Anchor in Wisconsin to Raise $8M from IPO

Anchor Bancorp Wisconsin in Madison is planning to raise up to $8.3 million from an upcoming initial public offering.

The company filed documents Friday to sell 250,000 shares of common stock at an expected price range of $25 to $27 a share. The underwriters have permission to sell another 55,794 shares if there is excessive demand.

Anchor said that some of its shareholders, including Bridge Equities, Belfer Investment Partners, Stieven Financial Investors and funds associated with Stilwell Partners, will collectively sell another 121,959 shares as part of the IPO.

The company said it plans to use its net proceeds from the offering for general corporate purposes.

Anchor's IPO completes its comeback from significant problems following the financial crisis. The company responded in 2009 by hiring a new management team to lead its recapitalization efforts.

The turnaround effort was marked by snags. A deal to raise $400 million fell apart in 2010. Three years later, a deal to raise $175 million was held up when one of the bank's creditors, Associated Banc-Corp, refused to sign on to the plan.

Anchor then turned to Chapter 11 bankruptcy last year to restructure its debt, including the debt held by Associated. That allowed the $175 million recapitalization to be completed.

Anchor was freed from its last regulatory order earlier this year.