oryucyjofec1482.blogspot.com
Under the terms of the amendment, the maturityu date on Anchor’s balance of the $116.34 million loan has been extended for afull year, and is now May 31, and no principal payment is due prior to the maturityu date, Madison-based Anchor (NASDAQ: ABCW) said Friday. “Thes significant additional time afforded by the amended terms of the loan agreement provides us an opportunity to work our financialk strategy to achieve fulfillment of the conditionws of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchor executives believe the amendmentwith U.S. Bank will assistt Anchor with plans to raiseadditional capital.
Anchor BanCorp in March had reached an agreement to extendr the due date for the creditfwith U.S. Bank until near the end of May. The extensiob relieved Anchor BanCorp from reducingvits $116.3 million debt on the line of creditt to $60 million to meet an automatic principal reduction of the loan commitment. If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorop in aforeclosure proceeding.
AnchorBan k fsb has 74 full-service offices and two loan origination-only offices, all in
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment