Tower Bank's HSA Authority Ranked in the Top 20 HSA Providers in the Nation

Mon Aug 6, 2012 3:00pm EDT

* Reuters is not responsible for the content in this press release.

FORT WAYNE, Ind., Aug. 6, 2012 (GLOBE NEWSWIRE) -- The HSA Authority at Tower Bank that provides Health Savings Accounts (HSAs) to clients in all 50 states has been ranked in the top 20 HSA providers in the nation by Devenir. As part of their 2012 HSA Research Report, Devenir, a leading expert on HSAs, has identified The HSA Authority as an industry leader in a rapidly growing market.

"We have been active in the Health Savings Account market since the product's inception," states Mike Cahill, President and CEO, Tower Bank and Trust Company. "Our dedication to providing an easy-to-use, low-cost product and combining it with a high-quality customer education program as well as a dedicated service team has led us to national recognition. We are very proud and will remain committed to continuing to enhance our product line in support of customer needs."

Tower Bank was one of the first to bring Health Savings Accounts to the market in 2004 after they were established as part of the Medicare Prescription Drug, Improvement, and Modernization Act.

ABOUT THE COMPANY

Headquartered in Fort Wayne, Indiana, Tower Financial Corporation is a financial services holding company with one subsidiary; Tower Bank & Trust Company (Tower Bank), a community bank headquartered in Fort Wayne. Tower Bank provides a wide variety of financial services to businesses and consumers through its six full-service financial centers in Fort Wayne, and one in Warsaw, Indiana. Tower Bank has a wholly-owned subsidiary, Tower Trust Company, which is a state-chartered wealth services firm doing business as Tower Private Advisors. Tower Bank also markets under The HSA Authority brand, which provides Health Savings Accounts to clients in 50 states. Tower Financial Corporation's common stock is listed on the NASDAQ Global Market under the symbol "TOFC." For further information, visit Tower's web sites at www.theHSAauthority.com or www.towerbank.net.

ABOUT DEVENIR

Devenir, a full-service broker dealer and registered investment advisor based in Minneapolis, is a national leader in providing customized investment solutions to the HSA Custodian marketplace. As an HSA industry leading investment firm, Devenir offers a host of investment options to suit the unique needs of employers, banks, third party administrators and plan participants.
 

CONTACT: FOR INVESTORS:
         Richard R. Sawyer
         Chief Financial Officer
         260-427-7150
         rick.sawyer@towerbank.net
         
         FOR MEDIA:
         Tina M. Farrington
         Chief Operating Officer
         260-427-7155
         tina.farrington@towerbank.net
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