lxpirt.s ii iuiiuu hcr23.4 consent of blado kiger p.s as to its state tax opinion contained in...
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UN FED STAFIS 0MB APPROVAlSECURITIES AND EXCHANGE COMMISSION
Washington 20549Number 3235-0327
Lxpirt.s May 31 2012
II Estimatedaverage burden
iuiiuu hcr response 0.10
10013421 FORM SE
FORM FOR SUBMISSION OF PAPER FORMAT EXHIBITS
BY EDGAR ELECTRONIC FILERS
Anchor Bancorp OOO14483OsIi1Exact name of registrant as specified in charter Registrant CIK Number
Exhibit 99.4 to Registration Statement on Form Si 333154734
Electronic report schedule or registration statement SEC file number if available
of which the documents are pan give period of report
s4________ Registration Statement Amendment NoSeries identifiers and namess if applicable add more lines as needed
C- _______ __________________________________Class contract Identifiers and namess if applicable add more lines as needed
Report period if applicable
John Breyer_Jr ____Name of person filing this exhibit if other than the registrant
Identify the provision of Regulation S-T 232 of this chapter under which this exhibit is being filed in paper check only one
Rule 201 Temporary Hardship Exemption
jç Rule 202 Continuing hardship Exemption
Rule 311 Permitted Paper Exhibit
SIGNATURES
FilingsMade By the Registrant
The Registrant has duly caused this form to be signed on its behalf by the undersigned thereunto duly authorized in the City
of State of ______________________________ 20.....
Registrant
_________________________Name
itie
Filings Made by Person Other Than the Registrant
After reasonable Inquiry and to the best of my knowledge and belief certify on Septembe1_ 20 10 that the information set forth in
this statement is true and complete
Br Jr Esquireyer ates PC
cial Cou el to Anchor Bancorp
Title
Persons who respond to the collection of information containedSl 2082 12-08 in this form are not required to respond unless the form displays
currently valid 0MB control number
INDEX TO EXHIBITS
.1 Engagement Letter between Anchor Mutual Savings Bank and Keefe Bruyette Woods Inc
1.2 Form of proposed Agency Agreement among Anchor Bancorp and Anchor Mutual Savings Bank and Keefe
Bruyette Woods Inc
Amended Plan of Conversion of Anchor Mutual Savings Bank
3.1 Articles of Incorporation of Anchor Bancorpa
3.2 Bylaws of Anchor Bancorp
Form of Certificate for Common Stock
Opinion of Breyer Associates PC regarding legality of securities registered
8.1 Federal Tax Opinion of Silver Freedman Taff L.L.P
8.2 State Tax Opinion of Blado Kiger P.S
8.3 Opinion of RP Financial LC as to the value of subscription rights
10.1 Form of Anchor Bank Employee Severance Compensation Plan
10.2 Anchor Mutual Savings Bank Phantom Stock Plan
10.3 Form of 401k Retirement Plan
21 Subsidiaries of the Registrant
23.1 Consent of Moss Adams LLP
23.2 Consent of Breyer Associates PC contained in opinion included as Exhibit
23.3 Consent of Silver Freedman Taff L.L.P as to its Federal Tax Opinion contained in opinion included as
Exhibit 8.1
23.4 Consent of Blado Kiger P.S as to its State Tax Opinion contained in opinion included as Exhibit 8.2
23.5 Consent of RP Financial LC
24 Power of Attorney contained in signature page to the registration statement
99 Order and Certification Form
99.2 Solicitation and Marketing Materials
99.3 Engagement Letters between Anchor Mutual Savings Bank and RP Financial LC
99.4 Appraisal Report of RP Financial LC
99.5 Cease and Desist Order entered into by Anchor Mutual Savings Bank with the Federal Deposit Insurance
Corporation and the Washington Department of Financial Institutions
Previously filed
Excludes certain tabular and statistical information pursuant to hardship exemption request made under
Rule 202 of Regulation S-T
IN ACCORDANCE WITH RULE 202 OF REGULATION S-T THIS EXHIBIT 99.4 TOTHE REGISTRATION STATEMENT ON FORM S-i IS BEING FILED IN PAPER
PURSUANT TO CONTINUING HARDSHIP EXEMPTION
PRO FORMA VALUATION REPORT
ANCHOR BANCORPLacey Washington
PROPOSED HOLDING COMPANY FORANCHOR BANK
Aberdeen Washington
Dated As Of
August 20 2010
Prepared By
RI Financial LC1100 North Glebe Road
Suite 1100
Arlington Virginia 22201
RF Financial LC
LIST OF EXHIBITS
Exhibit
Number Description
I-i Map of Branch Office Network
1-2 Audited Financial Statements
1-3 Key Operating Ratios
1-4 investment Portfolio Composition
1-5 Yields and Costs
1-6 Loan Loss Allowance Activity
1-7 Interest Rate Risk Analysis
1-8 Fixed Rate and Adjustable Rate Loans
1-9 Loan Portfolio Composition
1-10 Contractual Maturity By Loan Type
I-Il Loan Origination Purchases and Sales
1-12 Non-Performing Assets
1-13 Deposit Composition
1-14 CDs by Rate and Maturity
1-15 Borrowings Activity
Il-I Description of Office Facilities
11-2 Historical Interest Rates
11-3 Market Area Demographic/Economic Information
RP Financial LC
LIST OF EXHIBITS continued
Exhibit
Number Description
Ill-I General Characteristics of Publicly-Traded Institutions
111-2 Public Market Pricing of Publicly-Traded Institutions $250-$500 Million
and $500 Million to $1.0 Billion in Assets
111-3 Peer Group Summary Demographic and Deposit Market Share
Data
IV-1 Stock Prices As of August 20 2010
IV-2 Historical Stock Price Indices
lV-3 Historical Thrift Stock Indices
lV-4 Market Area Acquisition Activity
lV-5 Director and Senior Management Summary Resumes
IV-6 Pro Forma Regulatory Capital Ratios
lV-7 Pro Forma Analysis Sheet
IV-8 Pro Forma Effect of Conversion Proceeds
IV-9 Peer Group Core Earnings Analysis
V-i Firm Qualifications Statement
EXHIBIT I-i
Anchor Bank
Map of Branch Office Network
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EXHIBIT 1-2
Anchor Bank
Audited Financial Statements
by Reference
EXHIBIT 1-3
Anchor Bank
Key Operating Ratios
At June 30OTHER DATA 2010 2009 2008 2007 2006
Number of
Real estate loans outstanding 2463 2499 2398 2235 2059
Deposit accounts 29035 31951 31613 31689 28578
Full-service offices 16 16 20 20 17
At or For the
Year Ended June 30KEY FINANCIAL RATIOS 2010 2009 2008 2007 2006
Performance Ratios
Return on assets 0.07% 3.10% 0.13% 0.63% 0.74%
Return on equity 0.86 34.38 1.27 6.65 7.27
Equity to asset ratio 8.10 9.01 9.90 9.53 10.11
Interest rate spread 3.00 2.17 2.48 2.72 3.29
Netinterestmargin5 3.22 2.58 2.97 3.26 3.69
Average interest-earning assets to
average interest-bearing liabilities 108.5 112.5 112.6 113.9 112.8
Efficiency ratio 99.7 113.2 81.4 75.1 74.2
Other operating expenses as
percent of average total assets 4.1 3.8 3.0 3.0 3.3
Capital Ratios
Tierlleverage 7.6 6.7 10.1 10.1 9.9
Tierlrisk-based 10.5 8.9 12.6 12.7 12.1
Total risk-based 11.8 10.1 13.6 13.7 13.1
Asset Quality Ratios
Non-accrual and 90 days or
more past due loans as
percent of total loans net 5.1 12.1 4.7 0.6 --
Non-performing assets as
percent of total assets 6.5 9.7 4.0 0.8 0.3
Allowance for loan losses as percent
of gross loans receivable 4.1 4.9 1.5 1.0 1.0
Allowance for loan losses as percent
ofnon-performing loans 81.3 403 32.0 165.1 73616.7
Net charge-offs to average
outstanding loans 2.3 0.6 0.1 0.1 0.1
Net income loss divided by average total assets
