Tower Bancorp Inc. of Harrisburg, Pa., is discontinuing the operations of a mortgage division that belonged to First Chester County Corp., a bank it bought last month.
Tower said in a Dec. 30 filing with the Securities and Exchange Commission that it plans to shut down American Home Bank by early April. It said it would continue to pursue a sale of the mortgage division, which is part of Graystone Tower Bank.
Tower bought First Chester on Dec. 10 after lengthy delays. Less than a week after completing the purchase, Tower announced that it would raise $44.5 million in capital.
