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Columbus Bank Hurting Along With Wall Street

Last updated on Thursday, October 2, 2008

(COLUMBUS) - The financial crisis on Wall Street is already putting the hurt on local, Indiana financial institutions.

The Indianapolis Star reports that Columbus-based Irwin Financial is planning on offering more stock in the company in an effort to raise $50 million to help the company weather rough times.

The paper says Irwin has been beaten about by losses on home equity and commercial real estate loans it has made, though most of those delinquent loans are outside of Indiana.

At the same time, however, Irwin is also trying to reassure local depositors that their money is still safe.

Panic withdrawals have been partially blamed on some of the major bank failures, including Washington Mutual.

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