After a consent order from its regulators landed it in default on a line of credit, Amcore Financial Inc. in Rockford, Ill., has paid down some of the debt and gotten an extension to repay the rest.
The $5.1 billion-asset firm said Monday that JPMorgan Chase & Co. has given it until April 2011 to pay the remaining $12.5 million of a $20 million line.
On June 26, Amcore said it was in default on the line as a result of the Office of the Comptroller of the Currency's ordering it to boost capital.
The due date on the line, which was originated in 2007, has been postponed or expedited several times in the last year.
