Anchor BanCorp reports 13 net gains

Special to The Freeman

March 21, 2014

MADISON Anchor BanCorp Wisconsin Inc. on Friday reported 2013 net gains, according to a statement.

The parent company of Madison-based Anchor Bank said net income for the three months leading up to Dec. 31 was $3.8 million, compared with an $11.6 million loss in that same period for 2012.

In the nine months prior to Dec. 31, the company also posted a net income of $11.6 million, compared with a net loss of $20.2 million for the same months in 2012. According to a statement, the company also reported a decline in the number of nonperforming loans, nonperforming assets and loan delinquencies.

Anchor BanCorp finalized its $175 million recapitalization in September, after filing for Chapter 11 in August.

"We are excited about the many opportunities presented by the recapitalization, and we are pleased to have ended the year on a positive note," said Chris Bauer, president and CEO for AnchorBank. "We continue to make steady progress in improving our financial health, profitability and growth and we have implemented new strategies to develop a relationship-focused, service-driven franchise with expanded commercial lending, improved asset quality, increased core deposits and a more efficient operating model, which we believe positions us well for success.