated, such as a material adverse change in
the sellers, a failure to obtain the necessary regulatory approvals or
third-party consents or to meet closing conditions, or unanticipated
regulatory constraints. 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.
For further information:
For further information: Susan Matthews, Media, +1-317-590-3202, Suzie
Singer, Corporate Communications, +1-812-376-1917, both of Irwin Financial
Corporation Web Site: http://www.irwinfinancial.com