Net income loss divided by average equity
Average equity divided by average total assets
Difference between weighted average yield on interest-earning assets and weighted average rate on
interest-bearing liabilities
Net interest income as percentage of average interest-earning assets
The efficiency ratio represents the ratio of noninterest expense divided by the sum of net interest income and
noninterest income expense
Source Anchors Draft Offering Prospectus
EXHIBIT 1-4
Anchor Bank
Investment Portfolio Composition
At June 30
2010 2009 2008
Amortized Fair Amortized Fair Amortized Fair
Cost Value Cost Value Cost Value
Dollars in Thousands
Available for sale
Investment securities
U.S Government Agencies
obligations $2999 3151 4998 5233 $21167 $21374
Municipal bonds 3372 3431 3900 3943 4453 4468
Mortgage-backed securities
Freddie Mac 39440 42197 56820 58142 37268 37427
Fannie Mae stock -- -- -- -- 635 635
Total available for sale. 45811 48779 65718 67318 63523 63904
Held to maturity
Investment securities
Municipal bonds 155 155 161 161 166 166
Mortgage-backed securities
Freddie Mac 9880 10555 12388 12720 13596 13370
Total held to maturity 10035 10710 12549 12881 13762 13536
Total investment securities. $55846 $59489 $78267 $80199 $77285 $77440
Source Anchors Draft Offering Prospectus
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EXHIBIT 1-6
Anchor Bank
Loan Loss Allowance Activity
Year Ended June 30
2010 2009 2008 2007 2006
Dollars in Thousands
Allowance at beginning of period $24463 7485 $4644 $4417 $4157Provision for loan tosses 2615 20263 3545 720 546
Recoveries
Real Estate loans
One- to four-family residential -- -- --
Multi-family residential -- 20 -- -- --
Commercial -- -- 112 352
Construction -- -- --
Land loans 146 -- -- -- --
Total real estate 146 23 113 352
Consumer
Home equity -- --
Credit cards 55 45 -- -- --
Automobile 95 33 -- -- --
Other 39 -- 18 14 11
Total consumer 190 81 19 14 11
Commercial business -- -- -- --
Total recoveries 336 104 138 366 13
Charge-offs
Real Estate loans
One- to four-family residential 747 283 10 -- --
Multi-family residential -- -- -- -- --
Commercial 31 -- -- -- 104
Construction 4970 2086 259 617 --
Land loans 2836 -- -- --
Total real estate 8584 2369 269 617 104
Consumer
Home equity 847 222 -- -- --
Credit cards 605 374 -- -- --
Automobile 254 17 -- -- --
Other 336 407 568 242 195
Total consumer 2042 1020 568 242 195
Commercial business -- -- -- --
Total charge-offs 10626 3389 842 859 299
Net charge-offs 10290 3285 704 493 286
Balance at end of period 16788 24463 7485 4644 4417
Allowance for loan losses as percentage
of total loans outstanding at the end of
the period 4.1% 4.9% 1.5% 1.0% 1.0%
Net charge-offs as percentage of average
total loans outstanding during the period 2.3% 0.6% 0.1% 0.1% 0.1%
Allowance for loan losses as percentage
ofnon-performingloansatendofperiod 81.3% 40.3% 32.0% 165.1% 73616.7%
Source Anchors Draft Offering Prospectus
EXHIBIT 1-7
Anchor Bank
Interest Rate Risk Analysis
Basis Point Net Portfolio as of
Change in Net Portfolio Valuel Portfolio Value of Assets Market Value
Rates Amount Change Change NPV Ratio Change of AssetsS
Dollars in Thousands
300 42430 41849 49.66% 8.03 6.34 528274
200 55492 28787 34.16 10.15 4.22 546497
100 69458 14821 17.59 12.27 2.10 565859
-- 84279 -- -- 14.37 Base 586330
100 103578 19299 22.90 16.95 2.58 611039
200 125216 40937 48.57 19.62 5.24 638360
300 151993 67714 80.34 2275 8.38 668004
The net portfolio value is calculated based upon the present value of the discounted cash flows from assets
and liabilities The difference between the present value of assets and liabilities is the net portfolio value
and represents the market value of equity for the given interest rate scenario Net portfolio value is useful
for determining on market value basis how much equity changes in response to various interest rate
scenarios Large changes in net portfolio value reflect increased interest rate sensitivity and generally more
volatile earnings streams
Represents the increase decrease in the estimated net portfolio value at the indicated change in interest
rates compared to the net portfolio value assuming no change in interest rates
Calculated as the net portfolio value divided by the market value of assets net portfolio value ratioCalculated as the increase decrease in the net portfolio value ratio assuming the indicated change in
interest rates over the estimated net portfolio value ratio assuming no change in interest rates
Calculated based on the present value of the discounted cash flows from assets The market value of assets
represents the value of assets under the various interest rate scenarios and reflects the sensitivity of those
assets to interest rate changes
Basis Point Net Interest Income
Change in Rates Amount Change Change
Dollars in Thousands
300 15676 3817 19.6200 16891 2602 13.3
100 18155 1338 6.9Base 19493 -- --
100 21014 1521 7.8
200 21138 1645 8.4
We did not include the 300 basis point decrease in rates at September 30 2009 because
such decrease in rates would not be possible given the interest rate levels on that date
Represents the increase decrease of the estimated net interest income at the indicated
change in interest rates compared to net interest income assuming no change in interest
rates
Source Anchors Draft Offering Prospectus
EXHIBIT 1-8
Anchor Bank
Fixed Rate and Adjustable Rate Loans
Floating or
Year Ended Adjustable
June 30 2010 Rates Total
Real Estate Loans
One- to four-family residential 93476 17883 111359
Multi-family residential 32359 12377 44736
Commercial 85420 30007 115427
Construction 699 2349 3048
Lot loans 6183 599 6782
Total real estate 218137 63215 281352
Consumer
Home equity 17997 769 18766
Automobile 8686 8686
Other consumer 3419 3426
Total consumer 30102 776 30878
Commercial Business 7765 7310 15075
Total 256004 71301 327305
Source Anchors Draft Offering Prospectus
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EXHIBIT 1-10
Anchor Bank
Contractual Maturity By Loan Type
After One After
Within One Year After Years Years
Year Through Through Through Beyond 10
June 30 2010 June 30 Years Years 10 Years Years Total
2010
Real Estate Loans
One-tofour-familyresidential 1476 6867 6261 10630 87601 112835
Multi4amily residential 1247 1976 6717 15777 20266 45983
Commercial 3066 27670 49108 35695 2953 118492
Construction 33764 3048 36812
Land loans 1061 3717 2466 147 452 7843
Total real estate 40614 43278 64552 62249 111272 321965
Consumer
Home equity 23679 168 1095 4392 13112 42446
Credit Cards 7943 7943
Automobile 198 2373 3878 1095 1340 8884
Other consumer 734 735 429 229 2033 4.160
Total consumer 32554 3276 5402 5716 16485 63433
Commercial Business 6643 2005 5301 7552 217 21718
Total 79811 48559 75255 75517 127974 407118
Source Anchors Draft Offering Prospectus
EXHIBIT I-il
Anchor Bank
Loan Origination Purchases and Sales
Year Ended
June 30 YearEndedJune30
June 30 2010 2010 2009
In Thousands
Loans originated
Real Estate
One- to tour-family residential $41401 $51870 54533
Multi-family residential 580 4473 6111
Commercial 4.677 21456 8781
Construction 8281 36523 44121Land Loans
