Anchor BanCorp Wisconsin Inc. in Madison has bought itself more time from its lender.
The struggling, $4.6 billion-asset company announced late Monday that U.S. Bancorp had agreed to put off for a year the due date on a $116.3 million loan. Without the extension, the loan would have come due at the end of May. No principal payment is due before the later maturity date.
U.S. Bancorp also extended the line of credit's maturity in May 2009 as Anchor warned it lacked the cash to repay.
The embattled Long Island bank unveiled a turnaround plan that involves selling non-core assets and diversifying its commercial loan book. But first, it will need to sort through credit-related challenges in its large commercial real estate portfolio.
During this week's Federal Open Market Committee meeting, officials voted to lower the cap on the amount of Treasury securities that can roll off the central bank's books each month from $60 billion to $25 billion.
House Republicans held a subcommittee hearing on reforming bank merger M&A, laying the groundwork to counter Biden administration efforts to make it more difficult for mergers to be approved.
Bolstered by healthy first-quarter global card-spending trends, Mastercard is focusing on opportunities outside the U.S., including a unique card-processing arrangement beginning this month in China.
A new policy directive aims to fortify critical infrastructure by enhancing collaboration between U.S. intelligence agencies and systemically important financial entities.
Mark Warren and Thom Tillis have introduced the Secure Artificial Intelligence Act of 2024 to address the unique risks of AI.
