Irwin Financial Corp. said Wednesday it will be able to remove $690 million in home equity loan assets from its balance sheet in the first quarter and improve its capital ratios as a result of an asset sale that closed Tuesday.

The company also said Wednesday it posted a $340 million loss ($11.60 earnings per share loss) for 2008 and a $104 million ($3.54 EPS loss) in the fourth quarter alone.

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