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Under the terms of the amendment, the maturityu date on Anchor’s balance of the $116.3 million loan has been extendeed for afull year, and is now May 31, and no principal payment is due prior to the maturityh date, Madison-based Anchor (NASDAQ: said Friday. “The significant additional time afforded by the amendef terms of the loan agreement provides us an opportunity to work our financial strategy to achievwe fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerma said Anchor executives believe the amendmentwith U.S. Bank will assisyt Anchor with plans to raiseadditional capital.
Anchor BanCorp in March had reached an agreement to exten the due date for the creditwith U.S. Bank until near the end of May. The extensionb relieved Anchor BanCorp from reducinygits $116.3 million debt on the line of credit to $60 millioj to meet an automatic principal reduction of the loan commitment. If Anchorr had not paid the debt, U.S. could have seized Anchor BanCorp in a foreclosure proceeding.
AnchorBank fsb has 74 full-service officews and two loan origination-only offices, all in
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