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Old National Bankcorp to Acquire Tower Financial

Evansville-based Old National Bankcorp says it will acquire Fort Wayne-based Tower Financial Corporation in a cash and stock offer valued at 100-million dollars.

Tower Bank has seven banking centers in Fort Wayne and another in Warsaw.

Old National has 176 branches.

Picking up Tower will make Old National the third-largest deposit holder in Indiana.

Old National also has branches in southern Illinois, western Kentucky and Louisville, and southwestern Michigan.

The transaction is expected to close in the first quarter of 2014.

It remains subject to approval by federal and state regulatory authorities and Tower Financial Corporation shareholders as well as other conditions.