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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 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 -
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 (ABCW) reported a large quarterly loss just days after announcing a plan to file for bankruptcy and recapitalize itself.
The $2.3 billion-asset company lost $8.9 million in the quarter ended June 30, after losing $3.4 million in the same quarter in 2012, it announced Wednesday. Declining loan income contributed to the loss, as net interest income fell 18%, to $13.4 million, and net interest margin decreased by 18 basis points, to 2.38%.
Noninterest income dropped 34%, to $8.9 million, because of a decline in income from the sale of loans and real estate.
Overhead expenses fell 16%, to $27.4 million, as Anchor recorded a recovery of $1.3 million related to mortgage-servicing rights, compared with a $1.3 million charge on servicing rights in the year-prior period.
Anchor made a $275,000 provision for credit losses, and its net chargeoffs fell 9%, to $4.2 million.
Anchor's capital ratios improved. Its Tier 1 leverage ratio rose 4 basis points, to 4.57%, and its total risk-based capital rose 19 basis points, to 9.21%.
Anchor
