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Tower stockholders agree to Old National acquisition

Old National Bancorp and Fort Wayne-based Tower Financial Corp. leaders announced plans to form what they described as a partnership in the fall.

They approved their merger Friday.

Tower’s shareholders OK’d the acquisition during a morning business meeting. Old National of Evansville takes the reins in a deal estimated at $107.7 million.

Officials have said Tower locations will remain open and staffed with the same executives, loan officers and tellers. Any jobs cuts in the consolidation would be positions that function behind the scenes. Old National hasn’t announced how many of the original 165 Tower employees will be dismissed.

Old National has $9.6 billion in assets and 176 branches, while Tower has almost $681 million in total assets and seven branches.

pwyche@jg.net

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