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Under the terms of the amendment, the maturity date on Anchor’ds balance of the $116.3 million loan has been extendedr for afull year, and is now May 31, and no principal payment is due priord to the maturity date, Madison-based Anchor (NASDAQ: ABCW) said “The significant additional time afforded by the amendex terms of the loan agreement provides us an opportunity to work our financiaol strategy to achieve fulfillment of the conditiones of our line of said Doug Timmerman, chairman and CEO. Timmerman said Anchor executives believ e the amendmentwith U.S. Bank will assis Anchor with plans to raiseadditional capital.
Anchoer BanCorp in March had reached an agreement to extend the due date for the creditwith U.S. Bank until near the end of May. The extension relievef Anchor BanCorp from reducingits $116.3 million debt on the line of creditr to $60 million to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorp in a foreclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onlg offices, all in Wisconsin.
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