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Article: BANK SEEKS TO STREAMLINE.(BUSINESS)
- Article from:
- The Wisconsin State Journal (Madison, WI)
- Article date:
- July 3, 2009
CopyrightCOPYRIGHT 2009 Capital Newspapers. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: MARV BALOUSEK mbalousek@madison.com 608-252-6135
Anchor BanCorp Wisconsin, parent company of AnchorBank, wants to unload out-of-state real estate holdings that have been a drag on the company's bottom line.
Losses totaled $18.4 million for the fiscal year ending March 31 from real estate operations in California and Texas through Investment Directions Inc. (IDI), a subsidiary, according to Anchor BanCorp's annual report, filed this week with the U.S. Securities and Exchange Commission.
Most of that loss was the result of a $17.6 million write-down due to lower appraised values. IDI also has a $20.4 million loan from the corporation, ...