Statement issued Thursday:
FORT WAYNE, INDIANA – December 17, 2009 – Tower Financial Corporation (NASDAQ: TOFC) today announced that its Board of Directors has appointed Keith E. Busse as Chairman, effective January 1, 2010. The current Chairman of the Board, Donald F. Schenkel, will retire as chairman as of the end of the year, but will continue to serve as a board member through his current term, which 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 of leadership and dedication to our mission. With the exceptional leadership from our Board of Directors, our senior management team, and all of our employees, I remain confident that the Company is in capable hands, so it’s time for me to take the next step in the transition process and actively pursue my retirement plans with family, friends, and long time business associates. I do look forward to continuing my work with Tower as an active presence on our board." stated Schenkel.
"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. We are grateful for his hard work and leadership. We look forward to Don’s continued presence as a board member, and we are happy that Don and his family can begin enjoying his retirement. 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. We remain completely dedicated to fulfilling the mission for Tower to our team members, customers, community, and shareholders." said Keith Busse.
ABOUT THE COMPANY
Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company with one subsidiary: Tower Bank & Trust Company, a community bank headquartered in Fort Wayne. Tower Bank provides a wide variety of financial services to businesses and consumers through its six full-service financial centers in Fort Wayne, and one in Warsaw, Indiana. Tower Bank has a wholly-owned subsidiary, Tower Trust Company, which is a state-chartered wealth services firm doing business as Tower Private Advisors. Tower Financial Corporation's common stock is listed on the NASDAQ Global Market under the symbol "TOFC." For further information, visit Tower's web site at www.towerbank.net