Total real estate 55594 114322 116866
Consumer
Home equity 1.920 15729 34350
Credit cards 13 1390 5702Automobile 475 3.515 8210Other account Li2 QZ
Total consumer 3.534 22731 51816
Commercial business 8081 7.804
Total loans originated 67209 144857 176800
Loans purchased
Real Estate Loans
One- to four-family residential
Multi-family residential
Commercial5.758
Construction
Total real estate5758
Total loans purchased 5758
Loans sold
Total whole loans sold 38848 33916 18529
Commercial Real Estate 4250
Participation loans
Total loans sold 43096 33916 8065
Principal repayments 62097 78731124536
Loans securitized 5016 30269 10866
Transfer to real estate owned 30220 5350 650
Increase decrease in other items net -8310 -7017 .493
Loans held for sale 4Qj in-i
Net increase decrease in loans receivable
net -$85546 -$15558 14.132
Source Anchors Draft Offering Prospectus
EXHIBIT 1-12
Anchor Bank
Non-Performing Assets
At June 302010 2009 2008 2007 2006
Dollars in Thousands
Loans accounted for on nonacciual basis
Real estate
One- to four-family residential 3855 3803 337 70 --
Mulit-fanaily residential -- -- --
Commercial 438 -- 51 301 --
Construction 13964 36954 6719 -- --
Land loans -- -- -- -- --
Total real estate 18252 40757 7107 371 --
Consumer
Home equity 70 347 190 63
Credit cards -- -- -- --
Automobile 63 190 92 -- --
Other 47 54 -- --
Total consumer 180 591 291 63
Commercial business 1324 997 -- -- --
Total 19756 42345 7398 434
Accruing loans which are contractually past
due 90 days or more
One- to four-family residential -- -- -- --
Multi-family residential -- -- -- -- --
Commercial -- -- 598 -- --
Construction 822 17575 15298 1690
Land loans -- -- -- -- --
Total real estate 822 17575 15896 1690 --
Consumer
Home equity -- -- 15 -- --
Credit cards -- -- --
Automobile -- -- -- --
Other 64 143 61 51 --
Total consumer 64 143 76 51 --
Commercial business -- 586 -- 637 --
Total of nonaccrual and 90 days past due
loans 20642 60649 23370 2812
Real estate owned 14570 2990 1524 2087 1794
Repossessed automobiles 21 69 109 16 --
Total non-perfonning assets 35233 63708 25003 4915 1800
Restructured loans 13491 246 -- --
Allowance for loan loss as percent of
non-performing loans 81.3% 40.3% 32.0% 165.1% 736167%
Classified assets included in non-
performing assets 20642 60649 23370 2812
Nonaccruat and 90 days or more past due
loans as percentage of total loans 5.1% 12.1% 4.7% 0.6% --
Nonaccrual and 90 days or more past due
loansasapercentageoftotalassets 3.8% 93% 3.7% 0.5% --
Non-performing assets as percentage of
total assets 6.5% 9.7% 4.0% 0.8% 0.3%
Nonaccrued interest 731 2664 2335 105 1136
Represents construction loans which have matured and were making cash payments of interest under their1
existing loan documents Of this amount loans totaling $7.6 million are in the process of an extension with the
balance still being evaluated for either possible extension work-out or foreclosure
Represents foregone interest on nonaccural loans
Source Anchors Draft Offering Prospectus
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EXHIBIT 1-14
Anchor Bank
CDs by Rate and Maturity
Amount Due
After Year After Years After Years
Within Through Through Through Beyond
Year Years Years Years Years Total
In Thousands
0.00 0.99% 1563 594 -- -- 21571.00 1.99% 50580 17688 50 -- -- 68318
2.00 2.99% 13645 5623 2474 1052 1551 24345
3.00 3.99% 17067 9476 1574 1107 24623 53847
4.00 4.99% 35744 2331 1351 1079 5712 462175.00 5.99% 5997 289 -- 251 43 65806.00 6.99% -- -- -- -- -- --
Total $124596 $36001 $5449 $3489 $31929 $201464
The following table indicates the amount of our jumbo certificates of deposit by time remaining until
maturity as of June 30 2010 Jumbo certificates of deposit are certificates in amounts of$100000 or more
Time Deposit
Maturity Period Certificates
In Thousands
Three months or less 13957
Over three through six months 15381
Over six through twelve months 18820
Over twelve months 38704
Total $86862
Source Anchors Draft Offering Prospectus
EXHIBIT 1-15
Anchor Bank
Borrowings Activity
Year Ended
June 30
2010 2009 2008
Dollars in Thousands
Maximum amount of borrowing outstanding
at any month end
Federal Home Loan Bank advances $136900 $175828 $165165
Approximate average borrowing outstanding
Federal Home Loan Bank advances 135975 151193 144964
Approximate weighted average rate paid on
Federal Home Loan Bank advances 3.75% 4.92% 5.15%
At June 30
2010 2009 2008
Dollars in Thousands
Balance outstanding at end of period
Federal Home Loan Bank advances $136900 $129500 $165165
Weighted average rate paid on
Federal Home Loan Bank advances 3.07% 4.94% 5.00%
Source Anchors Draft Offering Prospectus
EXHIBIT Il-i
Anchor Bank
Description of Office Facilities
Lease Net Book Value
Leaied or Expiration Square at June 30Location Owned Date Footage 2010
ADMINISTRATIVE OFFICEIn Thousands
100 West First Owned -- 7410 $2707Aberdeen Washington 98520
BRANCH OFFICES
Aberdeen
120 Broadway
Aberdeen Washington 98520Owned 17550 1442
Centralia
604 Tower
Centralia Washington 98531Owned -- 3000 710
Chehalis
1601 NW Louisiana Avenue
Chehalis Washington 98532Leased 4/30/13 683 226
Elma
216 Third Street
Elma Washington 98541Owned -- 2252 350
Hoqulam701 Simpson Avenue
Hoquiam Washington 98550Leased 3/31/10 550
Lacey
601 Woodland Square Loop SE
Lacey Washington 98503Owned -- 13505 2222
Lakewood
7001 Bridgeport WayLakewood Washington 98499
Leased 1/31/12 971 --
Martin Way4250 Martin Way
Building Suite 107 Leased 6/30/13 1813 194
Olympia Washington 98516
Montesano
211-B Pioneer Avenue East
Montesano Washington 98563Owned -- 2125 3292
Source Anchors Draft Offering Prospectus
Lease Net Book Value
Leased or Expiration Square at June 30Location Owned Date Footage 2010
In Thousands
Ocean Shore
795 Pt Brown Avenue NWOcean Shores Washington 98569 Owned -- 2550
695
Olympia
2610 Harrison Avenue West
Olympia Washington 98507Owned -- 1882 513
Payallup
16502 Meridian Avenue Suite
Puyallup Washington 98375Leased -- 982 206
Shelton
100 Wallace Kneeland Boulevard
Shelton Washington 98584Leased 5/31/13 673 54
Vancouver SE
430 SE 192nd Avenue
Vancouver Washington 98587Leased 1/31/11 612 160
Westport
915 Montesano
Westport Washington 98595Owned -- 3850 1084
Yelm
17100 State Route 507 SE
Yelm Washington 98597Leased 7/30/12 577 223
LOAN OFFICES
Aberdeen
211 Market Street
Aberdeen Washington 98520Owned -- 12825 203
Aberdeen
215 Market Street Owned -- 12000 147
berdeen Washington 98520
Includes home branch
Drive-up ATM available
Wal-Mart locations
Includes space leased
Branch closing August 31 2010 assets disposed on June 30 2010
Source Anchors Draft Offering Prospectus
Exhibit 11-2
Historical Interest Rates
Prime 90 Day One Year 10 Year
Year/Qtr Ended Rate T-BilI 1-BUt 1-Bond
2001 Quarter 800% 4.30% 4.09% 4.93%
Quarter 6.75% 3.65% 3.72% 5.42%
Quarter 6.00% 2.40% 2.49% 4.60%
Quarter4 4.75% 1.74% 2.17% 5.07%
2002 Quarter 4.75% 1.79% 2.70% 5.42%
Quarter2 4.75% 1.70% 2.06% 4.86%
Quarter3 4.75% 1.57% 1.53% 3.63%
Quarter4 4.25% 1.22% 1.32% 3.83%
2003 Quarter 4.25% 1.14% 1.19% 3.83%
Quarter 4.00% 0.90% 1.09% 3.54%
Quarter3 4.00% 0.95% 1.15% 3.96%
