WASHINGTON — An Indiana bank agreed to draft a plan that would strengthen oversight of its management, the Federal Reserve said.

The Fed on Wednesday released an agreement with Tower Financial Corp. of Fort Wayne, Ind. Its bank is Tower Bank & Trust Co.

Tower agreed to submit to the Fed a plan to strengthen the company board of directors' oversight of the management and operations of the lender.

The plan must include actions the board will take to improve the bank's condition.

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