MADISON, Wis. — AnchorBank, fsb, a
wholly owned subsidiary of Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW),
today announced that it has finalized the sale of its Viroqua retail
banking branch to Royal Bank of Elroy, Wisconsin as previously
announced. The transaction closed today following receipt of the
necessary regulatory approvals and satisfaction of customary closing
conditions. Financial terms of the transaction were not disclosed.
Under the agreement, Royal Bank has assumed approximately $12 million
in deposits, along with loans and other assets. The branch involved in
the transaction is located at 311 North Main Street in Viroqua,
Wisconsin.
“We believe Royal Bank will serve these Viroqua customers well, and
wish them the best during this transition,” said Chris Bauer,
AnchorBank’s Chief Executive Officer. “This sale underscores our deep
commitment to improving the effectiveness of our operating platform,
while delivering a great banking experience for our customers.”
Edelman & Co., Ltd. served as financial advisor for Royal Bank in the
transaction.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp’s stock is traded on the NASDAQ global market under the
symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has offices
located in Wisconsin.
About Royal Bank
Royal Bank is a community bank with 15 office locations throughout
Southwest Wisconsin. For more information, visit www.royalbank-usa.com.
