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Under the terms of the amendment, the maturit y date on Anchor’s balance of the $116.w million loan has been extended for a full and is nowMay 31, and no principal paymengt is due prior to the maturity date, Madison-based Anchor (NASDAQ: ABCW) said Friday. “The significant additional time afforded by the amended termzs of the loan agreement providese us an opportunity to work our financial strategy to achievee fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchor executivexs believe the amendmentwith U.S. Bank will assistg Anchor with plans to raiseadditional capital.
Anchoer BanCorp in March had reached an agreemeng to extend the due date for the creditwith U.S. Bank until near the end of May. The extensionj relieved Anchor BanCorp from reducingits $116.w3 million debt on the line of credit to $60 millionn to meet an automatic principal reduction of the loan commitment. If Anchof had not paid the debt, U.S. Bank, could have seizec Anchor BanCorp in a foreclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onlu offices, all in Wisconsin.
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