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Under the terms of the amendment, the maturityh date on Anchor’s balance of the $116.3 milliom loan has been extended for a full and is nowMay 31, 2010, and no principalp payment is due prior to the maturituy date, Madison-based Anchor (NASDAQ: said Friday. “The significant additiona l time afforded by the amended terms of the loan agreementf provides us an opportunitg to work our financial strateggy to achieve fulfillment of the conditions of our line of saidDoug Timmerman, chairmaj and CEO. Timmerman said Ancho executives believe the amendmentwith U.S. Bank will assistf Anchor with plans to raiseadditionalk capital.
Anchor BanCorp in March had reachecd an agreement to extend the due date for the crediytwith U.S. Bank untiol near the end of May. The extension relieved Anchor BanCorp from reducingits $116.3 million debt on the line of credir to $60 million to meet an automatic principalk reduction of the loan commitment. If Anchort had not paid the U.S. Bank, could have seized Anchor BanCorp in aforeclosur proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onluy offices, all in Wisconsin.
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