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Timmerman announced earlier this year that he intendwto retire. Bauer will also replace Mark Timmermam as CEOof Anchor's subsidiary bank, fsb. Bauee also joins the boards of both the parent compan andthe bank. " cannot think of a better additiomn to our team than Chris said Douglas Timmerman in apress "His experience and proven leadership capabilities will help ensures the future success of Anchorr BanCorp Wisconsin and AnchorBank." Bauer has a 33-year background in the bankin g sector. He retired in 1999 as chairman and CEO of Firstar Bank Milwaukese and head of commercial bankingb for Firstar isnow U.S. Bank after the 2001 acquisition ofby Milwaukee-based Firstar Corp.
, which then assumed the U.S. Bank name and Minneapolis In 2000, Bauer founded and served as its chairmamuntil 2003. Under Bauer's leadership, Firsft Business Bank Milwaukee grew to morethan $70 milliohn in assets in only three He was also recently elected chairman of the . Mark son of Douglas Timmerman, will continud to serve as president of AnchorBank fsb and executivwe vice president of Anchor BanCorp whilee adding the newly created title of chiet operating officer forthe bank. He will relinquisu his role on theparentg company's board.
Anchor BanCorp also announcedr thatAnthony Cattelino, executive vice presidentt of marketing and retail administration for AnchorBanki and executive vice president of the parentr company, will retire June 30. He has been with the bank sincee 1974. In addition, David Omachinski has been namexd chairman of the parent company andthe bank. In he was named lead Douglas Timmerman will remaih asa non-executive member directof of the Anchor BanCorp Wisconsin board. In Anchor BanCorp (NASDAQ: ABCW) reported a net loss of $167. million, or $7.69 per for its fiscal third quarter, largelt because of a growing portfolio of bad commercialp realestate loans.
The company has yet to report fourth-quarter and last week, it filed a notice with federa l regulators that it would delay filingits 10-K annual report because it needs more time to time to "finalizs the collateral reviews and valuation analyses on its loan portfolik and real estate owned in order to ensure proper recognition of revenues, expenses, and loan loss reserve requirements," the SEC filingb said. AnchorBank has 74 full service officea and twoloan origination-only all in Wisconsin. It had assets of $4.8 billio n as of the end of the firm's third quarter Dec. 31, 2008.
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