MADISON, Wis., Oct. 30, 2014 (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 its Richland Center retail banking branch to The Peoples Community Bank (Peoples). The transaction is subject to regulatory approval and customary closing conditions and is targeted for closing by the end of December 2014. Financial terms of the transaction were not disclosed.
Under the agreement, Peoples will assume approximately $19 million in deposits along with loans and other assets. The branch involved in the transaction is located at 187 South Central Avenue in Richland Center, Wisconsin.
"The Peoples Community Bank approached us about this purchase, and it made sense to pursue the sale following the recapitalization of AnchorBank," said Chris Bauer, AnchorBank's Chief Executive Officer. "We continue to focus on enhancing revenue growth and working to improve the effectiveness and efficiency of our operating platform given the growing and continuously-changing ways in which clients and customers choose to do business with AnchorBank, while never losing focus on delivering a great banking experience for our customers."
"With the growth that our loan office in Richland Center was experiencing we needed a full-service location in which to more effectively serve the needs of our customers," commented Gary Harrop, president of The Peoples Community Bank. "We look forward to making permanent our commitment to the Richland Center area."
Edelman & Co., Ltd. served as financial advisor for The Peoples Community Bank in the transaction.
About Anchor BanCorp Wisconsin Inc.
Anchor BanCorp's stock is traded on the NASDAQ exchange under the symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has offices located in Wisconsin.
For More Information
For more information, contact AnchorBank CEO Chris Bauer at (608) 252-1810.
This news release contains certain forward-looking statements based on unaudited financial statements, results of operations and business of Anchor BanCorp. This includes any statements regarding management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include changes in general economic conditions, deposit flows, loan demand, asset quality, competition, legislation or regulation and accounting principles, policies or guidelines affecting reports filed with the Securities and Exchange Commission for financial and business information regarding Anchor BanCorp, including information which could affect Anchor BanCorp's forward-looking statements. Outcomes related to such statements are subject to numerous risk factors and uncertainties, including those listed in the company's Annual Report filed on Form 10-K.
Source:Anchor BanCorp Wisconsin Inc.