FORT WAYNE, Ind., Jan. 19 /PRNewswire-FirstCall/ -- Tower Financial Corporation announced today that its board of directors has declared its first ever cash dividend of $0.04 per share on the Corporation's common stock. The dividend is payable on February 24, 2006 to shareholders of record at the close of business on February 10, 2006.
Donald Schenkel, Chairman, President and CEO of Tower Financial, commented, "This is an important occasion for Tower Financial and its shareholders. 2005 was an outstanding year for our Company, and we want to share this success. We have grown substantially in size and profitability, and we believe the time is right to implement our first cash dividend. We are very pleased to have reached the stage of maturity where we are able provide this current cash return, in addition to the long-term growth in franchise value which is an ongoing commitment to our shareholders."
ABOUT THE COMPANY
Tower Financial Corporation is the only publicly-held bank holding company headquartered in Fort Wayne, Indiana. Its subsidiary bank, Tower Bank & Trust Company, is a growing community bank that opened in February 1999. Tower Bank provides a wide variety of financial services to businesses and consumers located in Northeast Indiana through its five full-service banking centers in Fort Wayne and a business development office in Angola, Indiana. Tower Trust Company, a newly-formed state-chartered trust subsidiary, offers the full- range of wealth management services. Tower Financial Corporation's common stock is listed on the Nasdaq National Market under the symbol "TOFC." For further information, please visit Tower's web site at http://www.tofc.net/.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements that are based on management's beliefs, assumptions, current expectations, estimates and projections about the financial services industry, the economy, and about the Corporation and the Bank.
These forward-looking statements are intended to be covered by the safe- harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Actual results and outcomes may differ materially from what may be expressed or forecasted in the forward-looking statements. Future factors include changes in interest rates and interest-rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies, trends in customer behavior and their ability to repay loans; changes in the national and local economy; and other factors, including risk factors described in the Corporation's Annual Report on Form 10-k and in other filings made by the Corporation from time to time with the Securities and Exchange Commission (SEC) and available on the SEC's website at http://www.sec.gov/. These are representative of the future factors that could cause a difference between an ultimate actual outcome and a preceding forward- looking statement. The Corporation undertakes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.
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