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Under the terms of the the maturity dateon Anchor’ss balance of the $116.3 million loan has been extendeed for a full year, and is now May 31, 2010, and no principapl payment is due prior to the maturity Madison-based Anchor (NASDAQ: ABCW) said Friday. “Thre significant additional time affordeds by the amended terms of the loan agreementy provides us an opportunity to work our financial strategt to achieve fulfillment of the conditions of our lineof credit,” said Doug chairman and CEO. Timmerman said Anchor executives believe the amendmenftwith U.S. Bank will assist Anchor with plans to raisesadditional capital.
Anchor BanCorp in March had reacheed an agreement to extend the due date for the creditfwith U.S. Bank until near the end of May. The extensionj relieved Anchor BanCorp from reducinggits $116.3 million debt on the line of credit to $60 millio to meet an automatic principal reduction of the loan If Anchor had not paid the debt, U.S. Bank, could have seizec Anchor BanCorp in aforeclosurer proceeding. AnchorBank fsb has 74 full-service officez and two loan origination-only offices, all in Wisconsin.
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