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The struggling Anchor BanCorp Wisconsin reported a loss of $21.7 million for the quarter that ended March 31, narrowing losses by 27% from a year earlier.
June 29 -
So the $3.8 billion-asset company has created a safeguard to protect $120 million of tax assets that could be used should the company return to profitability, which given its most recent quarterly numbers could be sooner rather than later.
November 9 -
A prompt corrective action directive is often a sign of grim times, but for AnchorBank in Madison, Wis., the order is serving as a guide as it fights to survive.
September 15 -
Anchor BanCorp Wisconsin Inc.'s primary regulator has approved, with conditions, its recapitalization plan after it aggressively sold branches and reduced assets to raise capital levels.
September 8 -
Anchor BanCorp Wisconsin has been tossed a private-equity life ring, but the company must persuade one of its lenders and the Treasury Department to help reel it in.
December 2
Anchor BanCorp (ABCW) is closing two Wisconsin branches and cutting 11 positions as it struggles to return to profitability and repay a line of credit.
The $2.8 billion-asset company said late Thursday that it will close branches in Appleton and Sussex as it looks to reduce expenses and recapitalize through investments. The Madison, Wis., company has struggled to raise fresh funds; a deal that would have brought in $400 million
"We reviewed our distribution system looking at optimum coverage for service and sales levels. Most banks and retailers around the country revisit their branch or store networks on a regular basis," Scott McBrair, the executive vice president of retail banking at unit AnchorBank, said in a news release. "With these two branches, we made a prudent decision based on long-term profitability prospects and coverage overlap."
The closings will take place in late August, leaving the company with 54 branches in Wisconsin.
Anchor has negotiated several extensions to a short-term line of credit of $116.3 million that it owes to various lenders led by U.S. Bancorp (USB). The line was originally due in March 2009 but it is now due this November.
Bad loans have weighted down the company's performance for several years. Noncurrent loans have remained over 11% since March 2010, according to the Federal Deposit Insurance Corp. The company has lost more than $365 million in recent yearss.
The bank also has failed to meet the requirements of a cease-and-desist order requiring a leverage ratio of at least 8%. At March 31, its core capital leverage ratio was 4.51%, according to the FDIC.
