This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Anchor BanCorp Wisconsin Inc. to Improve Capital Position With Sale of 11 AnchorBank Branches to Royal Credit Union 2009-11-16 19:15 ET - News Release MADISON, Wis., Nov. 16, 2009 (GLOBE NEWSWIRE) -- AnchorBank, fsb, a wholly owned subsidiary of Anchor BanCorp Wisconsin, Inc. (Nasdaq:ABCW), today announced that it has entered into a definitive agreement for the sale of 11 AnchorBank branches in Northwestern Wisconsin to Royal Credit Union (RCU) of Eau Claire, Wis. The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in the first quarter of calendar 2010. Financial terms of the transaction were not disclosed.
Under the terms of the agreement, RCU will assume approximately $177 million in deposits and receive a corresponding amount in loans, real estate, and other assets.
AnchorBank CEO Chris Bauer said that the sale will shrink Anchor's assets while enhancing its capital and ability to address asset quality and other obligations. The sale will move AnchorBank closer to compliance with an Office of Thrift Supervision supervisory agreement that calls for higher capital ratios.
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