Quarter4 4.00% 0.95% 1.26% 4.27%
2004 Quarter 4.00% 0.95% 1.20% 3.86%
Quarter 4.00% 1.33% 2.09% 4.62%
Quarter 4.75% 1.70% 2.16% 4.12%
Quarter 5.25% 2.22% 2.75% 4.24%
2005 Quarter 5.75% 2.80% 3.43% 4.51%
Quarter 6.00% 3.12% 3.51% 3.98%
Quarter 6.75% 3.55% 4.01% 4.34%
Quarter 7.25% 4.08% 4.38% 4.39%
2006 Quarter 7.75% 4.63% 4.82% 4.86%
Quarter 8.25% 5.01% 5.21% 5.15%
Quarter 8.25% 4.88% 4.91% 4.64%
Quarter 8.25% 5.02% 5.00% 4.71%
2007 Quarter 8.25% 5.04% 4.90% 4.65%
Quarter 8.25% 4.82% 4.91% 5.03%
Quarter 7.75% 3.82% 4.05% 4.59%
Quarter 7.25% 3.36% 3.34% 3.91%
2008 Quarter 5.25% 1.38% 1.55% 3.45%
Quarter2 5.00% 1.90% 2.36% 3.99%
Quarter3 5.00% 0.92% 1.78% 3.85%
Quarter4 3.25% 0.11% 0.37% 2.25%
2009 Quarter 3.25% 0.21% 0.57% 271%
Quarter 3.25% 0.19% 0.56% 3.53%
Quarter 3.25% 0.14% 0.40% 3.31%
Quarter 3.25% 0.06% 0.47% 3.85%
2010 Quarter 3.25% 0.16% 0.41% 3.84%
Quarter 3.25% 0.18% 0.32% 2.97%
As of Aug 20 2010 3.25% 0.15% 0.26% 2.62%
End of period data
Source SNL Financial LC
EXHIBIT 11-3
Anchor Bank
Market Area Demographic/Economic Information
IWs1Lth1Sp1IlTimip.IaaIk-
Ba Current Projected Change Change2000 2010 2015 2000-2010 2010-2015
Total Population actual 281.421906 311212863 323209391 1059 3850-14 Ag Group 2141 20.08 20 13 3.73 41215-34 Age Group 2810 2722 2697 13 28935-54 Age Group 2943 28 03 26 02 33 6055-69 Age Group 12.01 15.54 1731 43.07 156470 Age Group 905 9.12 957 1152 898Median Age actual 35.30 37.00 3730 482 081
Diversity Index actual 5460 61.00 63.40 11 72 393
Black% 12.32 12.47 1247 1195 392Asian 364 52 93 3744 1325Whit 75 14 71 93 70.71 586 10
Hlspanlc% 1255 1623 1780 4308 13.90
Pacific Islander 0.14 0.16 0.18 2620 293American Indian/Alaska Native 0.88 094 0.95 18.14 463Multipl races 2.43 299 322 36.35 11.72Other 5.46 6.99 755 4157 12.29
Total Households actual 105480101 116761140 121359604 10.69 3.94
$25K Households 2867 2078 17.21 19.76 13.94$25-491 Household 2934 24.73 19.96 6.70 16.10$50-99K Households 29.70 35.65 38.10 32.90 11 08$IOOK Houaeholds 1229 18.83 2472 69.60 36.45
Average Household IncomeS 56644 70173 79340 23.88 13.06
Median Household Incomes 42164 54442 61189 29.12 12.39
Per Capita IncomeS 21587 26.739 30241 23.87 13.10
535K Net Worth HH5 NA 34 96 NA NA NA$35-99K Net Worth HHs NA 16 38 NA NA NA$100-249KNetWorthHHs% NA 19.13 NA NA NA5250-499K Net Worth HHs NA 1297 NA NA NA5500K Net Worth HHa NA 1656 NA NA NA
Median Household Net Worth NA 93084 00 NA NA NAAverage Household Net Worth NA 418865.00 NA NA NA
Total Owner Occupied Housing Units 69815753 76868769 80072859 10.10 417$IOOK in Value HUe 4457 2739 21 82 32 34 17 015100-199K in Value HUs 35 18 34.48 31 82 791 3.865200-299K in Value HUe 1117 1708 1853 6827 13065300-499K in Value HUs 6.12 1249 15.57 124.59 2983$500K in Value HUs 2.95 56 12.26 219.64 4906
Source ESRI
Demographc data proodad by ESRI based pnmaniy on US Censos data For non-census year data ESRI uses samples and projections to estimate the demographic data SNL performs calculatOns on the underlying data provided by
ESRI to some of the data presented on the page
Copyright 2010 SNL Financial LC
ItuslsuInJ.ITTuflnhbnIraAFfli111tTku1
Base Current Projected Change Change2000 2010 2015 2000-2010 2010-2015
Total Population actual 5894121 6756.150 7175641 1483 621
0-14 Ag Group 21 29 19.60 19.69 553 6.65
15.34 Age Group 54 28.15 27.61 27.39 1243 534
35-54 Ag Group 30.90 2858 26.42 601 805549 Age Group 54 11 41 1589 1757 5953 17.48
10AgeGroup% 824 832 8.94 1571 1404
MedIan Ag actual 3530 37 10 37.30 5.10 054
D$v.rsity Index actual 4200 50.60 53.80 2048 632
Black 3.23 3.61 3.75 28 12 10.46
Aaian% 547 692 768 4500 1794
White 54 81 81 77 68 75 99 84 3.90
Hispanic% 7.49 1061 1191 6241 1923
Pacific Islander 0.41 047 047 3349 5.80
American indian/Aiaska Native 58 66 65 2026 5.58
Multipie races 54 362 4.34 4.63 3740 13.34
Other 54 3.88 5.32 581 56.88 1617
Total Households actual 2271398 2611682 2777964 1498 6.37
825K Householda 54 2473 1752 1369 18 55 16.90
825.49K Households 54 29.66 2277 1755 11 76 18 00850-99K Households 54 3305 3920 38 77 3639 521$I00K Households 54 1256 20.52 2999 8778 55.48
Average Household Incoms 58653 73128 84.725 24.68 1586
Median Household IncomeS 45770 60311 68768 31.77 1402
Per Capita Income 22973 28691 33252 24.89 15.90
835K Net Worth HHs NA 32.38 NA NA NA
835-99K Net Worth HHs NA 15.34 NA NA NA
$100-249KNetWorthHHs% NA 18.47 NA NA NA
8250-499K Net Worth HH5 54 NA 15.11 NA NA NA8500K N.t Worth HHs NA 18.70 NA NA NA
Median Household Net Worth NA 112030.00 NA NA NA
Average Household Net Worth NA 447397.00 NA NA NA
Total Owner Occupied Housing Units 1467009 1674990 1784225 1418 6.52
8100K In Value HUe 54 21.05 8.30 587 55 01 24 678100.199K In Value HU5 54 4569 24.97 16.22 37 61 30.818200-299K In Value HUs 54 19.28 26.94 24.70 59.48 2.328300-499K in Value HUs 54 1011 23.96 30.85 170.71 37.17
8500K in Value HUs 54 3.86 1584 2236 36790 5038
Soorue ESRI
Demographic datais provided by ESRI based primarily antiS Census data For noneensus year data ESRI uses samples and projections to estimat the demographic data SNL performs calculations on the undertying data provided by ESRI
for some ot the data presented on this page
Base Current Projected Change Change
2000 2010 2015 2000-2010 2010-2015
Total Population actual 3.043.878 3461985 3672.452 1374 608
0-l4AgeGroup% 2050 1909 19.14 589 637
15-34AgeGroup% 2919 26.06 2807 934 6.11
35.54 Ag Group 32 15 30.19 2782 6.61 22456-69 Age Group 1070 15.08 16.78 60.25 1803
70Ag.Group% 7.46 7.58 819 1586 14.56
MedIan Age actual 35.20 3700 3710 5.11 027
Diversity Index actual 44.00 5320 56.60 2091 6.39
Black 5.02 5.53 72 25 40 64
Asian% 849 1091 12.20 4616 18.67
White 78.32 73 25 71 08 38 94
HispanIc 5.34 823 9.44 75.41 21 60
Pacific islander 0.55 0.64 64 33 72 6.07
American IndianlAlaska Native 112 118 118 2008 603
MultIpla races 16 499 533 36.35 1328
Other 35 3.50 85 69.27 16.68
Total Households actual 1.196568 1369762 1.456.468 1447 633
ic 826K Households 20.50 1404 1032 21.64 21 79825-49K Households 27 79 19.06 13.66 21 47 23 80860.99K Households 35 63 39 92 37 82 28.26 75
$100KHous.holda% 16.08 26.98 38.19 9213 5051
Average Household Income 65948 84448 98282 2805 1638
Median Household Income 51488 69015 80645 3404 1685
Per Capita IncomeS 26.332 33.621 39415 28.44 1654
935K Net Worth Hits NA 2985 NA NA NA
835.99K Net Worth HHs NA 14.83 NA NA NA
5100.249K Net Worth HHa NA 1724 NA NA NA
$250-499KNetWorthHHs% NA 15.32 NA NA NA
$500K Nat Worth HHa NA 22 76 NA NA NA
Median Household Net Worth NA 13424400 NA NA NA
Average Household Net Worth NA 545764.00 NA NA NA
Total Owner Occupied Housing Units 743416 844173 898.932 13.55 6.49
ic $IOOK In Value HU5 10.25 557 4.10 38 31 21 64$100-199K in Value HUs 4250 1542 891 58.79 38.48
8200.299K in Value HUs 26.33 26 52 20.07 1434 19.40
8300-499K In Value HUs 15.02 30.48 36 36 13048 27.02
5500K in Value HUs 5.90 22.02 3057 323.70 4785
Source ESRI
Demographic data is provided by ESRI based pnrrrarily on US Census data For non-Census year data ESRI uses samples and projections to estimate the demographic data SM performs calculation on the underlying data provided by ESRI
