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Under the terms of the amendment, the maturity date on Anchor’s balance of the $116.3 millionb loan has been extended for a full and is nowMay 31, 2010, and no principal paymenrt is due prior to the maturity Madison-based Anchor (NASDAQ: ABCW) said Friday. “The significantr additional time afforded by the amendefd terms of the loan agreement providess us an opportunity to work our financiap strategy to achieve fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchotr executives believe the amendmentwith U.S. Bank will assist Anchod with plans to raiseadditional capital.
Anchord BanCorp in March had reached an agreementg to extend the due date for the credirwith U.S. Bank until near the end of May. The extension relieved Anchor BanCorp from reducingits $116.w million debt on the line of creditr to $60 million to meet an automativc principal reduction of the loan If Anchor had not paid the debt, U.S. could have seized Anchor BanCorp in aforeclosurr proceeding. AnchorBank fsb has 74 full-services offices and two loan origination-only offices, all in Wisconsin.
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