Anchor BanCorp to be sold to Indiana bank

Madison-based Anchor BanCorp Wisconsin, the parent company of AnchorBank, is being bought by Old National Bancorp of Evansville, Indiana for about $461 million, the Wisconsin State Journal reports.

The sale of Anchor, Wisconsin’s third-largest state-based bank with $2.2 billion in assets, to Old National, which has $11.9 billion in assets, is pending approval by regulators and Anchor shareholders. If approved the purchase could be complete by the end of June.

In a written statement Anchor President and CEO Chris Bauer said, “Today’s transaction is a culmination of the tremendous turnaround at Anchor and a win-win for our communities, customers, employees and shareholders.

“Old National Bank has a strong history of growth and a deep commitment to providing high-quality community banking and a rewarding workplace for its employees. We’re proud to become their newest partner and believe the legacy of AnchorBank’s community-based customer service will continue moving forward.”