for some of the data presented on this page
Iasuuiiziifl yIuhpelflCfllSflTflLI1
Base Current Projected Change Change
2000 2010 2015 2000-2010 2010-2015
Total Population actual 67.194 72097 73015 7.30 27
0.l4Ag.Group% 20.78 1837 1824 511 053
15-34 Age Group 24.11 24.70 24.20 995 08036-64 Age Group 2946 2685 2452 19 75255-69Ag.Group% 1447 1933 2144 4328 1234
70Ag.Group% 1119 1075 1161 307 938
Median Age actual 3870 4090 41.50 568 47
Diversity lnd.x actual 29 00 37 90 40 40 30 69 60
Black 034 0.54 062 73.45 1556
Asian 22 50 59 32 40 7.20
Whit 8830 85 18 8441 348 038
Hispanic% 485 803 916 7759 1564
Pacific Isiander 011 013 013 31 51 2.08
Am.rican Indian/Alaska Native 4.66 12 506 1794 005
Multiple races 3.10 387 409 3399 695
Other% 227 3.66 4.10 7302 1336
Total Households actual 28808 28181 28566 5.12 37
826K Households 36.47 28.07 23.98 19.09 13.42
826-49K Households 32.96 2923 2656 878 790560-99K Households 25.49 35.22 37 05 45 22 64
$IOOK Households 507 748 12.42 55.11 68.26
Average Household Income 41862 50384 56722 20.36 12.58
Median Household IncomeS 34161 43095 49444 26.15 14.73
Per Capita Income 16.799 20370 22951 21 26 12.67
536K Net Worth HHs NA 3880 NA NA NA
$35-99KNetWorthHHs% NA 16.84 NA NA NA
5100-249K Net Worth HH5 NA 21.01 NA NA NA
5260-499K Net Worth HHs NA 1443 NA NA NA
$500K Net Worth HHs NA 892 NA NA NA
Median Household N.t Worth NA 7529700 NA NA NA
Average Household Net Worth NA 24106900 NA NA NA
Total Owner Occupied Housing UnIts 18495 19.405 19698 492 51
5100K in Value HUs 5458 20.15 1182 61 26 40.48
5100-199K in Value HU5 35.70 44.72 3461 31.45 21.43
5200-299K in Value HU5 6.95 18.91 2808 18530 5075
5300-499K In Value HU5 211 11 70 1881 482.31 63.14
$500K in Value HUe 0.66 451 688 61803 5023
Source ESRI
D.nogr.phic data is provded by ESRI based pnararily on US Census dci Fot non-census iesr data ESRI uses samples and projections to estonate the denmogrsptmic dci SNL performs calculations on the undemiyrng data prOvioed by ESRI
to sonme 0th data presented on this Pate
ILessLwIsiInTarnmm.-plrnlirrnaLh
Base Current Projected Change Change
2000 2010 2015 2000-2010 2010-2015
Total Population actual 207355 255549 284275 23 24 11 24
0-l4AgeGroup% 20.54 18.54 1870 11.26 12.19
15-34AgeGroup% 2714 2700 2621 22.60 8.01
35-54 Age Group 3202 28 50 2694 969 16
55-69 Age Group 11 92 1724 1869 78 18 20.63
70 Age Group 1% 38 72 945 28 34 20 56
M.dlan Ag actual 36.50 38 50 38 70 48 52
Diversity Index actual 32.70 3970 41 60 21.41 479
Black 235 307 3.35 60.97 21 28
Asian 4.41 508 5.29 41 98 1580
Whlte% 8566 8267 8189 18.94 1020
Hispanic53 59 26 79 22 2255
Pacific Islander 52 055 0.53 31.45 6.21
American IndlanlAlaaka Native 52 64 63 33.63 1057
Multiple racea385 463 484 48.27 1625
Other% 169 235 246 71.16 1651
Total Househoida actual 81625 101503 113270 24.35 1159
$25K Households 22.99 1628 12.74 11 92 12.68
825-49K Households 30.51 24.40 18.48 054 15 51
850-99K Houa.hoida 35.69 4225 4281 4721 1308
$IOOK Households 1081 17.07 25.97 96.28 69.80
Average Househoid IncomeS 56343 87428 77488 1967 1492
M.dian Household incom 46877 60237 66710 28.50 1075
P.r Capita incomeS 22415 27060 31158 20.72 15.14
835K Net Worth HHa NA 31 20 NA NA NA
835-99K Net Worth HHa NA 1572 NA NA NA
$100-249KN.tWorthHHs% NA 1985 NA NA NA
$250-499KNetWorthHHs% NA 15.83 NA NA NA
$SOOKNetWorthHHs% NA 1741 NA NA NA
Median Household Net Worth NA 11505600 NA NA NA
Average Household Nat Worth NA 397370 00 NA NA NA
Total Owner Occupied Housing Units 54371 67420 75427 2400 11.88
8100K in Value HUa 21.24 9.33 6.88 4554 17 46
8100-199K In Value HUs 5854 23.57 11.54 50.08 45 22
5200-299K in Value HUa 1384 33.10 28.46 196.52 380
8300-499K in Value HUe 5.09 23.11 36.71 48341 7770
$500K in Value HU5 29 1089 16.41 943.04 68.51
Sooree ESRI
Demo9fsph data prondsd by ESRI based pnnnanly on US Cenuos data For nOn-Canons year data ESRI us.s eannyles and prolechonu to estimate the demographrc data SNL p.rtommu calcolatlons on the undertying data pronded by ESRI
for some ot the data presented On this page
Bass Current Projected Change Change2000 2010 2015 2000.2010 2010-2015
Total Population actual 68600 75.473 77932 10.02 3260-l4AgeGroup% 2127 1936 1945 025 36015-34 Age Group 2422 2448 23.87 1110 0.75
35-54 Age Group 2879 2825 2438 031 1055-89 Age Group 1432 18.52 2035 4226 13.48
70AgeGroup% 11.39 1138 1195 997 841Median Age actual 38 30 40 40 40.60 48 50
Diversity Index actual 22.30 31.50 3520 41 26 11 75
Black% 038 0.63 074 8340 2063AsIan 069 084 092 3411 1256White 92 96 90 09 8890 62 89HIspanIc 537 854 1004 7503 2137PacifIc Islander 18 022 022 34.43 5.49American Indian/Alaska Native 1.22 1.41 147 26.43 791Multiple races 201 78 3.16 51 85 17.50Other 255 4.03 4.59 7379 17.55
Total Households actual 26306 28839 29778 963 26825K Households 3405 2599 22.05 16 32 12 42825-49K Households 3439 30.09 25.64 4.08 12 02550-99K Households 26.39 36.50 40.03 51 63 1323$100K Households 5.17 7.42 1229 5735 71 03
Averag Household Income 43827 51859 58653 1833 13.10Median Household incomes 35477 44.581 51410 25.66 1532Per Capita IncomeS 17082 20083 22706 1757 1306
535K Net Worth HHs NA 3667 NA NA NA835-99K Net Worth HHs NA 17.66 NA NA NA8100-249K Net Worth HHs NA 21 85 NA NA NA$250-499K Net Worth HH5 NA 1390 NA NA NA$500K Net Worth HH5 NA 9.92 NA NA NA
Median Household Net WorthS NA 8093500 NA NA NAAverage Household Net Worth NA 258021.00 NA NA NA
Total Owner Occupied Housing Units 18782 20.482 21166 9.05 3.348100K in Value HUs 4053 14.10 8.83 62.06 35.288100-199K In Value HU5 47.05 39.28 2759 896 27.415200-299K in Value HU5 855 25 07 31 07 219.74 28088300-499K In Value HU5 272 15.17 2311 508.22 5737$SOOK In Value HUa 1.15 638 9.40 50463 5230
Soorce ESRI
Dennographic data prooided by ESRI baled pnrnardy on US Cen.os data For non.censos year dat. ESRI c.es Sample and projections to estimate the dennographic data SNL Perfone colatiori on the onderlying data prooided by ESRIno some ot the dat presented on this page
Base Current Projected Change Change
2000 2010 2015 2000-2010 2010-2015
Total Population actual 700820 812.577 860874 1595 594
0-14 Age Group 22 65 20 61 20 80 5.51 90
15-34 Ag Group 2876 2858 2828 1524 480
36-64 Age Group 3039 2835 26.16 16 223
55-69 Age Group 1087 1488 1662 5850 1848
70 Ag Group 733 7.80 815 2018 1362
Median Ag actual 34 10 35.60 35.70 440 028
Diversity indea actual 4430 51 30 5390 1580 507
Black% 695 702 700 1710 561
Asian% 508 590 634 3482 1370
White 4% 78 39 75 33 74.17 11 43 31
Hispanic5.51 844 970 77.54 21 73
Pacific slander 4% 0.85 95 95 30.21 6.28
American indian/Alaska Native 4% 42 53 56 24.90 76
Multiple racea 5.11 601 6.40 36.32 12.77
Oth.r% 2.20 3.25 3.58 71.21 16.92
Total Households actual 280800 304467 323465 16.74 624
525K Households 24.19 17.28 13.52 16 59 16.90
825-49K Householda 30.99 2391 18.06 994 19.73
850-99K Households 4% 34.39 41.92 42.77 42.31 8.39
$100K Houaahoids 10.43 16.89 25.65 89.06 61.32
Average Household IncomeS 54972 66677 76822 21 29 14.92
Median Household IncomeS 45197 57879 65288 28.06 12.80
Par Capita IncomeS 20948 25542 29389 21.93 15.06
535K Net Worth HI-la NA 33.95 NA NA NA
