Anchor Bancorp Wisconsin Inc. Corrects Book Value Per Share Data From July 28, 2009 Press Release


MADISON, Wis., July 29, 2009 (GLOBE NEWSWIRE) -- Anchor BanCorp Wisconsin Inc. (Nasdaq:ABCW) today released revised financial tables correcting an error in the calculation of book value per share as provided in the tables accompanying the press release of July 28, 2009 announcing the company's first quarter results. That release erroneously reported a book value per share of $9.39. The corrected book value per share is $4.29.

A copy of the corrected tables are attached to this press release.

About AnchorBanCorp Wisconsin, Inc.

Anchor BanCorp's stock is traded on the NASDAQ exchange under the symbol ABCW. AnchorBank fsb, the wholly-owned subsidiary, has more than 70 offices. All are located in Wisconsin.

Forward-Looking Statements

This news release contains certain forward-looking statements based on unaudited financial statements, results of operations and business of Anchor BanCorp. This includes any statements regarding management's plans, objectives or goals for future operations, products or services, and forecasts of its revenues, earnings or other measures of performance. Forward-looking statements are subject to various factors which could cause actual results to differ materially from these estimates. These factors include changes in general economic conditions, deposit flows, loan demand, asset quality, competition, legislation or regulation and accounting principles, policies or guidelines affecting reports filed with the Securities and Exchange Commission for financial and business information regarding Anchor BanCorp, including information which could affect Anchor BanCorp's forward-looking statements. Outcomes related to such statements are subject to numerous risk factors and uncertainties, including those listed in the company's Annual Report filed on Form 10-K.



                      ANCHOR BANCORP WISCONSIN INC.
                          FINANCIAL HIGHLIGHTS
          (Dollars in thousands - except per share amounts)
                            (Unaudited)

                                     Three Months Ended
                                           June 30,
                                ---------------------------- 
                                      2009           2008
                                ---------------------------- 
 Operations Data:
  Net interest income           $    25,689    $    33,421
  Provision for loan losses          19,400          9,400
  Net gain on sale of loans          11,403          2,243
  Other non-interest income           8,157          9,566
  Non-interest expense               37,687         26,791
  Minority interest in loss 
   of real estate partnership
   operations                           (85)           (39)
  Income (loss) before income
   taxes                            (11,753)         9,078
  Income taxes (benefit)                 --          3,566
  Net income (loss)                 (11,753)         5,512

 Selected Financial 
  Ratios (1):

  Yield on earning assets             4.83%          6.05%
  Cost of funds                        2.77           3.22
  Interest rate spread                 2.06           2.83
  Net interest margin                  2.05           2.87
  Return on average assets            (0.89)          0.44
  Return on average equity           (22.13)          6.37
  Average equity to average 
   assets                              4.01           6.93
  Non-interest expense to 
   average assets                      2.84           2.15

 Per Share:

  Basic earnings per share      $     (0.56)   $      0.26
  Diluted earnings per share          (0.56)          0.26
  Dividends per common share           0.00           0.18
  Book value per common share          4.29          16.00

                                           June 30,            
                                ----------------------------  Percent
                                    2009           2008        Change
                                ----------------------------  --------
 Financial Condition:                                       
  Total assets                  $ 5,292,669    $ 4,949,335        6.9%
  Loans receivable, net                                      
   Held for sale                    115,340          6,619     1642.6
   Held for investment            3,692,708      4,129,075      (10.6)
  Investment securities                                      
   available for sale, at                                    
   fair value                        51,294         97,707      (47.5)
  Mortgage-related securities                                
   available for sale, at                                    
   fair value                       493,313        270,042       82.7
  Mortgage-related securities                                
   held to maturity, at                                      
   amortized cost                        47             57      (17.5)
  Deposits and accrued                                       
   interest                       3,987,906      3,406,975       17.1
  Other borrowed funds            1,041,049      1,147,329       (9.3)
  Stockholders' equity              202,573        343,599      (41.0)
  Allowance for loan losses         141,378         40,265      251.1
  Non-performing assets             215,664        144,137       49.6
  Net charge-offs                   (15,187)        (7,420)     104.7
                                                            
 ---------------------------------------------------------------------
 (1) Annualized when appropriate.


