U.S. Bank amends loan agreement for Anchor Bank
Madison-based Anchor BanCorp Wisconsin Inc. announced it has reached an agreement to amend the terms of its outstanding line of credit with Minneapolis-based U.S. Bancorp.
Under the terms of the amendment, Anchor Bank was not required to make a principal reduction on March 2. Also, under the terms of the amendment, the balance of the $116.3 million loan is now due by May 29.
"This amended credit agreement with U.S. Bank provides us with additional time needed to work towards finalizing a financing strategy appropriate to the realities of today’s capital markets," said Doug Timmerman, chairman and chief executive officer of Anchor BanCorp. "At this point we are waiting for the capital markets to warm to the financial sector, which will help position us to implement an appropriate long term capital strategy."
