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Article: Anchor's quarterly loss bigger than initially reported Restatement comes amid pressure from regulators
- Article from:
- The Milwaukee Journal Sentinel (Milwaukee, WI)
- Article date:
- September 12, 2009
- Author:
CopyrightCopyright 2009 The Milwaukee Journal Sentinel. Provided by ProQuest LLC. (Hide copyright information)
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By PAUL GORES
The parent company of AnchorBank said Friday it is restating its
most recent quarterly results to report a loss of $65 million to $75
million -- up to six times worse than the firm initially reported.
Anchor BanCorp Wisconsin Inc. said the loss grew as it
reclassified some of its delinquent loans and re-evaluated how much
money to add to reserves to cover bad loans.
In late July, Anchor reported a loss of $11.8 million for the
first quarter of its fiscal year. On Friday, Anchor said its loss
for the quarter now will total as much as $75 million. It said it
expects to have a final figure by Sept. 25.
Executives at Madison-based Anchor couldn't be reached for
comment Friday night.