Exhibit 99.1








Richard R. Sawyer      

Chief Financial Officer      




Tina M. Farrington

Executive Vice President






FORT WAYNE, INDIANA – OCTOBER 24, 2013 – Tower Financial Corporation (NASDAQ: TOFC) reported net income of $2.1 million or $0.45 per diluted share for the third quarter of 2013, compared with net income of $1.6 million, or $0.32 per diluted share, reported for the third quarter of 2012. Year to date earnings through the first nine months of 2013 were $5.7 million, or $1.21 per diluted share, compared to $4.0 million, or $0.83 per diluted share, for the first nine months of 2012.


Our third quarter highlights include:


Our earnings of $2.1 million and $5.7 million for the quarter and year-to-date, respectively, represent records for us.


Our total assets were $701.9 million at September 30, 2013, our highest total since the first quarter of 2009. Our earning assets grew by $16.1 million during the quarter, led by loan growth of $12.9 million.


Our trust and brokerage quarterly fee income was the highest in its history at $1.1 million with assets under management of $719.4 million at September 30, 2013.


Our board declared a dividend of $0.08 per share to be paid on November 21, 2013 to all shareholders of record as of November 7, 2013. Total dividends paid since we reinstated dividends in August 2012 are $1.16 per common share.


Asset quality continues to improve, as our nonperforming assets to total assets are now 1.4 percent, a decrease from the 2.0 percent we reported in the second quarter.


Mike Cahill, President and Chief Executive Officer of Tower Financial Corporation stated, “Tower continues to benefit from the combination of our talented group of team members and our great customers and clients who believe in our team and mission. The numbers, which we believe are a lagging indicator, are now beginning to show our true capabilities. I am reminded, once again, how very fortunate I am to be able to be a part of Tower. This team truly humbles me.”



The following information was filed by Tower Financial Corp (TOFC) on Thursday, October 24, 2013 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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