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A former executive of Anchor Bancorp Wisconsin (ABCW) in Madison has been charged with six counts of wire fraud, the U.S. attorneys office in Madison said Wednesday.
February 20 -
Three years after arriving, CEO Chris Bauer has helped Anchor survive by reducing costs and shrinking the Madison, Wis., company's assets. The thrift remains adequately capitalized, but the company still needs a $250 million lifeline.
June 6 -
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 -
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 in Madison has completed a $175 million recapitalization. With funding from private and institutional investors, the company has capital levels above the threshold regulators consider for being well-capitalized.
September 27 -
Anchor Bancorp Wisconsin (ABCW) returned to profitability in the third quarter, after restructuring its debt through a Chapter 11 bankruptcy and getting $175 million in new capital.
December 3
AnchorBank in Madison, Wis., has been released from two enforcement actions from the Office of the Comptroller of the Currency.
The OCC lifted a cease-and-desist order and a prompt corrective action directive against the $2.1 billion-asset bank. A cease-and-desist order against Anchor's parent, Anchor BanCorp Wisconsin (ABCW), remains in place.
AnchorBank and its parent entered into cease-and-desist orders with the now-defunct Office of Thrift Supervision in June 2009. The bank received a prompt corrective action directive from the OTS in August 2010. The company's board responded to the orders by hiring a new management team, including Chris Bauer, the current president and chief executive.
Bauer spearheaded Anchor's
Anchor's capital ratios are now above required minimums. It had a Tier 1 leverage ratio of 9.60% and a total risk-based capital ratio of 17.07% as of Dec. 31. The company
"The recapitalization positioned AnchorBank for future success, and a return to soundness, profitability and growth. Maintaining a strong compliance culture will remain a top priority in 2014 and beyond," Bauer said in a press release Wednesday. "We continue to make steady progress in improving our financial health. Termination of these regulatory enforcement actions affirm that AnchorBank complies with or exceeds all regulatory requirements and expectations."
Anchor has 54 branches in Wisconsin.