835-99K Net Worth HH5 4% NA 15 86 NA NA NA
8100.249K Net Worth HHs NA 19.03 NA NA NA
8260.499KNetWorthHHa% NA 15.59 NA NA NA
S500KNetWorthl4Hs% NA 15.57 NA NA NA
Median Household Net WorthS NA 100911 00 NA NA NA
Average Household Net Worth$ NA 367197.00 NA NA NA
Total Owner Occupied Houaing Units 165598 192241 204923 1609 6.60
8100K in Value HU5 2031 7.85 5.68 55.10 22 98
8100-199K in Value HUs 4% 58.28 28.31 16.19 43.59 3905
8200-299K in Value HUs 13.72 33.99 31.91 187.59 0.05
5300-499K in Value HUa 4% 6.03 20 10 31.26 286.95 65.79
8500K in Value HUe 1.68 9.75 1497 572.43 63.80
Source ESRI
Demographic data is provided by ESRI based primarily on US Census data roe non-census year data ESRI uses samples and projections to estimate the demographic data SP performs calculations on he underlying data provided by ESRI
for some of the data presented on thiS page
lLamwzjsfflT1TmiuwcrpIFflt7TWsu
Baa Current Projected Change Change
2000 2010 2018 2000-2010 2010-2016
Total PopulatIon actual 49405 58.781 63068 18 98 729
0-14 Age Group 1899 16.45 1632 302 847
15-34AgeGroup% 2329 2283 22.21 1660 440
35-54 Age Group 30 01 27.05 24.30 26 62
55-S9AgeGroup% 1617 2123 2383 56.21 2039
70AgeGroupWa 1153 1244 1334 28.34 1506
Median Age actual 40.30 44 20 45 30 68 49
DIversIty Index actual 28.70 3590 3850 2509 7.24
Black% 1.19 139 1.47 39.35 1345
Allan 05 1.40 60 5857 22.48
WhIte %I 88.46 8588 8492 1550 6.09
HIspanic 4.78 715 11 78 10 21.57
Pacific Islander 45 54 54 44 80 6.25
Arn.rican Indian/Alaska Native 372 401 407 2799 9.00
MultIple aces 3.03 378 13 48.43 1733
Oth.r% 2.10 3.00 327 70.17 1702
Total Households actual 18.912 22720 24467 20.14 7.69
5251 Households 29.77 21.83 18 13 11 93 10.55
526-491 Households 34.35 29.74 2402 400 13.03
$50-99K Houe.holds 2975 38.93 42.40 57 23 17.27
$lOOKi-Hous.holds% 613 9.50 1545 86.28 7513
Average Household IncomeS 45665 55524 63126 21.59 13.69
Median Household IncomeS 39.586 48522 55590 22.57 14 57
Per Capita IncomeS 18056 22263 25339 2330 1382
5351 Net Worth HH5 NA 2907 NA NA NA
$35-9gkNotWorthHHa% NA 16.28 NA NA NA
6100-2491 Net Worth HHs NA 2405 NA NA NA
5250-499K Net Worth HHs NA 1749 NA NA NA
$SOOK Nat Worth HH5 NA 13.12 NA NA NA
Median Household Net Worth NA 12035300 NA NA NA
Average Household Net Worth NA 318945.00 NA NA NA
Total Owner Occupied Housing UnIts 14945 17829 19223 19.30 7.82
51001 In Value HUe 37.62 10.49 6.28 66 73 35 445100-1991 in Value Hue 43.49 37.18 22.60 198 34.46
5200-2991 In Value HUe 11.71 23.16 2835 13600 31 94
8300-4991 In Value HU5 5.61 1696 25.62 26086 62.86
$SOOK in Value HUs 57 12.20 17 15 82596 51 52
Source ESRI
Demographic data is provided by ESRI baled priirranly on US Census data For noncensus year data ESRI uses samples and projections to estimate the demographic data SNL performs calculations on the underlying data provided by ESRI
for sores Of the data presented On this page
IL
Baa Current Projected Change Chang2000 2010 2015 2000-2010 2010-2015
Total Population actual 345.238 438000 475032 2687 8.45
0-l4Ag.Group% 2409 2248 2265 1841 926
16-34Ag.Group% 27.13 2700 2691 26.25 811
35-54 Age Group 3110 28.31 26.29 1550 071
86-69 Age Group 10.75 1525 1652 7993 1745
70 Ag Group 6.92 695 7.63 27.39 19.01
Median Ag actual 34 20 35 40 35 30 51 28
Diversity index actual 28 10 3640 3890 29.54 687
Black% 168 212 233 5966 19.44
Asian 3.21 402 33 5854 15.78
Whit.% 88.82 8569 8476 2239 728
HispanIc 4.71 737 8.30 9859 22 14
Pacific island.r 0.37 43 42 46 23 07
American lndianlAlaaka Native 0.84 0.95 095 4333 8.34
Multipl races 308 3.75 392 54.49 13.38
Other 1.99 3.04 29 94.28 17.15
Total Households actual 127208 160305 173601 2602 829
$25K Households 2113 14.43 1084 13.93 18 63525-49K Hou..hoids 3080 2066 1511 15 46 20.81
560-99K Household 3625 4328 41 77 5047 4.51
$IOOK Households 11.81 21.62 32.27 130.60 61.67
Average Household Income 57596 73410 84723 2746 15.41
Median Household incomeS 48296 63611 73311 31.71 15.25
Per Capita Income 21448 27004 31105 2590 1519
536K Net Worth HH5 NA 28.82 NA NA NA
536-99K Net Worth HH5 NA 15.40 NA NA NA
5100-249K Net Worth HH5 NA 20.09 NA NA NA
$260-499KN.tWorthHHs% NA 16.93 NA NA NA$500KNetWorthHHs% NA 18.76 NA NA NA
Median Household Net WorthS NA 132001 .00 NA NA NA
Average Household Net Worth NA 437495 00 NA NA NA
Total Owner Occupied Housing Units 85.550 107262 116404 25.38 852
$IOOK in Value MU 1226 5.97 495 3890 10 005100-199K in Value MU 61 07 2373 11 68 51 28 46 615200-299K in Value MU 1769 3761 35.37 16659 207
5300-499K in Value MU 7.18 2241 31.79 291 47 53.92
SSOOK In Value i-lU 80 10.28 1621 614.79 71 24
Source ESI
Demographic data is provided by ESRI based pnmanly on US Census data For non-census year date ESRI uses samples and pro1ecticns to estimate the demographic data SNL performs calculations on the underlying data provided by ESRI
for some of the data presented on this page
EXHIBIT Ill-i
Anchor Bank
General Characteristics of Publicly-Traded Institutions
.1 N1
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44 01 01 44 44 0411 01 01 14 0W40114014C4 10 140 II 4040 14 04 1040 44 44 40 01 14 14 1401 04 IflO 14 .4 14 14 01 1440
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00.44O .4 .4.4 0414.4.44 .4 .4 .40 .4 .4 .4.4 .4
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EXHIBIT 111-2
Anchor Bank
Public Market Pricing of Publicly-Traded Institutions $250-$500 Million
and $500 Million to $1.0 Billion in Assets
on no 04410 Nn.Im1lnInnno.fl.nWl..4n01
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EXHIBIT tV-i
Anchor Bank
Stock Prices As of August 20 2010
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00
Exhibit IV-2
Historical Stock Price Indices
SNL SNL
NASDAQ Thrift Bank
Year/Qtr Ended DJIA SP 500 Composite Index Index
2001 Quarter 9878.8 1160.3 1840.3 885.2 459.2
Quarter2 10502.4 1224.4 2160.5 964.5 493.7
Quarter3 8847.6 1040.9 1498.8 953.9 436.6
Quarter4 10021.5 1148.1 19504 918.2 473.7
2002 Quarter 10403.9 1147.4 1845.4 10067 498.3
Quarter2 9243.3 989.8 1463.2 1121.4 468.9
Quarter3 7591.9 815.3 1172.1 984.3 396.8
Quarter4 8341.6 879.8 1335.5 1073.2 419.1
2003 Quarter 7992.1 848.2 1341.2 1096.2 401.0
Quarter2 8985.4 974.5 1622.8 1266.6 476.1
Quarter 9275.1 996.0 1786.9 1330.9 490.9
Quarter4 10453.9 1112.0 2003.4 1482.3 548.6
2004 Quarter 10357.7 1126.2 1994.2 1585.3 562.2
Quarter2 10435.5 11408 2047.8 1437.8 546.6
Quarter3 10080.3 1114.6 1896.8 1495.1 556.0
Quarter4 10783.0 1211.9 2175.4 1605.6 595.1
2005 Quarter 10503.8 1180.6 1999.2 1516.6 551.0
Quarter2 10275.0 1191.3 2057.0 1577.1 563.3
Quarter3 10568.7 1228.8 2151.7 1527.2 546.3
Quarter4 10717.5 1248.3 2205.3 1616.4 582.8
2006 Quarter 11109.3 1294.8 2339.8 1661.1 595.5
Quarter2 11150.2 1270.2 2172.1 1717.9 601.1
Quarter3 11679.1 1335.9 2258.4 1727.1 634.0
Quarter4 12463.2 1418.3 2415.3 1829.3 658.6
2007 Quarter 12354.4 1420.9 2421.6 1703.6 634.4
Quarter2 13408.6 1503.4 2603.2 1645.9 622.6
Quarter3 13895.6 1526.8 2701.5 1523.3 595.8
Quarter4 13264.8 1468.4 2652.3 1058.0 492.9
2008 Quarter 12262.9 1322.7 2279.1 1001.5 442.5
Quarter2 11350.0 1280.0 2293.0 822.6 332.2
Quarter3 10850.7 1166.4 2082.3 760.1 414.8
Quarter 8776.4 903.3 1577.0 653.9 268.3
