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AnchorBank parent announces net loss

7:57 PM, Aug. 16, 2013  |  Comments
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Anchor BanCorp Wisconsin, the holding company for AnchorBank, has announced a second-quarter net loss of $8.9 million, or 42 cents per share.

This compares to a net loss of $3.4 million, or 16 cents per share, for the three months ended in the same quarter of 2012.

Anchor BanCorp announced Monday it was entering into definitive stock purchase agreements with institutional and other private investors as part of a $175 million recapitalization. To facilitate the recapitalization, the holding company has filed a voluntary petition under Chapter 11 of the U.S. Bankruptcy Code to implement a prepackaged plan of reorganization to restructure the holding company and recapitalize AnchorBank, its wholly owned subsidiary.

The reorganization filing includes only Anchor BanCorp, allowing the bank to remain outside of bankruptcy and to continue normal operations. Operations at the bank will continue as usual throughout the reorganization process.

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