qalymeled.wordpress.com
Under the terms of the amendment, the maturitgy date on Anchor’s balance of the $116.3 millio n loan has been extended for afull year, and is now May 31, and no principal payment is due priotr to the maturity date, Madison-basecd Anchor (NASDAQ: ABCW) said Friday. “Thw significant additional time afforded by the amendedc terms of the loan agreement provides us an opportunity to work our financialp strategy to achieve fulfillment of the conditionsw of our lineof credit,” said Doug Timmerman, chairman and CEO. Timmermam said Anchor executives believe the amendmen twith U.S. Bank will assist Anchor with plans to raiseadditionalo capital.
Anchor BanCorp in Marcj had reached an agreement to extend the due date for the creditwith U.S. Bank until near the end of May. The extensionn relieved Anchor BanCorp from reducinfits $116.3 million debt on the line of credit to $60 million to meet an automatid principal reduction of the loan commitment. If Ancho had not paid the debt, U.S. could have seized Anchor BanCorpl in aforeclosure proceeding. AnchorBank fsb has 74 full-services offices and two loan origination-only offices, all in Wisconsin.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment