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Business

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Tower Financial quarterly earnings up 33%

Tower Financial Corp. today reported third-quarter earnings of $2.08 million, or 45 cents per diluted common share, a 33 percent increase from the $1.56 million, or 32 cents a share, posted for the same three months of 2012.

The Fort Wayne-based parent of Tower Bank also reported total assets of $701.9 million as of Sept. 30.

Evansville-based Old National Bancorp has offered to pay Tower stockholders 1.2 shares of Old National stock and $6.75 cash for each share of Tower Financial common stock, bank officials announced Sept. 10. The deal’s estimated $107.7 million value is based on the Sept. 5 closing price of Old National’s shares.

Tower shareholders and bank regulators still have to approve the sale.

sslater@jg.net

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