Cummins Announces Standby Commitment to Purchase $25 Million in Stock to Support Irwin Financial Restructuring Plan
COLUMBUS, IN – Cummins Inc. has agreed to provide a standby commitment in support of the previously announced restructuring plan by Irwin Financial Corporation.
COLUMBUS, IN – Cummins Inc. has agreed to provide a standby commitment in support of the previously announced restructuring plan by Irwin Financial Corporation. Cummins will provide $25 million of the standby commitment. The rest will come from individual investors. Both Cummins and Irwin Financial are headquartered in Columbus, Ind.
“IFC is the largest financial institution in our home community and the second largest in our home state. Given all of the chaos in the financial markets, Cummins wants to help ensure that IFC’s restructuring plan works,” said Tim Solso, Cummins chairman and CEO. “This standby commitment expresses Cummins’ confidence in IFC and IFC’s management. Second, given the attractive stock price and the bank’s long history of strong financial performance, we believe this is a good investment for Cummins.”
If Cummins purchases the IFC shares, William I. Miller, chairman of IFC, will resign from the Cummins Board, which he joined in February 1989.
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