UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 31, 2006
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Anchor BanCorp Wisconsin Inc.
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(Exact name of registrant as specified in its charter)
Wisconsin 000-20006 39-1726871
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
25 West Main Street, Madison, Wisconsin 53703
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (608) 252-8700
____________________________
Not Applicable
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(Former name, former address and former fiscal year, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2 below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01. Entry into a Material Definitive Agreement.
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On March 31, 2006, the Board of Directors of Anchor BanCorp Wisconsin
Inc. (the "Company") approved the accelerated vesting and exercisability of
all unvested and unexercisable stock options to purchase common stock of the
Company issued under the Company's stock option plans held by officers and
employees. As a result, options to purchase 67,240 shares of common stock,
which would have otherwise vested and become exercisable from time to time
over the next four years (including options to purchase 30,168 shares of
common stock that would have vested and become exercisable in June 2006),
became vested and exercisable on March 31, 2006. The number of shares and
exercise price of the options subject to acceleration are unchanged. The
accelerated options have exercise prices between $23.77 and $31.945 per share,
with a weighted average exercise price of $26.43 per share. The accelerated
options include options to purchase 14,036, 14,036, 5,000, 5,000 and 5,000
shares of common stock, with a weighted average exercise price of $28.495,
$28.495, $23.77, $23.77 and $23.77 per share, respectively, held by Douglas J.
Timmerman, President and Chief Executive Officer, Mark D. Timmerman, Executive
Vice President, Secretary and General Counsel, J. Anthony Cattelino, Executive
Vice President, Michael W. Helser, Executive Vice President, Treasurer and
Chief Financial Officer, and Daniel K. Nichols, Senior Vice President.
The Company estimates that accelerating the vesting and exercisability
of these options will eliminate approximately $0.5 million of non-cash
compensation expense that would otherwise have been recorded in the Company's
income statements in future periods upon its adoption of Financial Accounting
Standards Board Statement of Financial Accounting Standards No. 123R, Share-
Based Payment, as of April 1, 2006. Because the Company currently accounts
for its stock options under the intrinsic value method in accordance with
Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to
Employees, it will report, for disclosure purposes only, compensation expense
related to the affected options in the notes to its fiscal 2006 financial
statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
ANCHOR BANCORP WISCONSIN INC.
By: /s/ Michael W. Helser
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Name: Michael W. Helser
Title: Executive Vice President, Treasurer and
Chief Financial Officer
Date: April 3, 2006
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