| Business Summary | | Tower
Financial
Corporation,
a
bank
holding
company,
owns
all
of
the
issued
and
outstanding
stock
of
Tower
Bank
&
Trust
Company
(the
Bank).
The
Bank
provides
a
range
of
commercial
and
consumer
banking
services,
primarily
in
Allen
County,
Indiana,
including
Fort
Wayne
and
its
suburbs.
Those
services
reflect
the
Bank's
strategy
of
serving
small
to
medium-sized
businesses
and
individual
customers.
The
Bank's
lending
strategy
is
focused
on
commercial
loans
and,
to
a
lesser
extent,
on
consumer
and
residential
mortgage
loans.
The
Bank
offers
a
broad
array
of
deposit
products,
including
checking,
savings
and
money
market
accounts,
certificates
of
deposit
and
direct
deposit
services.
In
addition,
the
Bank
provides
personal
trust
services
through
its
Investment
Management
&
Trust
Services. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | TOFC
is
a
bank
holding
company
for
Tower
Bank
and
Trust
Company.
As
of
6/30/00,
assets
totaled
$159.8
million
and
deposits
totaled
$137.7
million.
For
the
six
months
ended
6/30/01,
total
interest
income
rose
55%
to
$7.9
million.
Net
interest
income
after
loan
loss
provision
rose
67%
to
$3.1
million.
Net
income
totaled
$466
thousand
vs.
a
loss
of
$66
thousand.
Results
reflects
higher
average
assets,
a
higher
margin
and
an
increase
in
trust
fees
and
service
charges. | More
from
Market Guide: Significant
Developments |
| | | | FY2000 Pay | |
| Donald Schenkel, 59 Chairman,
Pres, CEO | $250K | Kevin Himmelhaver, 45 CFO,
Exec. VP, Sec. | 166K | Curtis Brown, 45 Exec.
VP and CLO | 192K | Gary Shearer, 36 Sr.
VP and Trust Officer of the Bank | 122K | Dollar amounts are as of 31-Dec-2000 and compensation values are for the fiscal year ending on that date; "Pay" is salary, bonuses, etc.. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|