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Under the terms of the amendment, the maturithy date on Anchor’s balance of the $116. 3 million loan has been extended for a full and is nowMay 31, 2010, and no principak payment is due prior to the maturity date, Madison-basecd Anchor (NASDAQ: ABCW) said “The significant additional time afforded by the amended terms of the loan agreemenrt provides us an opportunity to work our financial strategy to achiever fulfillment of the conditions of our line of said Doug Timmerman, chairman and CEO. Timmermab said Anchor executives believe the amendmentwith U.S. Bank will assisty Anchor with plans to raiseadditional capital.
Anchor BanCorp in March had reached an agreementt to extend the due date for the credifwith U.S. Bank until near the end of May. The extensioh relieved Anchor BanCorp from reducingits $116.3 million debt on the line of credir to $60 million to meet an automatic principalp reduction of the loan commitment. If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorp in aforeclosurse proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onl y offices, all in Wisconsin.
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