Wisconsin Banking News

Anchor BanCorp receives stock warning from NASDAQ; Maritime Savings Bank names new CEO

Anchor BanCorp receives stock warning from NASDAQ

Madison-based Anchor BanCorp Wisconsin Inc. announced it received a letter on Dec. 4 from the NASDAQ Stock Market, stating that the company was not in compliance with NASDAQ standards because the bid price of its common stock closed below the required minimum $1 per share for the previous 30 consecutive business days.

Anchor BanCorp’s stock is traded on the NASDAQ exchange under the symbol ABCW. AnchorBank fsb, the wholly owned subsidiary of the company, has more than 70 offices, all of which are located in Wisconsin.

In accordance with NASDAQ rules, the company has 180 calendar days, until June 2, 2010, to regain compliance with the minimum bid price rule. If the bid price of the company’s common stock closes at $1.00 per share or more for a minimum of 10 consecutive business days, NASDAQ will notify the company that it has regained compliance with the minimum bid price rule.

If the company does not regain compliance with the rule prior to the expiration of the 180-day period, NASDAQ will notify the company that its securities are subject to delisting.

The company said it is evaluating its alternatives to resolve the listing deficiency.

Maritime Savings Bank names new CEO

West Allis-based Maritime Savings Bank has hired Peter Bildsten to be its next chief executive.

Bildsten joined the community bank Friday.

Bildsten was selected by Maritime’s board of directors to take over the top role from Matthew Olsen. Olsen, who has been chief executive since April, will continue to act as president of the bank. Both Bildsten and Olsen also will serve on the company’s board.

A 30-year veteran of the banking industry, Bildsten served as chairman and chief executive of First National Bank and Trust Co. of Baraboo for six years before leading a successful merger with Wells Fargo Bank in 2002. He then served as Wells Fargo’s market president for the greater Madison area.

Earlier in his career, he spent eight years in Milwaukee in senior lending positions with two thrift institutions and another 10 years in the private mortgage insurance industry.

“These are challenging times in the banking industry, and I look forward to working with everyone at Maritime to meet these challenges head on,” Bildsten said.

The move comes as Maritime works to bolster its capital position and improve lending practices following an order from the U.S. Office of Thrift Supervision, which gave Maritime until Jan. 31 to raise its capital ratios to acceptable levels.

The chairman of Maritime’s board, Joseph Rudolph, called the addition of Bildsten “yet another promising step in the right direction” for the bank.

“Pete has proven himself to be one of the best community bankers in the state of Wisconsin,” Rudolph said. “We are certain that his experience and credentials will be invaluable as we work to restore vitality to the bank.”

Maritime Savings Bank was founded in 1912 in the Milwaukee neighborhood of Bay View. The financial institution was originally known as Kinnickinnic Federal Savings and Loan before the Maritime name was adopted in 1993.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

No posts to display