As Previously Announced, AnchorBank, fsb Operations Continue
MADISON, Wis., Aug. 30, 2013 (GLOBE NEWSWIRE) — Anchor BanCorp
Wisconsin Inc. (“Anchor BanCorp” or the “Holding Company”) today
announced that the Holding Company has received court approval of its
recently announced plan of reorganization.
U.S. Bankruptcy Court Judge Robert Martin approved the plan at a
hearing this morning.
“This was an important step for AnchorBank to move forward with its
recapitalization effort,” said Chris Bauer, AnchorBank President & CEO.
“We still have work to do, but we are pleased to have this milestone
On August 13, Anchor BanCorp announced that the Holding Company had
entered into definitive stock purchase agreements with a number of
institutional and private investors as part of a $175 million
recapitalization of the institution.
At the same time, in order to facilitate the recapitalization, the
Holding Company announced that it has filed a voluntary petition under
Chapter 11 of the United States Bankruptcy Code in the United States
Bankruptcy Court for the Western District of Wisconsin to implement a
“pre-packaged” plan of reorganization to restructure the Holding
Company and recapitalize its wholly-owned subsidiary, AnchorBank, fsb
(“AnchorBank” or the “Bank”).
Consummation of the foregoing reorganization and recapitalization
remains subject to certain conditions, including receipt of all
required regulatory approvals and closing of the capital raise, plus
satisfaction of the conditions contained in the subscription agreements
for the new common equity.
“It is important for our customers, employees and the community to
remember that AnchorBank, which operates separately from the Holding
Company, is not a part of the Chapter 11 process. The Chapter 11 filing
includes only the Holding Company and does not affect AnchorBank, its
people, or its services,” said Chris Bauer, AnchorBank President & CEO.
“It continues to be business as usual at the Bank, and we are thankful
for the opportunity to continue serving our customers.”
The securities to be issued in the recapitalization transaction will
not be registered under the Securities Act of 1933, as amended, or the
securities laws of any state and may not be transferred, sold or
otherwise disposed of except while a registration statement relating
thereto is in effect under such Act and applicable state securities
laws or pursuant to an exemption from registration under such Act or
such laws. This news release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any state or jurisdiction in which such an offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
About Anchor BanCorp Wisconsin Inc.
AnchorBank, fsb, the wholly owned subsidiary, has 55 offices. All are
located in Wisconsin.
This news release contains certain forward-looking statements, as that
term is defined in the U.S. federal securities laws. In the normal
course of business, we, in an effort to help keep our shareholders and
the public informed about our operations, may from time to time issue
or make certain statements, either in writing or orally, that are or
contain forward-looking statements. Generally, these statements relate
to business plans or strategies, projections involving anticipated
revenues, earnings, liquidity, capital levels, profitability or other
aspects of operating results or other future developments in our
affairs or the industry in which we conduct business. Although we
believe that the anticipated results or other expectations reflected in
our forward-looking statements are based on reasonable assumptions, we
can give no assurance that those results or expectations will be
attained. You should not put undue reliance on any forward-looking
statements. Forward-looking statements speak only as of the date they
are made and we undertake no obligation to update them in light of new
information or future events, except to the extent required by federal
CONTACT: Jennifer Ranville, 608-252-8862