EXHIBIT 99.1
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NEWS RELEASE
For further information, contact:
Beatrice Neil, Irwin Mortgage Corporation (317) 844-7788 x8437
Greg Ehlinger, Irwin Financial Corporation (812) 376-1935
October 26, 2000 For immediate release
IRWIN FINANCIAL CORPORATION ANNOUNCES
SENIOR MANAGEMENT PROMOTION AT IRWIN MORTGAGE SUBSIDIARY
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(Columbus, IN) Irwin Financial Corporation (NASDAQ-NMS: IRWN) today announced
the promotion of Robert H. Griffith to Executive Vice President and Chief
Operating Officer of its Irwin Mortgage Corporation subsidiary. The Corporation
also announced its intention to begin a transition process, to be completed by
the first quarter of 2001, for current President Rick L. McGuire to continue his
leadership position within the mortgage company as Vice Chairman, with Griffith
assuming responsibilities as President and Chief Executive Officer.
Griffith, 42, has 17 years of industry experience and joined Irwin Mortgage in
1986. He has most recently been Senior Vice President for Corporate Planning and
Business Development. He earned a BS in Economics from James Madison University
and a JD from Duke University. He is a Director of the Indianapolis Neighborhood
Housing Partnership, has participated in activities of the Mortgage Bankers
Association of America (MBA), and attended the MBA School of Mortgage Banking.
McGuire, 48, joined Irwin Mortgage in 1978. In the newly created position of
Vice Chairman, McGuire will focus his attention on Irwin Mortgage's external
stakeholders including its relationships with Fannie Mae, HUD, the MBA, and the
mortgage insurance industry. In addition, he will assist Irwin Mortgage's senior
management team on a wide variety of issues, with particular focus on loan
origination initiatives. He is a Director of Republic Mortgage Insurance
Company, and has served the mortgage industry in several capacities including
service on the MBA's Board of Governors and Board of Directors and on Fannie
Mae's Regional Advisory Board.
John Nash, President of Irwin Financial Corporation and Chairman of Irwin
Mortgage, said the changes in senior management leadership were a natural
progression in the development of Irwin Mortgage and are intended to support
Irwin's growth in a rapidly changing industry. "Rick McGuire's management over
the past 20 years has helped propel Irwin Mortgage to its position as a national
leader in mortgage loan originations. His contributions in this area have been
enormous and we hope to leverage his industry knowledge and contacts during the
next phase of Irwin Mortgage's growth", Nash said.
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Nash added, "Bob Griffith has, in recent years, been involved in almost every
aspect of Irwin Mortgage's significant new initiatives and has demonstrated
leadership, competence, and a willingness to challenge the status quo. As the
mortgage industry undergoes continual change, we believe Bob and the rest of the
experienced Irwin Mortgage management team are highly capable to meet the
challenges which lay ahead."
Irwin Mortgage Corporation (www.irwinmortgage.com), is one of the nation's
leading full service residential mortgage lenders with offices nationwide.
Irwin's emphasis is serving customers who require expertise and specialized
services in financing or refinancing homes in selected retail, wholesale, and
internet channels. In 1999, Irwin Mortgage assisted over 54,000 families achieve
the American Dream of homeownership.
Irwin Mortgage is a subsidiary of Irwin Financial Corporation
(www.irwinfinancial.com) which is an interrelated group of specialized financial
services companies. The Corporation, through its five major subsidiaries --
Irwin Mortgage Corporation, Irwin Home Equity Corporation, Irwin Union Bank and
Trust Company, Irwin Business Finance, and Irwin Ventures Inc. -- provides a
broad range of consumer and commercial financial services in selected markets in
North America.
