Irwin Financial

Irwin Financial Corp.
You scrappy little bank from Indy,
Big things were promised,
But they were just not to be.

Niches you sought,
And, for a while, quite ably found.
Alas, as the tide has come out,
Swept with it, you are left to drown.

A return to book value
Was my conservative guess.
Patience was all we needed,
Enough to get you through your "minor" mess.

But this "minor" is truly not so.
Your three lines are shaky,
One, in particular, about to blow!

House prices increasing
As far as the eye could see
Proved an unsustainable model
For the 100%+ CLTV.

The off balance sheet is cleansing.
We congratulate you for that,
But the rest of the book is being shot
Machine-gun-like: rat-a-tat-tat!

Insiders have bought
And we wish them well,
But with your trust preferred suspended,
Per Cramer's button: sell! sell! sell!