Old National, Tower Deal Gains Key Approval

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Shareholders of Fort Wayne-based Tower Financial Corp. have approved a merger with Evansville-based Old National Bancorp (NYSE: ONB). The acquisition by Old National is believed to a nearly $108 million deal. The Journal Gazette in Fort Wayne reports Tower has more than $680 million in assets and seven branches. They will fall under the Old National umbrella.

The Tower locations are expected to remain open, but there is the potential for job cuts in the consolidation process.

The newspaper reports Tower has 165 employees.

Shareholders approved the deal during a meeting this morning in Fort Wayne.

Source: Journal Gazette