Bank and Holding Company Also Announce Other Management Changes
MADISON, Wisc., June 22, 2009 (GLOBE NEWSWIRE) -- The Board of Directors of Anchor BanCorp Wisconsin, Inc. (Nasdaq:ABCW) and AnchorBank, fsb (the Bank) today announced several key changes at both the Board of Director and Executive Management levels. AnchorBank, fsb is a wholly owned subsidiary of Anchor BanCorp Wisconsin, Inc.
Chris Bauer Joins AnchorBanCorp Wisconsin, Inc. and AnchorBank, fsb.
The Board announced that Chris M. Bauer is joining the organization as President and CEO of Anchor BanCorp Wisconsin Inc. as well as the position of CEO of the Bank. Mr. Bauer replaces Douglas J. Timmerman as President and CEO of Anchor BanCorp Wisconsin Inc., who earlier this year announced his intention to retire. Mr. Bauer replaces Mark D. Timmerman in his role as CEO of AnchorBank, fsb. Mr. Bauer also joins both ABCW and the Bank as a member of each Board of Directors.
Mark D. Timmerman continues in the role of President of AnchorBank, fsb and adds the newly created position of Chief Operating Officer (COO) for the Bank. Mark D. Timmerman will relinquish his role on the ABCW Board of Directors while retaining his position as Executive Vice President of ABCW.
"I cannot think of a better addition to our team than Chris Bauer," said Douglas Timmerman. "His experience and proven leadership capabilities will help ensure the future success of Anchor BanCorp Wisconsin and AnchorBank," added Timmerman.
Mr. Bauer brings an extensive 33-year background in the banking sector, having previously served as Chairman and CEO of Firstar Bank Milwaukee, and head of commercial banking for Firstar Corporation, a $37-billion financial services company based in Milwaukee, at the time of his retirement in 1999. In 2000, Bauer founded First Business Bank Milwaukee and served as its Chairman of the Board until 2003. Under Mr. Bauer's leadership, First Business Bank Milwaukee grew to more than $70 million in assets in only three years. Bauer was also recently elected Chairman of the Board of the American Automobile Association. Mr. Bauer holds a B.B.A. from the University of Wisconsin-Madison, and an M.B.A. from Marquette University. He has been honored as a Distinguished Alumnus of both universities. He is a native of Milwaukee.
Mr. Bauer is an active leader in the Milwaukee community, where he serves on numerous boards such as Junior Achievement of Wisconsin, the Siebert Lutheran Foundation, Mason Street Advisors, and The Auto Club Group. Previously, Bauer acted as director of the Milwaukee Public Library Foundation, United Way, UWM Foundation and served as Chairman of St. Luke's Medical Center.
"It is a challenging and transformational period in the financial services sector, and I am thrilled to be joining Anchor BanCorp and AnchorBank at this time.
