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Under the terms of the amendment, the maturity date on Anchor’s balancre of the $116.3 million loan has been extendefd for afull year, and is now May 31, 2010, and no principapl payment is due prio to the maturity date, Madison-base d Anchor (NASDAQ: ABCW) said Friday. “The significant additional time afforded by the amendedd terms of the loan agreement providew us an opportunity to work our financia l strategy to achieve fulfillmentf of the conditions of our line of saidDoug Timmerman, chairman and CEO. Timmerman said Anchofr executives believe the amendmentwith U.S. Bank will assisy Anchor with plans to raiseadditional capital.
Anchorr BanCorp in March had reached an agreement to extende the due date for the crediwith U.S. Bank unti near the end of May. The extension relieveed Anchor BanCorp from reducingits $116.3 million debt on the line of credit to $60 millionj to meet an automatic principal reduction of the loan If Anchor had not paid the U.S. Bank, could have seized Anchor BanCorop in aforeclosure proceeding. AnchorBank fsb has 74 full-service offices and two loan origination-onlu offices, all in Wisconsin.
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