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Anchor BanCorp Wisconsin (ACBW) in Madison has filed for bankruptcy in a bid to restructure its debt and recapitalize its struggling bank.
August 13 -
Anchor BanCorp Wisconsin finally found some capital after a four-year search, but that wasn't enough. It has filed for Chapter 11 as a way to get Associated Banc-Corp, one of its creditors and competitors, to consent to its recapitalization.
August 13 -
The struggling Anchor (ABCW) in Madison has commitments of $175 million of fresh capital, but creditor Associated Banc-Corp (ASBC) refused to sign off on the deal, according to bankruptcy court documents. Anchor then filed for Chapter 11 to facilitate it recapitalization.
August 14
Anchor BanCorp Wisconsin (ACBW) has settled fraud charges brought by the Securities and Exchange Commission in connection with one of its 2009 quarterly reports.
The SEC filed a complaint against the $2.3 billion-asset company on Wednesday, alleging that its former chief financial officer manipulated the figures in its 10-Q for the second quarter of 2009, Anchor
As part of the settlement, Anchor agreed to heed provisions of the Securities Act of 1934 dealing with internal controls and recordkeeping, and to comply with anti-fraud rules in the act.
The
In order to offset the error, Ringgenberg reduced a separate estimate of loan losses by $4 million, the complaint says. Anchor's
Ringgenberg agreed to pay a $75,000 fine and not to serve as an officer or director of a public company for five years.
Ringgenberg, 65, retired in 2010, said Mark Timmerman, Anchor's corporate counsel. Ringgenberg had been with Anchor since 1976 and was treasurer and CFO from 2007 through his retirement.
"The company is pleased with the settlement of these matters, which took place some four years ago," said Timmerman, who added that no current Anchor employee has been accused of being complicit in Ringgenberg's misstatements.
The Madison, Wis.-based Anchor
The timing of the settlement is unrelated to the bankruptcy filing, Timmerman said. The company had received a Wells notice in February informing it that the agency recommended bringing civil charges over the misstatements; under the law, the SEC has six months after sending a Wells notice to file charges.