AnchorBanCorp Wisconsin, Inc. Clarifies Errors In Crain's Chicago Business Article
MADISON, Wis., Sept. 15, 2010 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW), the holding company for AnchorBank, fsb (Bank) today responded to factual errors contained on a September 13, 2010, article in Crain's Chicago Business.
In mentioning the conditional approval of the bank's capital plan by its primary regulator, the Office of Thrift Supervision (OTS), the article erroneously states that the conditional approval of the plan, "effectively set a 60-day deadline to restore the bank to health."
No such definitive timeframe exists in the capital plan as conditionally approved or the Prompt Corrective Action (PCA) agreement with the OTS, which outlines the action steps the bank must take in order to comply with the OTS's approval of the capital restoration plan."We are working in a very positive manner with our regulators as we work to improve our capital position, as demonstrated by the OTS's approval of our capital plan," said Chris Bauer, Chief Executive Officer. The capital plan includes two sets of assumptions for continuing to improve the Bank's capital levels in the future, one based on obtaining capital from an outside source and one which reflects the results of the Bank's ongoing internal initiatives in the absence of an external capital infusion. Bauer added, "Any speculation of an imminent action against AnchorBank by the OTS or FDIC resulting in our acquisition by another bank is not only speculation, but speculation which can only be seen as inconsistent with the OTS's conditional approval of our capital plan and our return to adequately capitalized status. We continue to be engaged, along with our advisors Sandler O'Neill and Partners, in active discussions with potential investors as well as continuing to take aggressive internal actions to improve the Bank's overall capital position." As previously released, based on the bank's internal financial reporting its capital ratio improved to 8.05% Total Risk Based Capital Ratio as of July 31, returning it to "adequately capitalized" status and continues to be supported by a strong liquidity position, which exceeded $470 million as of July 31, 2010.
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