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Under the terms of the amendment, the maturity date on Anchor’s balance of the $116.3 million loan has been extendecd for afull year, and is now May 31, and no principal payment is due priodr to the maturity date, Madison-bases Anchor (NASDAQ: ABCW) said Friday. “The significant additional time affordec by the amended terms of the loan agreement provides us an opportunity to work our financial strategy to achieve fulfillmen of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmermahn said Anchor executives believe the amendmentwith U.S.
Bank will assistt Anchor with plans to raise additional Anchor BanCorp in March had reached an agreement to extenxd the due date for the credigtwith U.S. Bank untip near the end of May. The extensionm relieved Anchor BanCorp from reducingits $116.3 milliob debt on the line of credit to $60 milliobn to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchord BanCorp in aforeclosure proceeding. AnchorBank fsb has 74 full-servicew offices and two loan origination-onlyu offices, all in Wisconsin.
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