November 18, 2009 (FinancialWire) — AnchorBank, fsb, a wholly owned subsidiary of Anchor BanCorp Wisconsin, Inc. (NASDAQ: ABCW), has entered into a definitive agreement for the sale of 11 AnchorBank branches in Northwestern Wisconsin to Royal Credit Union of Eau Claire, Wis.

The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed in the first quarter of calendar 2010. Financial terms of the transaction were not disclosed.

Under the terms of the agreement, RCU will assume approximately $177 million in deposits and receive a corresponding amount in loans, real estate, and other assets.

AnchorBank CEO Chris Bauer said that the sale will shrink Anchor’s assets while enhancing its capital and ability to address asset quality and other obligations. The sale will move AnchorBank closer to compliance with an Office of Thrift Supervision supervisory agreement that calls for higher capital ratios.

The branches involved in the transaction are located in Amery, Balsam Lake, Centuria, Menomonie, Milltown, New Richmond, Osceola, River Falls, St. Croix Falls, Somerset and Star Prairie. All of the offices being sold were acquired by AnchorBank in its 2008 acquisition of S&C Banco.

Once the acquisition is complete, RCU will have 26 offices, 23 across central and western Wisconsin and three in the Twin Cities Metro area, serving more than 140,000 Members.

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