                    ANCHOR BANCORP WISCONSIN INC.
            CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 ---------------------------------------------------------------------
                                          (Unaudited)
                                            June 30,        March 31,
                                              2009            2009
                                          ----------------------------
                                                 (In Thousands)
 Assets
  Cash and cash equivalents               $   644,302     $   433,826
  Investment securities available for 
   sale, at fair value                         51,294          77,684
  Mortgage-related securities available 
   for sale, at fair value                    493,313         407,301
  Mortgage-related securities held to 
   maturity, at amortized cost                     47              50
  Loans receivable, net
   Held for sale                              115,340         161,964
   Held for investment                      3,692,708       3,896,439
  Foreclosed properties and repossessed 
   assets, net                                 53,014          52,563
  Real estate held for development and 
   sale                                        16,205          16,120
  Office properties and equipment              48,008          48,123
  Deferred tax asset, net of valuation 
   allowance                                   16,250          16,202
  Other assets                                162,188         162,783
                                          ------------    ------------
     Total assets                         $ 5,292,669     $ 5,273,055
                                          ============    ============

 Liabilities and Stockholders' Equity
  Deposits
    Non-interest bearing                  $   289,322     $   274,392
    Interest bearing deposits and 
     accrued interest                       3,698,584       3,649,435
                                          ------------    ------------
       Total deposits and accrued 
        interest                            3,987,906       3,923,827
 Other borrowed funds                       1,041,049       1,078,392
  Other liabilities                            60,815          56,704
                                          ------------    ------------
     Total liabilities                      5,089,770       5,058,923
                                          ------------    ------------

  Minority interest in real estate 
   partnerships                                   326             411
                                          ------------    ------------

  Preferred stock, $.10 par value, 
   5,000,000 shares authorized, 
   110,000 outstanding                         76,047          74,185
  Common stock, $.10 par value, 
   100,000,000 shares authorized, 
   25,363,339 shares issued                     2,536           2,536
  Additional paid-in capital                  109,327         109,327
  Retained earnings, substantially 
   restricted                                 119,004         134,234
  Accumulated other comprehensive loss         (4,351)         (6,337)
  Treasury stock (3,784,626 and 
   3,793,554 shares, respectively), 
   at cost                                    (94,496)        (94,744)
  Deferred compensation obligation             (5,494)         (5,480)
                                          ------------    ------------
     Total stockholders' equity               202,573         213,721
                                          ------------    ------------
     Total liabilities, minority 
      interest and stockholders' equity   $ 5,292,669     $ 5,273,055
                                          ============    ============


                     ANCHOR BANCORP WISCONSIN INC.
                  CONSOLIDATED STATEMENTS OF INCOME
 ---------------------------------------------------------------------
                             (Unaudited)

                                               Three Months Ended
                                                     June 30,
                                          ----------------------------
                                             2009              2008
                                          ----------------------------
                                             (In Thousands - except 
                                                per share amounts)

 Interest income:
   Loans                                  $  54,273         $  65,711
   Mortgage-related securities                5,576             3,669
   Investment securities and Federal 
    Home Loan Bank stock                        471               800
   Interest-bearing deposits                    269               328
                                          ----------        ----------
     Total interest income                   60,589            70,508
 Interest expense:
   Deposits                                  24,133            26,842
   Other borrowed funds                      10,767            10,245
                                          ----------        ----------
     Total interest expense                  34,900            37,087
                                          ----------        ----------
     Net interest income                     25,689            33,421
 Provision for loan losses                   19,400             9,400
                                          ----------        ----------
     Net interest income after provision 
      for loan losses                         6,289            24,021
 Non-interest income:
 Loan servicing income (loss)                  (182)            1,201
 Credit enhancement income                      377               417
 Service charges on deposits                  3,829             3,859
 Investment and insurance commissions           804             1,181
 Net gain on sale of loans                   11,403             2,243
 Net gain on sale or impairment of 
  investments and mortgage-related 
  securities                                  1,292                --
 Other revenue from real estate 
  partnership operations                        911             1,473
 Other                                        1,126             1,435
                                          ----------        ----------
     Total non-interest income               19,560            11,809
 Non-interest expense:
   Compensation                              14,290            13,307
   Occupancy                                  2,413             2,417
   Federal insurance premiums                 3,430                98
   Furniture and equipment                    2,050             2,126
   Data processing                            1,932             1,812
   Marketing                                    373               587
   Other expenses from real estate      
    partnership operations                    1,451             2,191
   Net expense-REO operations                 1,066               189
   Mortgage servicing rights impairment      (1,344)               --
   Other                                     12,026             4,064
                                          ----------        ----------
     Total non-interest expense              37,687            26,791
                                          ----------        ----------
   Minority interest in loss of 
    consolidated real estate partnerships       (85)              (39)
                                          ----------        ----------
     Income (loss) before income taxes      (11,753)            9,078
 Income taxes (benefit)                          --             3,566
                                          ----------        ----------
     Net income (loss)                    $ (11,753)        $   5,512
                                          ==========        ==========

 Earnings per share:
 Basic                                    $   (0.56)        $    0.26
 Diluted                                      (0.56)             0.26


            

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