Anchor BanCorp Wisconsin Inc. Announces Definitive Agreement To Sell Four AnchorBank Green Bay Area Branches And Implement Additional Cost Savings Measures
MADISON, Wis., May 5, 2010 (GLOBE NEWSWIRE) -- AnchorBank, fsb, a wholly owned subsidiary of Anchor BanCorp Wisconsin, Inc. (Nasdaq:ABCW), today announced several additional steps being taken to reduce costs and improve capital levels.
Green Bay Area Branches To Be Sold
The bank announced that it has entered into a definitive agreement for the sale of four AnchorBank branches in the Green Bay, Wisconsin, area to Nicolet National Bank (Nicolet) of Green Bay. The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in July 2010. Financial terms of the transaction were not disclosed.Under the agreement, Nicolet will assume approximately $116 million in deposits along with loans, real estate, and other assets. The branches involved in the transaction are the Ashwaubenon Office located at 2363 Holmgren Way in Green Bay, the Howard office at 2380 Dousman Street in Green Bay and the De Pere offices at 1610 Lawrence Drive and 2082 Monroe Road. AnchorBank CEO Chris Bauer said that this sale, along with the upcoming sale of 11 AnchorBank branches in northwestern Wisconsin to Royal Credit Union, comprises a key element of Anchor's plan to shrink assets while enhancing its capital position. The sales actions will help AnchorBank achieve an "adequately capitalized" status and move it closer to compliance with an Office of Thrift Supervision supervisory agreement that calls for higher capital ratios. "This announcement marks significant continued progress toward our goal of increasing our capital ratios, reducing our operating expenses and getting AnchorBank back into fighting shape," said Bauer. Bauer also noted that, "Nicolet National Bank is an emerging leader in the Green Bay area." Nicolet Bank Chairman and CEO Robert Atwell said, "We have been very open about looking for strategic growth opportunities. Nicolet Bank is focused on relationships, not account numbers. We will be reaching out soon to introduce ourselves to Anchor's customers in Brown County."
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