2009 Quarter 7608.9 797.9 1528.6 542.8 170.1
Quarter2 8447.0 919.3 1835.0 538.8 227.6
Quarter3 9712.3 1057.1 2122.4 561.4 282.9
Quarter4 10428.1 1115.1 2269.2 587.0 260.8
2010 Quarter 10856.6 1169.4 2398.0 626.3 301.1
Quarter2 9774.0 1030.7 2109.2 564.5 257.2
AsofAug 20 2010 10213.6 1071.7 2179.8 538.6 248.0
End of period data
Source SNL Financial LC
EXHIBIT IV-3
Anchor Bank
Historical Thrift Stock Indices
___ Thriftlnieslor
Index Values
Index Values Price Appreciation
07/30/10 06/30/10 12/31/09 07/31/09 Month YTD LTM
All Pub.Traded Thrifts 585.7 564.5 587.0 571.1 3.76 -0.21 2.55
MHC Index 3058.5 3070.1 2962.4 2943.6 -0.38 3.24 3.90
NYSE-AltThrifts 294.9 293.9 331.6 358.2 0.36 -11.07 -17.66
NYSElhrifts 121.5 110.8 110.2 93.5 9.63 10.24 29.87
OTCThrifts 1551.8 1520.1 1597.4 1598.3 2.08 -2.86 -2.91
Mid-Atlantic Thrifts 2529.6 2413.0 2420.4 2260.5 4.83 4.51 11.90
Midwestern Thrifts 2024.4 2032.3 2084.0 2268.2 -0.39 -2.86 -10.75
New England Thrifts 1550.9 1486.2 1682.2 1700.9 4.35 -7.80 -8.82
Southeastern Thrifts 252.4 248.2 238.6 308.7 1.69 5.78 -18.24
SouthwesternThrifts 302.9 302.4 339.0 352.6 0.16 -10.64 -14.08
WesternThrifts 53.5 50.3 56.6 45.4 6.48 -5.40 17.89
Asset Size Indexes
Less than $250M 768.8 767.0 810.0 965.0 0.25 -5.08 -20.33
$25OMto$500M 2432.8 2460.4 2247.4 2346.0 -1.12 8.25 3.70
$500Mto$1B 1117.6 1105.1 1096.7 1192.8 1.14 1.91 -6.30
$18 to $5B 1437.9 1380.8 1393.3 1508.6 4.14 3.20 -4.68
Over$5B 296.5 285.1 301.5 280.6 4.00 -1.66 5.69
Pink Indexes
PinkThrifts 143.0 146.5 142.1 162.1 -2.39 0.64 -ii 80
Lessthan$75M 423.6 446.0 406.8 491.6 -5.03 4.11 -13.85
Over$75M 143.5 146.9 142.8 162.5 -2.26 0.49 -1164
çatlve Indexes
Dowiones Industrials 10465.9 9774.0 10428.1 9171.6 7.08 0.36 14.11
SP500 1101.6 1030.7 1115.1 987.5 6.88 -1.21 11.56
All SNI indexes are market-value weighted Le an Institutions effect on an index Is proportionate to that institutions market capitalization All SNL thrift indexes except for the SNL MHCIndex began at 100 on March 30 984.The SNL MHC Index began at 201.082 on Dec 31 1992 the level of the SNL Thrift Index on that date On March 30 1984 the SP 500 closed at1592 and the Dow Jones Industrials stood at 1164.9
Mid-Atlantic DE DC MD NJ NY PA PR Midwest IA IL IN KS KY MI MN MO ND NE OH SD WINew England CT MA ME NH RIV1 Southeast AL AR FL GA MS NC SC TNVA vWSouthwest CO LA NM OK TX UT West AZ AK CA HI ID MT NV OR WA WY
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EXHIBIT IV-5
Anchor Bank
Director and Senior Management Summary Resumes
JamesA Boora served as President and Chief Executive Officer of Anchor Bank from 1989 until his
retirement in April 2006 Prior to that he served Anchor Bank and its predecessor Aberdeen Federal Savings andLoan Association in variety of capacities since 1971 Mr Boora has over 35 years experience in banking Muchof Mr Booras experience prior to becoming President and CEO of Anchor Bank revolved around data processingHe provides valuable input to discussions about the proper role of technology in todays banking environment Hisinvolvement in charitable and fraternal organizations also helps us fulfill our Community Reinvestment Act
obligations He served as chairman of the Washington Community Reinvestment Association and is member and
past president of the Aberdeen Rotary Club Mr Boora is active in number of organizations in the local community
and serves on the board of directors of the Grays Harbor College Foundation and the Aberdeen Senior Center
Will Foster is principal and architect with Street Lundgren Foster Architects firm with which he has
been affiliated for 33 years Mr Foster brings insight to our board of directors on current trends in the construction
industry which when combined with more than 30 years experience as an architect assists us in our review of new
and existing construction projects financed by Anchor Bank He has actively participated in building green
projects throughout southeast Washington Mr Foster is also active in assisting local municipalities with building
code updates and related matters which adds to Achors ability to liaison with those entities He is also involved in
the Aberdeen Lions Club is on the board of directors ofNeighborWorks of Grays Harbor and is the Chairman of the
Montesano Planning Commission
Dennis Morrisette is the retired sheriff of Grays Harbor County position he held from 1979 to 1998
In addition he served as the Interim City Manager for the City of Ocean Shores from February until June 2008 the
County Commissionerfor Grays Harbor from 2001 until 2004 and the Grays Harbor Community Hospital
Development Director for 2001 Mr Morrisette adds robust public relations capability to the board As the City
Manager of Ocean Shores Washington Mr Morriesette filled vacant position during time of unprecedented
upheaval and was an effective leader He also brings unique political perspective to board deliberations because of
his background as public servant Having managed large entities with sizeable budgets he understands the
conflicting demands faced by Anchor Bank managers and often provides valuable guidance in that regard Mr
Morrisette serves on the board of directors of Grays Harbor Community Hospital and is Chairman of the Planning
Committee He also serves as Chairman of the Advisory Committee of the Aberdeen Senior Center
Robert Ruecker is Human Resources Coordinator for Westport Shipyard position he has held since
August 2008 Prior to that he served as the Human Resources Director for Grays Harbor Paper L.P business
papers manufacturer from September 2000 until June 2007 He worked for many years in his familys hardware
business and ran the business upon his parents retirement Subsequent to that time he became regional sales
manager for Verizon Wireless where he oversaw the capture of number one industry market share for his region
More recently Mr Ruecker has assumed duties as human resource director for manufacturing companies located in
our operating area He provides insight into current and proposed legislation Mr Ruecker brings nearly 40 years
worth of multi-level management experience to our board Currently he volunteers for Rebuilding Together and
assists the Grays Harbor College athletic director
JeraldL S/law is the President and Chief Executive Officer of Anchor Bank positions he has held since
July 2006 He has also served in those capacities for Anchor Bancorp since its formation in September 2008 Prior
to serving as President and Chief Executive Officer he served as Chief Operating Officer from 2004 to 2006 and as
Chief Financial Officer from 1988 to 2002 Prior to that he served Anchor Bank and its predecessor Aberdeen
Federal Savings and Loan Association in variety of capacities since 1976 Mr Shaw has been with Anchor Bank
and its predecessor Aberdeen Financial Savings and Loan Association since 1976 Prior to that time Mr Shaw
piloted C-130 aircraft for the U.S Air Force including combat missions during the Vietnam War Having
performed or directly supervised virtually every position at Anchor Bank he has extensive knowledge of our
