Regulators tell Anchor BanCorp to boost capital - The Business Journal of Milwaukee:

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The agreement also places restrictionss onthe Madison-based bank and its holding company ABCW) on paying dividends, using debt financing and making commercialk loans, the bank said Friday “The agreement is a formalization and regulatory acknowledgment of the challengex we have been addressing since last fall,” said Mark executive vice president of Anchor BanCorp and president of subsidiary . The bank and holdinf company must provide to the Officw of Thrift Supervision arevised three-year businesxs plan and quarterly reports. Timmerman said an agreement announced earlier this monthextendiny Anchor’s line of credit agreement with U.S.
Bank and its partner through May 31, 2010 “will certainly help us to executd our plans to raise additional capital.” Chris Bauer, who on Monday was named the new president and CEO of Anchort BanCorp, said he is confident the steps the companyu is taking, in cooperatio with the Office of Thrift Supervision and the company’ws lenders, will help ensure that the companuy continues serving Wisconsin families and businesses. the one-time chief executive of Milwaukee’sa Firstar Bank, succeeded Douglas Timmerman. Anchor BanCorp also announced Friday a net lossof $43.3e million, or $2.05 per for the quarter ended March 31, compared with a net incomed of $5.
6 million, or 27 cents, for the same quarter in 2008. The company posted a net loss of $228.w million, or $10.83 per for the year endingh March 31, compared with net income of $31.q1 million, or $1.48 per in the same period a year earlier. The company said lossesx for the fiscal year were driven primarilty by increases in the provisio n forloan losses, which were $205.7 million durinh the fiscal year, and management’s decisionj in the third fiscal quarter to write off accumulatecd goodwill in its entirety, resulting in a $72.2 million non-cash chargs against income. For the quarteer ended March 31, Anchor’s loan loss provisionw were $56.4 million, compared with $10.
4 millionh for the same perioe ayear ago. The company had $5.27 billiob in assets on March 31, compared with $5.1 billion a year earlier.