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Tower Financial Corp. building

Old National is buying Tower Financial

The largest Indiana-based bank announced today it is acquiring Tower Financial Corp., the largest independent bank headquartered in Fort Wayne, for an estimated $107.7 million.

Old National Bancorp will pay Tower shareholders 1.2 shares of Old National stock and $6.75 cash for each share of Tower Financial common stock. The estimated total value of the deal is based on the Sept. 5 closing price of Old National's shares.

The transaction is expected to close before March 31.

For more on this story, see Wednesday's print edition of The Journal Gazette or go to www.journalgazette.net after 3 a.m. Wednesday.

sslater@jg.net

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