Anchor BanCorp Wisconsin (ABCW) 8-K Anchor Bancorp Wisconsin Inc. Announces Improved First Quarter Results

Exhibit 99.2

Press Release NASDAQ:ABCW

FOR IMMEDIATE RELEASE
Date: July 29, 2009

ANCHOR BANCORP WISCONSIN INC. CORRECTS
BOOK VALUE PER SHARE DATA FROM July 28, 2009 PRESS RELEASE

Madison, Wis.— Anchor BanCorp Wisconsin Inc. (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.

For More Information

For more information, contact Dale Ringgenberg, CFO, or Chris Bauer, CEO, at (608) 252-1810.

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