Anchor BanCorp Wisconsin: BanCorp completes $175 million recapitalization

Contact: Jennifer Ranville, 608-252-8862

Madison – Sept. 27, 2013 (Globe Newswire) — Anchor BanCorp
Wisconsin Inc. today announced that it has completed its previously
announced $175 million recapitalization.

“We have been aggressively working for four years to get to this point,
and we’re proud that the recapitalization effort is now complete,
positioning AnchorBank for a full return to profitability and growth,”
said Chris Bauer, President & CEO for AnchorBank. Bauer came out of
retirement in 2009 to lead the recapitalization effort, which included
reorganizing and recruiting a new senior management team.

“Anchor BanCorp’s pre-packaged reorganization, from beginning to end,
was completed in less than 60 days. That in itself is a testament to
the strength of our plan, and overwhelming support for our return to
health, which will have an extremely positive impact on the Wisconsin
economy,” Bauer said.

With the recapitalization complete, AnchorBank’s capital levels now
exceed the thresholds for a “well capitalized” bank under applicable
regulatory guidelines and are among the highest capital ratios of banks
in Wisconsin.

“We are excited about the many opportunities this recapitalization will
represent for AnchorBank, its customers, its employees, and the
communities we serve,” said Chris Bauer, AnchorBank President & CEO.
“With the recapitalization complete, AnchorBank now has many great
things on the horizon. With more than 700 employees and 55 offices, we
can now continue this positive momentum in our local communities and
around the State of Wisconsin. We look forward to being one of
Wisconsin’s premier financial institutions.”

Sandler O’Neill + Partners, L.P. served as financial advisor and
placement agent and Skadden, Arps, Slate, Meagher & Flom LLP served as
legal advisor to Anchor in connection with the recapitalization.

About Anchor BanCorp Wisconsin Inc.

AnchorBank, fsb has 55 offices, all of which are located in Wisconsin.

Forward-Looking Statements

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
securities laws.