Exhibit 99.1

 

FOR IMMEDIATE RELEASE

FOR FURTHER INFORMATION:

 

Franklin T. Klink, III

 

Chief Financial Officer

 

(717) 597-2137

 

TOWER BANCORP, INC. REPORTS 2008 RESULTS

 

GREENCASTLE, PA (January 29, 2009) – Tower Bancorp, Inc., parent company of The First National Bank of Greencastle reported a net income of $3,177,709 or $1.37 per share for the year ended December 31, 2008, compared to a net income of $7,036,594 or $3.00 per share for the year ended December 31, 2007.  The decrease in net income during 2008 was primarily due to an other than temporary impairment charge in the fourth quarter of $2,606,981 relating to Tower’s bank stock portfolio.   The impairment determination was made in connection with the preparation of the year end financials.  A detail of the unaudited year end results, earnings and their income and expense components are included in the attached supplemental financial information.  Tower Bancorp, Inc. also reported a net loss of ($807,650) or ($0.35) per share for the fourth quarter of 2008 compared to net income of $1,536,424 or $.66 per share for the fourth quarter of 2007.  The decrease during the fourth quarter of 2008 was also primarily due to the other than temporary impairment charge.  A detail of the unaudited fourth quarter results, earnings and their income and expense components are included in the attached supplemental financial information.

 

“Our results, while not at levels we expect, are not isolated to us. This is a challenging environment for all banks; however, Tower’s core bank performance remains fundamentally strong as evidenced by our 2008 net interest income, which increased by 6.88% over 2007” stated Jeff Shank, President and Chief Executive Officer.  Mr. Shank stated further that, “Despite the impact to the securities portfolio, the bank’s performance remains consistent.”

 

Mr. Shank continued, “We are excited about our future partnership with Graystone Financial Corp. which we believe will result in a stronger financial institution able to meet the challenges of the current economic environment and prepare us for future success.”  On November 12, 2008, Tower Bancorp, Inc. and Graystone Financial Corp. entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which Graystone Financial Corp. will merge with and into Tower Bancorp, Inc.  In the merger, Graystone shareholders will receive 0.42 shares of Tower common stock for each share of Graystone common stock they hold on the effective date of the merger.  The boards of directors of both companies have unanimously approved the Merger Agreement and have adopted a resolution recommending the approval and adoption of the Merger Agreement by their respective shareholders.  The special meeting of shareholders is scheduled for March 4, 2009 at 10:00 a.m. at Rescue Hose Company, Special Events Center, 407 South Washington Street, Greencastle, PA 17225.  Subject to satisfaction of various conditions of closing, the merger is currently expected to close in the first quarter of 2009.

 


The following information was filed by Tower Bancorp Inc (TOBC) on Thursday, January 29, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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