Posted on Sunday, 25th July 2010 by Christopher Allen
AnchorBank, a subsidiary of Anchor BanCorp Wisconsin Inc. said Tuesday it had completed the sale of its four Green Bay-area branches to Nicolet National Bank on July 23.
The conversion of accounts was completed over the weekend, Madison-based Anchor BanCorp (NASDAQ: ABCW) said. Under the terms of the agreement, Nicolet assumed approximately $105.1 million in deposits.
AnchorBank CEO Chris Bauer said that this sale, along with the sale of 11 AnchorBank branches in northwestern Wisconsin to Royal Credit Union completed on June 25, comprises a key element of Anchor’s plan to improve its capital ratios by reducing the size of its balance sheet, thereby reducing its capital needs.
As a result of these efforts, Anchor BanCorp’s total asset size declined by $841.9 million, to $4.43 billion, for the fiscal year ended March 31.
The corporation estimates that the branch sales in northwest Wisconsin to Royal Credit Union and in the Green Bay area to Nicolet National Bank will reduce its balance sheet by an additional $291 million.
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Tags: Branches
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