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Under the terms of the amendment, the maturityg date on Anchor’s balances of the $116.3 million loan has been extended for a full and is nowMay 31, and no principal paymenrt is due prior to the maturity date, Madison-based Anchoer (NASDAQ: ABCW) said Friday. “The significantr additional time afforded by the amended terms of the loan agreement provides us an opportunity to work our financialk strategy to achieve fulfillment of the conditionse of our lineof credit,” said Doug chairman and CEO. Timmerman said Anchor executivess believe the amendmentwith U.S.
Bank will assisr Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extend the due date for the crediytwith U.S. Bank until near the end of May. The extensio relieved Anchor BanCorp from reducingits $116.3 million debt on the line of creditr to $60 million to meet an automatic principal reduction of the loan commitment. If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in a foreclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-only all in Wisconsin.
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