LACEY, Wash., May 30, 2013 (GLOBE NEWSWIRE) -- Anchor Bancorp (the "Company") (Nasdaq:ANCB), the holding company for Anchor Bank ("Bank"), announced today that it had appointed Mr. Reid A. Bates to the Boards of Directors of the Company and the Bank. The Company also announced Mr. James A. Boora has resigned from the Boards of Directors of the Company and the Bank effective May 31, 2013. Mr. Boora has served as a director of the Company since its inception in 2008 and as a director of the Bank since 1988. It is anticipated that Mr. Bates will fill the vacancy on the Company's and the Bank's respective Boards of Directors created by the resignation of Mr. Boora.
The Company's Nominating and Corporate Governance Committee proposed and the Board of Directors ratified and approved the appointment of Mr. Bates to the Board of Directors, which appointment was approved by the Company's primary federal regulator, the Board of Governors of the Federal Reserve System. Similarly, the appointment of Mr. Bates to the Bank's Board of Directors was approved by the Bank's primary federal regulator, the Federal Deposit Insurance Corporation, and its state regulator, the Washington Division of Financial Institutions. The appointment of Mr. Bates to the Company's Board of Directors is effective June 1, 2013.
"We are delighted to have someone of Reid's caliber join our Board," said Jerald L. Shaw, President and Chief Executive Officer. "His leadership and business experience will be a great benefit to the Company and Bank."Mr. Bates has extensive business experience in the staffing, real estate, banking, alternative energy and recycling industries. Since 2007 he has been the majority owner of a recruiting and staffing agency, Express Employment Professionals, located in Aberdeen and Olympia, Washington. Prior to that, Mr. Bates was employed by Weyerhaeuser Company from 1988 to 2006 and served in various capacities, most recently serving as Vice President, Eastern Region – Recycling, in Aurora, Illinois from 2001 to 2006. From 1986 to 1988, Mr. Bates was employed by CURA Financial/Prudential Federal Savings, Salt Lake City, Utah and served as a commercial loan officer in San Ramon, California. From 1985 to 1986, he was employed by Renewable Energy Ventures, Inc. as a financial analyst and from 1983 to 1985 he was employed by Coordinated Financial Analysts serving as a Vice President – Financial Analyst. Mr. Bates has a Bachelor of Science degree in Business Management – Finance from Brigham Young University, Provo, Utah.