Anchor BanCorp Wisconsin (ABCW) 8-K Anchor Bancorp Wisconsin Inc. Adjusts First Quarter Results Based on Increased Loan Charge-offs

Exhibit 99.1

Press Release	NASDAQ:ABCW
FOR IMMEDIATE RELEASE
Date: Oct. 20, 2009

ANCHOR BANCORP WISCONSIN INC. ADJUSTS FIRST QUARTER RESULTS BASED
ON INCREASED LOAN CHARGE-OFFS

Madison, Wis. — Anchor BanCorp Wisconsin Inc. today restated its first quarter results indicating an additional loss of $51.1 million, or a total loss of $62.9 million for the quarter ended June 30, 2009. This restatement is based primarily on the adjusted classification of certain non-performing loans that its subsidiary bank’s (AnchorBank, fsb) loan portfolio is experiencing, as well as on a re-evaluation of its allowance for loan losses.

A copy of the revised financials is attached to this press release.

About Anchor BanCorp 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
	(Restated)
Operations Data:
Net interest income	$	24,915		$	33,421
Provision for loan losses		70,400			9,400
Net gain on sale of loans		11,403			2,243
Other non-interest income		8,157			9,566
Non-interest expense		37,064			26,791
Minority interest in loss of real estate partnership operations		(85	)		(39	)
Income (loss) before income taxes		(62,904	)		9,078
Income taxes (benefit)		—			3,566
Net income (loss)		(62,904	)		5,512
Selected Financial Ratios(1):
Yield on earning assets		4.80	%		6.05	%
Cost of funds		2.79			3.22
Interest rate spread		2.01			2.83
Net interest margin		1.99			2.87
Return on average assets		(4.76	)		0.44
Return on average equity		(126.04	)		6.37
Average equity to average assets		3.77			6.93
Non-interest expense to average assets		2.80			2.15
Per Share:
Basic earnings (loss) per share	$	(2.97	)	$	0.26
Diluted earnings (loss) per share		(2.97	)		0.26
Dividends per common share		0.00			0.18
Book value per common share		1.92			16.00

	June 30,						Percent
	2009			2008			Change
	(Restated)
Financial Condition:
Total assets	$	5,238,320		$	4,949,335			5.8	%
Loans receivable, net
Held for sale		115,340			6,619			1642.6
Held for investment		3,641,708			4,129,075			(11.8	)
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		151,422			343,599			(55.9	)
Allowance for loan losses		139,455			40,265			246.3
Non-performing assets		190,381			144,137			32.1
Net charge-offs		(68,110	)		(7,420	)		817.9

⁽¹⁾ Annualized when appropriate.