MADISON, Wis.–(GLOBE NEWSWIRE)–AnchorBank today announced its Cease and Desist Order and Prompt Corrective Action Directive, both overseen by the Office of the Comptroller of the Currency, have been terminated. However, the Cease and Desist Order at Anchor BanCorp Wisconsin Inc., the Bank’s parent company, presently remains in place.
On June 26, 2009, AnchorBank and its holding company, Anchor BanCorp each consented to the issuance of Orders to Cease and Desist (the “C&D Orders”) by the Office of Thrift Supervision. And on August 31, 2010, the Bank received a Prompt Corrective Action Directive (“PCAD”) from its regulators. In response to the C&D Orders and the PCAD, both of which imposed no fines or penalties on the Bank, the Board of Directors recruited a new executive management team under the leadership of Chris M. Bauer, who joined the Bank as Chief Executive Officer.
The new management team led the Bank’s turnaround efforts, with a focus on stabilizing the Bank and was ultimately able to achieve compliance with every provision contained in the C&D Orders and PCAD with the exception of capital ratio requirements.