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Anchor Bancorp Wisconsin Inc. Announces April 28, 2016 Election Deadline for Merger Consideration

MADISON, Wis., April 22, 2016 (GLOBE NEWSWIRE) -- Anchor Bancorp Wisconsin Inc. (NASDAQ:ABCW) (“Anchor”), the parent holding company of AnchorBank, fsb, today announced, pursuant to the Agreement and Plan of Merger (“Merger Agreement”), dated as of January 11, 2016, by and between Anchor and Old National Bancorp (“Old National”), an election deadline of 5:00 p.m. Central Time on April 28, 2016 (the “Election Deadline”) for Anchor stockholders to elect the form of consideration they wish to receive in Anchor’s anticipated merger with Old National, subject to proration and certain conditions as described in the Merger Agreement. The Election Deadline was also previously set forth in the election form mailed to Anchor stockholders on or around April 1, 2016.

Forward-Looking Statements

This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the expected timing of completion of the proposed merger between Old National and Anchor. Forward-looking statements can be identified by the use of the words “anticipate,” “believe,” “expect,” “intend,” “could” and “should,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties and there are a number of factors that could cause actual results to differ materially from those in such statements. Factors that might cause such a difference include, but are not limited to: expected cost savings, synergies and other financial benefits from the proposed merger might not be realized within the expected time frames and costs or difficulties relating to integration matters might be greater than expected; the requisite stockholder approval for the proposed merger might not be obtained; satisfaction of other closing conditions; delay in closing the proposed merger; the reaction to the proposed merger of the companies’ customers and employees; market, economic, operational, liquidity, credit and interest rate risks associated with Old National’s and Anchor’s businesses; competition; government legislation and policies (including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act and its related regulations); ability of Old National and Anchor to execute their respective business plans (including integrating the Old National and Anchor businesses); changes in the economy which could materially impact credit quality trends and the ability to generate loans and gather deposits; failure or circumvention of our internal controls; failure or disruption of our information systems; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities or unfavorable resolutions of litigations; other matters discussed in this news release and other factors identified in Anchor’s Annual Report on Form 10-K and other periodic filings with the SEC. These forward-looking statements are made only as of the date of this news release, and Anchor does not undertake an obligation to release revisions to these forward-looking statements to reflect events or conditions after the date of this news release.

Additional Information About the Old National Bancorp/Anchor BanCorp Wisconsin Inc. Proposed Merger

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed merger, Old National has filed with the SEC a Registration Statement on Form S-4 (File No. 333-209551) and amendments thereto that includes a proxy statement of Anchor and a prospectus of Old National, and each of Anchor and Old National has filed and will file other relevant documents concerning the proposed merger. The SEC declared Registration Statement on Form S-4 effective on March 29, 2016. A definitive proxy statement and prospectus has been mailed to Anchor stockholders. Anchor stockholders are urged to read the Registration Statement, the definitive proxy statement and prospectus regarding the proposed merger and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. A free copy of the proxy statement and prospectus, as well as other filings containing information about Old National and Anchor, may be obtained at the SEC’s Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Anchor by accessing Anchor’s website at www.anchorbank.com under the tab “About Us” and then under the heading “Investor Relations.”

Anchor and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Anchor in connection with the proposed merger. Information about the directors and executive officers of Anchor is set forth in Anchor’s Form 10-K/A filed with the SEC on March 22, 2016. Additional information regarding the interests of those participants and other persons who may be deemed participants in the proposed merger may be obtained by reading the definitive proxy statement and prospectus regarding the proposed merger. Free copies of this document may be obtained as described in the preceding paragraph.

Contact: Emily Campbell, 608-252-1436

Source:Anchor BanCorp Wisconsin Inc.