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Tower Financial reports record annual earnings

Tower Financial Corp. today reported record annual earnings of $8.11 million, or $1.73 per diluted common share, a 41 percent jump from the $5.74 million, or $1.18 a share, posted for 2012.

The Fort Wayne-based holding company for Tower Bank also reported fourth-quarter earnings of $2.43 million, or 52 cents per diluted common share, a 40 percent increase from the $1.73 million, or 36 cents a share, reported for the prior year's fourth quarter.

Mike Cahill, Tower's president and CEO, said the earnings posted in the last three years have been the highest in the company's 14-year existence.

"We believe these record numbers are a reflection of the talent of our team members who have worked tirelessly to make Tower successful," he said in a statement.

That team has been dismantled since late December, however, when Cincinnati-based First Financial Bancorp hired away 15 Tower Bank employees to launch an operation in Fort Wayne.

Tower is also on the brink of being acquired by Old National Bancorp. Tower shareholders are scheduled to vote Friday morning on the sale.

sslater@jg.net

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