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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 -
A judge has approved Anchor Bancorp Wisconsin's plan to file for bankruptcy.
September 3 -
Anchor BanCorp Wisconsin (ABCW) reported a large quarterly loss just days after announcing a plan to file for bankruptcy and recapitalize itself.
August 15 -
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 (ACBW) in Madison has filed for bankruptcy in a bid to restructure its debt and recapitalize its struggling bank.
August 13
Anchor BanCorp Wisconsin (ABCW) in Madison has completed a $175 million recapitalization.
With funding from private and institutional investors, the $2.3 billion-asset company has capital levels above the threshold regulators consider for being well-capitalized, Anchor said in a press release Friday. At June, it had a Tier 1 leverage ratio of 4.6% and total risk-based capital of 9.2%, respectively, according to a prior regulatory filing.
Anchor embarked on an unusual path to receive the funds. In August, after creditor Associated Banc-Corp (ASBC)
"We have been aggressively working for four years to get to this point, and we're proud that the recapitalization effort is now complete, positioning AnchorBank for a full return to profitability and growth," Chris Bauer, Anchor's president and chief executive, said in a press release.
Sandler O'Neill was the deal's financial advisor and placement agent. Skadden, Arps, Slate, Meagher & Flom also provided advice to Anchor, which has 55 branches in Wisconsin.
