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IRWIN FINANCIAL CORPORATION ANNOUNCES STOCK SPLIT, ADDITION TO BOARD OF DIRECTORS, AND QUARTERLY DIVIDEND

 COLUMBUS, Ind., Aug. 17 /PRNewswire/ -- Irwin Financial Corporation (NASDAQ-NMS: IRWN) announced today a two-for-one stock split, the election of Theodore M. Solso to its board of directors, and a quarterly dividend of $0.075 per share, payable on the shares outstanding after the stock split.
 The stock split will be distributed Sept. 2, 1993, to shareholders of record on Aug. 27, 1993. The total shares outstanding will increase from approximately 2,883,000 to 5,766,000. The corporation most recently split its stock in a two-for-one exchange in September 1992, and a three-for-two exchange in December 1991. The stock split is intended to benefit shareholders by improving the liquidity in the market for Irwin Financial stock.
 Solso, 46, is Executive Vice President-Operations, of Cummins Engine Company, Inc. (manufacturer of diesel engines), where he has held a variety of management positions over the past 22 years. He is a director of Amax Inc., Heritage Fund of Bartholomew County, Board of Visitors-DePauw University, Cummins Engine Foundation, and Otter Creek Golf Course. Solso earned a Bachelor of Arts degree in psychology from DePauw University and a Master of Business Administration degree from Harvard University. His election increases the corporation's board to 16 members.
 The third quarter dividend of $0.075 per share will be payable on shares outstanding after the stock split. This level of quarterly dividend would be equal to $0.15 per share on a pre-split basis and in total dollars is unchanged from the prior quarter. The dividend is payable on Sept. 24, 1993, to shareholders of record on Sept. 10, 1993.
 As previously announced, Irwin Financial's earnings for the three months ended June 30, 1993, were $3,764,575 or $1.28 per share, an increase of 48.8 percent over the second quarter of 1992. Year to date, net income was $7,322,877 or $2.50 per share, as compared to $5,125,107 or $1.79 per share in the first six months of 1992. Both 1993 figures are new earnings records for the corporation.
 Irwin Financial Corporation is an interrelated group of financial services companies serving niche markets. The corporation, through its four principal operating subsidiaries -- Inland Mortgage Corporation, Irwin Union Bank and Trust Company, Irwin Union Investor Services, Inc. and Affiliated Capital Corp. -- provides a broad range of commercial, retail and mortgage banking services as well as trust, investment, leasing, and insurance services through 56 offices in 15 states.
 -0- 8/17/93
 /CONTACT: Thomas D. Washburn, 812-376-1769, or Gregory F. Ehlinger, 812-376-1935, both of Irwin Financial Corporation/
 (IRWN)


CO: Irwin Financial Corporation ST: Indiana IN: FIN SU: PER DIV

BM -- CL013 -- 3629 08/17/93 14:35 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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