DEFIANCE, Ohio, Jan. 19 /PRNewswire-FirstCall/ -- Rurban Financial Corp. , a leading provider of full-service community banking, investment management, trust services and bank data processing, today announced its technology subsidiary RDSI has successfully signed a 36-month contract with Tower Bank of Central Indiana (TBCI), a newly formed subsidiary of Tower Financial Corporation. TBCI is seeking a banking charter to establish a de novo bank based in Carmel, Indiana. Regulatory approvals are anticipated in early 2007.
William H. Olds, President of Tower Bank of Central Indiana a newly formed subsidiary of Tower Financial Corporation, Fort Wayne, Indiana, will lead an experienced staff of local individuals with experience in serving the central Indiana community. TBCI chose RDSI as its technology partner in part because of Tower Bank's past successful relationship with RDSI as a service provider. "Our experience with RDSI and the ITI software, made this partnership the best solution to ensure our long-term success in the marketplace," stated Michael Rice, Chief Technology Officer.
"We look forward to working with the Tower Bank of Central Indiana and their experienced staff as their technology partner, supporting their success as a community bank. We have had a long and successful relationship with the Fort Wayne subsidiary, Tower Bank and Trust Company, and look forward to expanding this relationship," commented John Weimerskirk, President of RDSI.
Ken Joyce, President and CEO of Rurban stated, "We welcome Tower Bank's expansion partner in Carmel, Indiana to our data processing family. New clients continue to make the transition to RDSI for their data processing services which we believe validates RDSI's personal service approach and differentiates us from the larger data processing vendors."
RDSI will provide all core ITI processing services along with Internet Banking and Corporate Cash Management services.
About Rurban Financial Corp.
Rurban Financial Corp. is a publicly-held financial services holding company based in Defiance, Ohio. Rurban's wholly-owned subsidiaries are The State Bank and Trust Company, The Exchange Bank, Reliance Financial Services, N.A., Rurbanc Data Services, Inc. (RDSI), DCM and RFCBC, Inc. The two community banks, State Bank and Exchange Bank, offer a full range of financial services through 18 offices in Allen, Defiance, Fulton, Lucas, Paulding and Wood Counties in Ohio and Allen County in Indiana. Reliance Financial Services offers a diversified array of trust and financial services to customers throughout the Midwest. RDSI and DCM provide data and item processing services to community banks in Arkansas, Florida, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Rurban's common stock is quoted on the Nasdaq Global Market under the symbol RBNF. The Company currently has 10,000,000 shares of stock authorized and 5,027,433 shares outstanding. The Company's website is http://www.rurbanfinancial.net/.
About Tower Financial Corporation
Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company for two subsidiaries: Tower Bank & Trust Company, a growing community bank headquartered in Fort Wayne that opened in February 1999; and Tower Trust Company, a state-chartered wealth services firm doing business as Tower Private Advisors. Tower provides a wide variety of financial services to businesses and consumers located in Indiana through its six full-service financial centers in Fort Wayne and a seventh in Angola, and business development offices in Indianapolis and Warsaw, Indiana. The Company has also applied for a charter to open a de novo bank to serve the Greater Indianapolis market. Tower Financial Corporation's common stock is listed on the Nasdaq Global Market under the symbol "TOFC." For further information, please visit Tower's web site at http://www.tofc.net/.
Forward-Looking Statements
Certain statements within this document, which are not statements of historical fact, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties and actual results may differ materially from those predicted by the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties inherent in the national and regional banking, insurance and mortgage industries, competitive factors specific to markets in which Rurban and its subsidiaries operate, future interest rate levels, legislative and regulatory actions, capital market conditions, general economic conditions, geopolitical events, the loss of key personnel and other factors.
Forward-looking statements speak only as of the date on which they are made, and Rurban undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made. All subsequent written and oral forward-looking statements attributable to Rurban or any person acting on our behalf are qualified by these cautionary statements.
