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Anchor BanCorp Wisconsin Inc. Message Board

  • rukiddingme3232 rukiddingme3232 Apr 3, 2009 9:10 PM Flag

    Mark Timmerman do the shareholders a favor - RESIGN!

    Why doesn't AnchorBank President and CEO Mark Timmerman do all the shareholders a favor and resign! The guy is pathetic and he has the blood of complete shareholder value devastation all over his hands. Face it - he's a dope and has no idea what he is doing. He was born with a silver spoon in his mouth and has no business leading this organization while it is in a death spiral. What is interim Chairman Dave O waiting for. Think of how many lives and retirements the Timmerman family has ruined! Get rid of Timmerman and let him retire with all of the shares he has granted himself trading at $1/share. Good luck and good riddance.

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    • when do they release annual report?

    • according to forbes....... .......Mark Timmerman was compensated $1.25 million in 2008. I wonder what his compensation would be in a good year.

    • I agree that Nepotism has failed. Mark was brought into the organization as a young newly graduated lawyer and made General Counsel. He was put on the Board and then elevated to his present position in a few short years. He is a prime example of the "peter principle".

      I do suggest that the person most responsible for all of this is not Mark T. but his father Doug. His Father did all of the above without regard to ability, experience or competition for the promotions. He treated Anchor as if he owned it, rather than the publicly traded Company it is. He hand picked Board members and they did his bidding.

      Doug T. has sort of resigned, but the mess he created is left behind.

      • 1 Reply to jutrie
      • Nepotism is rampant at this organization and extends down through the ranks - for example, the HR head's son works in commercial real estate lending. Now, he may be or may not be an effective employee (I just don't know), but it speaks volumes about the culture and attitude of arrogance that permeates throughout the 6th floor at Cap Square (the executives and commercial lending location). The hand picked board - all mostly Madison insiders and/or friends of Doug - also speaks volume. The problems with AnchorBank are primarily due to their problems in commercial lending which continues to be managed by Dan Nichols. Dan was a good cheerleader/deal guy and his team of lenders made a lot of deals and a lot of money for the bank and themselves - some commercial real estate lenders in Madison were purportedly making over $300k a year with loan volume incentive driven bonus programs. Now, 100% of these loan officers are gone - 2 just left for greener pastures and what remains running this $3 billion plus loan portfolio (75% of the bank's assets is in commercial!!!) is Dan, his long time right hand man - Pete A. and a team of relatively green and inexperienced loan officers. The bank has ramped up its credit quality and control area with more hires and better procedures and policies, and it probably has resulted in better new loan decisions (to the extent they are even making new loans which they are but in very low volumes) and in better identification of risks in their commercial loan portfolio. But, it is kinda of like closing the barn doors after the cows have left - a little too late to have a real impact. Who is to blame? Probably the T's, the senior management staff - especially Dan Nichols and the ex- CRE loan officers who all made big bucks yet left the bank straddles with lousy loans. But the main culprit, I think, was an atmosphere and culture of "let's make a deal" lending go-go days when the bank made nice fees and nice interest spreads on all those commericial real estate loans, yet they let the growth get away from them and one day they woke up and realized they were F***ed. A sad tale of greed, arrogance and little oversight and the regulators - shame on you for not enforcing your mandate - how can you let a nationally chartered bank with about $350 mm of risk based capital get so leveraged up on commercial real estate loans at almost a 10:1 margin. I think everyone involved in this mess should look themselves in the mirror and do some real long hard soul searching. Very very sad as it had the potential of being a great bank to bank at, to work at and to invest in. Now, I am afraid it is in a death spiral which will end up being sold to another out-of-state bank.

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