Regulators have closed two banks controlled by an Indiana-based company.

The Federal Deposit Insurance Corp. said the banks were Irwin Union Bank, F.S.B., Louisville, Ky., and Irwin Union Bank and Trust Company, Columbus, Ind.

The lenders are subsidiaries of Irwin Financial Corp. (IFC), of Columbus, Ind.

The FDIC was named as the receiver. To protect depositors, the FDIC entered into an agreement with First Financial Bank, National Association, of Hamilton, Ohio, to assume all of the deposits of the two banks.

Irwin Union Bank and Trust Company was closed by the Indiana Department of Financial Institutions. As of Aug. 31, it had total assets of $2.7 billion and total deposits of approximately $2.1 billion.

Irwin Union Bank was closed by the Office of Thrift Supervision. As of Aug. 31, it had total assets of $493 million and total deposits of approximately $441 million.

-By Jeff Bater, Dow Jones Newswires; 202-862-9249; jeff.bater@dowjones.com