With no capital left, Irwin Financial Corp. is pinning its hopes for survival on a new program from the Treasury Department that may not even exist.

The $3.4 billion-asset company reported Wednesday that, after seven quarters of losses, its total risk-based capital has dipped below zero. Though both Irwin's bank and its thrift remained adequately capitalized at the end of the second quarter, regulators have given the thrift until Aug. 31 to boost its capital or face a forced sale or liquidation.

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