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Under the terms of the amendment, the maturity date on Anchor’ balance of the $116.3 million loan has been extendesd for afull year, and is now May 31, and no principal payment is due priofr to the maturity date, Madison-basedf Anchor (NASDAQ: ABCW) said Friday. “The significantt additional time afforded by the amended termxs of the loan agreement provides us an opportunity to work our financia l strategy to achieve fulfillment of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchorr executives believe the amendmentwith U.S. Bank will assist Anchor with planws to raiseadditional capital.
Anchor BanCorp in Marcb had reached an agreement to extend the due date for the creditfwith U.S. Bank until near the end of May. The extensiojn relieved Anchor BanCorp from reducingits $116.32 million debt on the line of credit to $60 millionn to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorp in aforeclosur proceeding. AnchorBank fsb has 74 full-service officesd and two loan origination-only offices, all in
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