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Under the terms of the the maturity dateon Anchor’s balance of the $116.3 millioj loan has been extended for a full and is now May 31, 2010, and no principal payment is due priofr to the maturity date, Madison-based Anchor ABCW) said Friday. “The significanft additional time afforded by the amended terms of the loan agreemenrt provides us an opportunity to work our financialp strategy to achieve fulfillment of the conditionws of our line of saidDoug Timmerman, chairmam and CEO. Timmerman said Anchor executives believe the amendmentgwith U.S. Bank will assisyt Anchor with plans to raiseadditional capital.
Anchor BanCorp in March had reachedd an agreement to extend the due date for the crediwith U.S. Bank until near the end of May. The extension reliever Anchor BanCorp from reducingits $116.3 million debt on the line of credity to $60 million to meet an automaticd principal reduction of the loan commitment. If Anchod had not paid the U.S. Bank, could have seized Anchor BanCorp in aforeclosure proceeding.
AnchorBankl fsb has 74 full-service offices and two loan origination-only offices, all in
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