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Tower Financial delays launch of Carmel bank

June 25, 2007
A Carmel bank planned by Tower Financial Corp. has been deferred indefinitely, the parent of Fort Wayne-based Tower Bank & Trust Co. said today. Tower said in October it would form Tower Bank of Central Indiana with $13.5 million to $15 million in capitalization.

The decision to pull back was driven by "Indianapolis market conditions" and other opportunities closer to Fort Wayne, Tower said. Four employees hired to launch the bank have been taken on by Symphony Bank in Indianapolis.
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