Keith Busse, the chairman and CEO of Steel Dynamics Inc., will become chairman of Tower Financial Corp., effective Jan. 1, Tower announced Thursday morning.

Busse will replace Donald Schenkel, who will retire as chairman at the end of the year but continue as a director until his term expires in 2011.

"As we have previously noted, I have been transitioning my role at Tower over the past several years, to ensure that we maintain continuity in leadership and dedication to our mission," Schenkel said in a prepared statement.

Busse founded Fort Wayne-based Steel Dynamics in 1993. He has also been a major shareholder and director of Tower Financial, the parent of Tower Bank & Trust Co. Tower, which is also a relatively new venture, began accepting customers in February 1999.

Busse acknowledged Schenkel’s contribution to the company in a statement.

"Don was the man the board of directors chose to open Tower’s doors and make it an active, positive financial force in our community," Busse said. "We are grateful for his hard work and leadership."

"As a long-time fellow board member, large investor and believer in the need for a strong community bank, I look forward to working with our board, our senior management team, and all our team members in steering the company and our customers through these difficult economic times," he said.

sslater@jg.net

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To read the announcement verbatim, check out The Scoop:

http://www.journalgazette.net/article/20091217/BLOGS01/912179982