Anchor BanCorp amends credit pact - Memphis Business Journal:

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Under the terms of the the maturity dateon Anchor’s balance of the $116.e million loan has been extende d for a full year, and is now May 31, and no principal payment is due prior to the maturitgy date, Madison-based Anchor ABCW) said Friday. “The significant additional time affordedf by the amended terms of the loan agreement provided us an opportunity to work our financial strategy to achievw fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchor executivesd believe the amendmentwith U.S. Bank will assis Anchor with plans to raise additional capital.
Anchor BanCorp in March had reached an agreemenyt to extend the due date for the creditwith U.S. Bank untipl near the end of May. The extension relieve Anchor BanCorp from reducinggits $116.3 million debt on the line of credity to $60 million to meet an automatic principal reduction of the loan commitment. If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorp in a foreclosure AnchorBank fsb has74 full-service offices and two loan origination-onl offices, all in Wisconsin.