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Indiana CUs See Deposit Uptick After Irwin Failure

Indiana credit unions are witnessing a pickup in new deposits and inquires from both their own members and bank customers following Friday's collapse Irwin Union of Columbus, which succumbed to large mortgage defaults.

By Jim Rubenstein | Updated on September 20, 2009

Indiana credit unions are witnessing a pickup in new deposits and inquires from both their own members and bank customers following Friday’s collapse of a venerable Indiana bank, the $2.7 billion Irwin Union of Columbus, which succumbed to large mortgage defaults.

“This sort of thing is unfortunate since they had been a pillar in this community, but the bank’s troubles had been in the news for quite a while,” said Nan Morrow, vice president of corporate development at the $850 million Centra CU, also of Columbus.

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