You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.


  • Dollar General raises Family Dollar bid to $9.1 billion
    GOODLETTSVILLE, Tenn. – Dollar General upped its bid for the rival Family Dollar chain and addressed an earlier roadblock, saying it will more than double the number of stores it would shed to ease the antitrust concerns of its takeover target.
  • Crossovers help drive SUV revival
    SOUTHFIELD, Mich. – The SUV is dead. Long live the SUV. Not so long ago, the sport utility vehicle seemed on the road to extinction.
  • McDonald's tries to change image
    NEW YORK – At a dinner McDonald's hosted for reporters and bloggers, waiters served cuisine prepared by celebrity chefs using ingredients from the chain's menu.

Tower Financial quarterly earnings up 39%

Tower Financial Corp. today reported first-quarter earnings of $1.09 million, or 22 cents per diluted common share, a 39 percent increase from the $783,000, or 16 cents a share, posted for the same three months of 2011.

The Fort Wayne-based parent of Tower Bank decreased the amount of money it set aside for bad loans to $750,000 from $1.22 million for the prior year’s first quarter. The money Tower saved by lowering its loan loss provision is more than its earnings increase for the quarter.

Michael Cahill, president and CEO, said the company has weathered some rough times and sees calmer seas ahead.

“We continue to be encouraged by the growing consistency of our earnings, the improvement in asset quality and related costs, and our overall performance across all business units,” he said in a statement.

“As a result, we can now focus on building our core earnings and once again consider pursuing growth opportunities,” he said.