| Irwin Financial | 500 Washington St., Columbus, IN 47201 |
| www.irwinfinancial.com | (812) 376-1020 Fax: (812) 376-1709 |
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Not just your neighborhood bank
Having expanded upon its base in community banking in southern Indiana, Irwin Financial Corporation now engages in far more than commercial banking. The firm offers a diversified set of financial services including community banking (which it began offering more than 125 years ago), mortgage banking, home equity lending and specialized leasing. Its strategy of diversification has been undeniably successful: the firm posted its ninth consecutive year of record earnings in 1998.
The quiet giant
Irwin has become a leader in the financial services industry with little fanfare - and made its shareholders a pocketful of change while doing so. In 1998, the company showed up as one of Money magazine's top 50 performing stocks of the 1990s, surprising even those who helped compile the list. Stock in Irwin worth $1000 in 1982 was worth $175,276 as of August 1998.
Diversify, diversify
The key to the company's growth and increase in profits over the last decade has been its strategy of diversification into different markets, in conjunction with the resolve that its various companies focus on specific "niche markets." The company has four principal corporations: Inland Mortgage Corporation buys and services residential mortgage loans; Subsidiary Irwin Union Bank and Trust Company provides checking and savings accounts for individuals and businesses; Irwin Equity Corporation develops and services home equity loans; and finally Affiliated Capital Corporation leases equipment and provides commercial lending services.
Irwin's mortgage arm has been the main driver of growth. In 1991, Irwin entered the market by acquiring Inland Mortgage and renaming it Irwin Mortgage, getting into the mortgage business as it was taking off. The firm's mortgage banking division, led by a booming origination business (which totaled $8.9 billion in 1998), makes up 65 to 70 percent of Irwin Financial's business.
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Irwin Financial offers summer associates the opportunity to work on various projects individually or with executive groups. The firm reports that summer associates work directly with members of the Executive Management Committee, which includes Irwin's chairman, William Miller, and CEO John Nash, who are widely hailed for their business expertise. Associates are typically assigned projects that involve strategic and financial planning, the appraisal of new business ventures, and forecasting. Insiders report that most of the company's recruiting is accomplished at the MBA level at "Indiana University, Darden (the University of Virginia) and the University of Michigan."
To apply for a position at Irwin Financial, contact Theresa L. Hall, Vice President of Human Resources at (812) 376-1691. The firm's web site, located at www.irwinfin.com, offers links to information about employment with Irwin Union Bank.
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All warm and fuzzy inside
Generally, employees speak favorably about their experience at Irwin. Says one insider: "Working at Irwin Financial has been very enjoyable for me. It is a very warm, caring, open and honest environment." Another contact summarizes his experience by saying, "I think IFC is a great place to work. It has given me (and many others) the opportunity to grow professionally, make mistakes and learn from them, and continue to expand our personal and professional horizons." Continues that contact: "I think lots of other people would agree with me."
Variable pay and hours
"Pay and work hours," says one Irwin Human Resources employee, "can differ significantly, depending upon the company and the position. Our compensation philosophy is one of market-based pay practices. We also use variable compensation to a large degree, sometimes because that's what is typical of the market for a particular position." This variable rate of compensation is perhaps the major drawback to working at Irwin. Like pay and hours, dress codes also vary by office and position.
Good diversity
One distinguishing feature of the firm, insiders say, is its receptive attitude toward women and minorities. One employee remarks that there are "several women and minorities in our management and executive ranks" and that many "professional women with young children work part-time or split their time between the office and a home-office that the company has helped them set up."
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Terry Hall
Vice President
Human Resources
500 Washington Street1
P.O. Box 929
Columbus
IN
47203
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Mortgage Banking;Commercial Banking;Investment Management and Securities Brokering;Equipment leasing;
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GE Capital;Household Leasing
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