Tower workers to lose jobs in acquisition

Tower workers to lose jobs in acquisition

Posted: Tuesday, March 18, 2014 10:37 am | Updated: 10:49 am, Tue Mar 18, 2014.

More than 40 workers at Tower Financial Corp. will lose their jobs after the acquisition of the bank company by Old National Bancorp is completed.

The 41 job eliminations, which are expected to begin May 16, were revealed by Old National in a Worker Adjustment and Retraining Notification Act filing with the state of Indiana.

The affected employees learned of the pending job losses in December, the WARN Act notice said.

Two teams of bankers, one involved in commercial and the other in mortgage lending, left Tower to go to First Financial Bank, which opened an office downtown in January.

The acquisition was announced in September, and Tower shareholders approved the deal at a special meeting Feb. 7. Pending regulatory approvals, the acquisition was expected to be completed by the end of the first quarter.

Old National is based in Evansville.