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Associated Banc-Corp Message Board

  • daltomah daltomah Aug 27, 2013 11:14 AM Flag

    $38 million ABCW loan loss

    will try to past story again on ASBC shooting down ABCW. Yahoo wouldn't let my last post go...

    Here is the story. google it for more info. I have liquidated ASBC holdings at $17.22 PPS. Stock dropping like a rock. good luck to you all.

    Three banks loaned $116 million to Anchor BanCorp Wisconsin in 2008, a debt that has grown to more than $180 million with interest. Anchor BanCorp Wisconsin had proposed a deal in which US Bank, Bank of America Corp. and Associated Bank would be paid back a total of $49 million.

    US Bank, which was owed $100 million, and Bank of America, which was owed $54 million, agreed to the deal. But Associated Bank, whose share of the debt was $32 million, voted against it, according to documents filed in U.S. Bankruptcy Court late Monday.

    The loan came due on June 30. While the lenders approved an extension, the Federal Reserve Bank did not. The resulting loan default, coupled with Associated Bank's rejection of the deal, forced Anchor's hand, the filing says.

    "If Associated had approved (the deal), we would not have had to do this," said Chris Bauer, Anchor's chief executive. He said Associated did not provide an explanation.

    Sentiment: Strong Sell

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