IPO Report: Anchor BanCorp Wisconsin (ABCW)

Francis Gaskins |

Anchor BanCorp Wisconsin IPO, IPO report, IPOs this week, stocks to buy now, small-cap stocksAnchor BanCorp Wisconsin ($ABCW) is a savings and loan holding company incorporated under the laws of the State of Delaware and headquartered in Madison, Wisconsin.

Four other companies are scheduled for the week of Oct. 20, 2014.  The full IPO calendar is available at IPOpremium.

Manager, Co-Managers: Sandler ONeill & Partners and Baird

Joint Managers: None

ABCW scheduled a $10 million IPO with a market capitalization of $242 million at a price range midpoint of $26 for Wednesday October 22, 2014 on the Nasdaq.  SEC filings

Anchor BanCorp Wisconsin IPO Report


ABCW is a savings and loan holding company incorporated under the laws of the State of Delaware and headquartered in Madison, Wisconsin.


GlossaryValuation Ratios

Mrkt Cap ($mm)

Price /Interest income

Price /Erngs

Price /BkVlue

Price /TanBV

% offered in IPO



Anchor BanCorp Wisconsin (ABCW)








Rev -12%
Price-to-book of 1.1
P/E of 27
Only selling 4% on the IPO


ABCW is a savings and loan holding company incorporated under the laws of the State of Delaware and headquartered in Madison, Wisconsin.

ABCW offers a full range of financial services through the Bank.

The Bank offers financial services through 54 full-service banking offices throughout ABCW’s market area, which is concentrated in the greater Madison, Fox Valley and suburban Milwaukee regions of Wisconsin.

ABCW believes that its markets exhibit attractive demographic attributes and present favorable competitive dynamics with long-term growth opportunities.

ABCW’s strategy focuses on building a strong commercial banking franchise with meaningful market share and growing revenues complemented by operational efficiencies that ABCW believes can produce attractive risk-adjusted returns.

As of June 30, 2014, on a consolidated basis, ABCW had total assets of approximately $2.12 billion, total loans of approximately $1.56 billion, total deposits of approximately $1.87 billion, and total stockholders’ equity of approximately $211.5 million.

ABCW is the third largest bank headquartered in Wisconsin, based upon deposit balances as of June 30, 2014 as reported in the consolidated reports of Condition and Income filed with the Federal Financial Institutions Examination Council.

ABCW is led by a team of experienced bankers, most of whom have significant experience in the Wisconsin banking markets.

The Bank’s core businesses are currently primarily dedicated to providing quality, personalized financial and investment services to local businesses and individuals.

ABCW’s commercial banking services include cash management, working capital lines of credit, term loans for fixed asset acquisitions, commercial mortgages, other forms of asset-based financing, construction and multi-family mortgage loans, commercial real estate and commercial loans.

ABCW also offers a wide range of consumer banking services, including residential mortgage loans, consumer loans, checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.

ABCW believes its presence in the markets in which its serves, its local market knowledge and its ability to make responsive decisions at the local level give it the ability to tailor its products and services to meet its client’s specific needs.

Dividend Policy

No dividends are planned.


The Bank encounters strong competition in attracting both loan and deposit customers.

Such competition includes other banks, savings institutions, mortgage banking companies, credit unions, finance companies, mutual funds, insurance companies and brokerage and investment banking firms.

The Bank’s market area includes branches of several commercial banks that are substantially larger in terms of loans and deposits.

Furthermore, tax exempt credit unions operate in most of the Bank’s market area and aggressively price their products and services to a large portion of the market. ABCW’s profitability depends upon the Bank’s continued ability to successfully expand market share and mitigate credit losses.

5% stockholders

Bradley E. Cooper         9.70%

Martin S. Friedman        9.70% 

Bridge Equities III, LLC  9.70%

Capital Z Partners III, L.P.  9.70%

Castle Creek Capital Partners V, LP  9.70%

EJF Capital LLC  9.70%

Wellington Management Company LLP  9.70%

Use of proceeds

Thirty-two percent of the IPO is allocated to shareholders.  ABCD has not allocated the net proceeds to particular uses.

ABCW will not receive any proceeds from the sale of shares of common stock by the selling stockholders.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Symbol Name Price Change % Volume
ABCW Anchor BanCorp Wisconsin Inc (DE) n/a n/a n/a 0


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