Anchor BanCorp Delisting Threat
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Anchor BanCorp Wisconcin, has received a notice from NASDAQ threatening to delist because of the late filing of its form 10-K. Anchor will be subject to delisting on July 12. The Company intends to request a hearing with a Nasdaq Listing Qualifications Panel (the "Panel") to appeal the delisting. There can be no assurance that the Panel will grant the Company's request for continued listing. The Company's common stock will remain listed pending the appeal. Accordingly, the trading symbol of the Company's common stock was changed from "ABCW" to "ABCWE" at the opening of business on July 6, 2005. Ernst & Young, the bank's auditor had previously withdrawn its independent audit reports for 2003-2005. A material weakness had been found in the system of internal controls over financial reporting. The weakness related to the bank's accounting for loans in relation to the Federal Home Loan Bank of Chicago. The bank accepts that the form will be late, but that it will file in July 2005.
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