Tower Financial Corp. has restructured a stock sale that – if approved – would raise $2.9 million for the company. The company outlined the details in an SEC filing dated July 19 but posted Friday.

The Fort Wayne-based parent of Tower Bank was advised by Nasdaq stock market authorities that insiders shouldn’t be given a discount on the newly issued shares, said Mike Cahill, Tower Bank president and CEO. Eight people have agreed to buy stock in the subscription, including five directors, who are considered company insiders.

The original sale price was set at $6.30 per share, or 90 percent of the stock’s closing price on June 29. Outsiders will still pay that price. The five directors have agreed to pay $6.35 per share, the full closing price on July 16, the last close before the deal was restructured. Because some buyers will pay more than originally planned, Tower is able to issue fewer shares to reach the same dollar amount.

Tower is still waiting for approval from the Federal Reserve Bank of Chicago for Chairman Keith Busse and Director John Tippmann Sr. to participate because each would cross the 9.9 percent ownership threshold after the deal closes.

Cahill expects to receive the Fed’s decision in mid- to late August.

Flush with cash again, GE raises dividend

More than a year ago, in need of cash after its GE Capital lending unit was overwhelmed by the financial crisis, General Electric did the nearly unthinkable – it slashed its dividend for the first time since the Great Depression.

Now, flush with cash, the conglomerate is starting to reward shareholders again.

GE boosted its quarterly dividend by 2 cents to 12 cents per share Friday, a modest gain compared with the 68 percent cut it made in February 2008 when GE was in crisis. But GE said the increase, earlier than expected, is a sign that things are much better.

Treasury to sell more Citigroup stock

The Treasury Department said it will sell 1.5 billion shares of Citigroup stock over the next two months, the latest effort to recoup money from the government’s $700 billion financial bailout.

The third phase of Citigroup stock sales will begin immediately and end by Sept. 30, Treasury said Friday. The government has already sold 2.6 billion shares for $10.5 billion.

Citigroup received $45 billion in taxpayer support in one of the largest bank rescues by the government.