operation He is distinguished graduate of the School for Executive Development He has also
attended Asset-Liability Management training Directors Colleges and other banking related training He is an
active in the Thurston County Chamber of Commerce American Bankers Association and as board member in the
Washington Financial League Mr Shaw is on the Aberdeen Rotary Club and the Aberdeen Lions Club and
volunteers for Habitat for Humanity
EXHIBIT IV-5 contAnchor Bank
Director and Senior Management Summary Resumes
Douglas Kay is self-employed Certified Public Accountant specializing in accounting consulting
business valuation litigation support and fraud investigation Prior to that he was employed by the public
accounting firm of McSwain and Company PS from 2004 to 2006 Mr Kay is Certified Public Accountant and
Certified Fraud Examiner Mr Kay brings valuable insight to board discussions of the fmancial condition of large
borrowers Over the course of his career he has been closely involved in the creation review and analysis of
financial statements of different size companies in widely diverse industries Currently working primarily in
Thurston County he is ideally positioned to provide referrals to us in markets where we foresee valuable growth As
chairman of the Audit Committee Mr Kay provides professional oversight to the internal and external audit
processes of Anchor Bank Mr Kay is active with number of local youth sports organizations including Trinity
Youth Sport the YMCA and Black Hills Youth Baseball
George Donovan is the Secretary and Treasurer ofBarrier West Inc trucking and heavy equipment
provider position he has held since 1992 He is also President of Geo Dan Land Inc position he has held since
1993 Mr Donovan brings an understanding of entrepreneurial endeavors to our board Mr Donovans
accomplishments include working on the general partners management team which was able to acquire staff and
restart local paper mill operation This activity transferred ownership from multi-national corporation to local
ownership and retained approximately 250 jobs He also manages two separate corporations with forty employees
providing support services crucial to the operation of the paper mill Mr Donovan also brings years of experience as
land developer These experiences have allowed him to develop expertise in all facets of management and to
provide valuable input to our business planning Mr Donovan coaches several youth sports teams is member of
the St Marys Parish Council and is on the board of directors of the Grays Harbor Community Foundation
TerriL Degner is the Executive Vice President Chief Financial Officer and Treasurer of Anchor Bank
positions she has held since 2004 She has also served in those capacities for Anchor Bancorp since its formation in
September 2008 Prior to serving as Executive Vice President Chief Financial Officer and Treasurer Ms Degner
has served Anchor Bank in variety of capacities since 1990 including as Senior Vice President and Controller
from 1994 to 2004 Ms Degner has been in banking since high school She has worked in multiple lending
positions in various size institutions Since 1990 she has held variety of positions in the finance area of Anchor
Bank Ms Degner demonstrated her determination to succeed when she worked full time in Anchors Accounting
Department and commuted 60 miles to evening classes at St Martins College where she received her Bachelors
Degree in Accounting At the same time she worked full days and met all expectations for performance She has
become the management expert on issues ranging from Information Technology to Asset-Liability Management
Ms Degner also serves on the board of directors and finance committee ofNeighborWorks of Grays Harbor
Brett Nielsen age 42 is our Senior Vice President and Retail Division Manager position he has held
since June 2006 Prior to that he served as our Vice President and Loan Sales Manager from 2005 to 2006 and as
our Assistant Vice President and Branch Manager from 2005 to 2006 Prior to joining Anchor Bank Mr Nielsen
was employed by Washington Mutual Bank from 1992 to 2005 in variety of positions including as branch
manager and residential lender Mr Nielsen volunteers with the Boy Scouts of America and the Salvation Army
and is member of the Aberdeen Rotary Club
Gregory Schultz age 57 is our Senior Vice President and Chief Lending Officer position he has held
since February 2008 Prior to joining Anchor Bank Mr Schultz was the Senior Commercial Lending Officer for
Silverstate Bank from May 2007 through January 2008 and was previously employed by Community Bank of
Nevada for ten years in variety of positions including most recently as Chief Lending Officer Mr Schultz
volunteers with Rebuilding Together the YMCA and the March of Dimes
Source Anchors Draft Offering Prospectus
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EXHIBIT IV-7
PRO FORMA ANALYSIS SHEET
Anchor Mutual SB Aberdeen WAPrIces as of August 20 2010
Subject at Peer Group Washington Companies All Public Thrifts
Valuation Pricing Multiples Symbol Midpoint Median friari MIan Median
Price-earnings multiple PIE 50.11 20.55x 20.55x 15.94x 15.94x 18.69x 1552x
Price-core earnings multipk P/CE 43.57 5.90x 5.90x 11.35x 11.35x 17.84x 15.81x
Price-book ratio P/B 41.74% 41.45% 39.67% 50.01% 41.04% 70.83% 68.12%
Price-tangible book ratio P/TB 41 .74% 43.98% 41.62% 57.53% 43.00% 78.82% 75.42%Price-assets ratio P/A 5.24% 3.64% 3.55% 6.14% 4.92% 8.19% 696%
Valuation Parameters of of Offering
Offering Foundation
Pre-Conversion Earnings $420000 Yr End 6/10 ESOP Stock as of Offering 4.0000% 40000%Pre-Conversion Core Earnings $420000 Yr End 6/10 Cost of ESOP Borrowings 0.00%
Pre-Conversion Book Value $44670000 6110 ESOP Amortization 15.00 years
Intangibles $0 6/10 RRP Stock as of Offering 0.0000% 0.00%
Pre-Conv Tang Book Value $44670000 6/10 Stock Programs Vesting 5.00 years
Pre-Conversion Assets $544829000 6/10 Fixed Expenses $1100000
Reinvest Rate Year Treasury 1.790% Subscription Expenses Mdpnt $229900 1.00%
Tax rate TAX 34.00% Syndicate Expenses Mdpnt $275000 5.50%
A-T Reinvestment RateR 1.1 81% Syndicate Amount $5000000
Est Conversion Expenses 5.35% Percent Sold PCT 100.00%
Insider Purchases $810000 MHC Assets $0
Price/Share $10.00 Options as of Offering 01 0.0000% 0.00%
Foundation Cash Contnb FC $0 Estimated Option Value 02 0.00%
Found Stk Contrib of Total Shrs 0.0000% Option Vesting Period 03 5.00 years
Foundation Tax Benefit $0 of Options taxable 04 25.00%
Foundation Amount Mdpt $0 Payoff of FHLB Advances PA $0 cMinimum
Calculation of Pro Forma Value After Conversion Payoff of FHLB Advances PA $0 cMid Max Smax
Weighted Average Rate of Adv 0.00%
P/E $30000000
P/E PCI 1IAXE/T 1TAXM/N1TAXO4yO1O2/O3
P/E $30000000P/Core PCT 1TAXE/T 1TAXM/N1TAXO4O1O2/O3
P/B BZ $30000000
P/B PCT 1-X-E-M-FC-FS
P/TB TBZ $30000000
P/TB PCT 1-X-E-M-FC-FS
P/A AZPA $30000000
P/A PCT 1-X-E-M-FC-FS
Market Value Market Value
Shares Issued Shares Sold Foundation Total Shares Price Per of Stock Sold of Stock Issued
Valuation Conclusion to MHC to Public frjjs in Offering in Reorganization
Supermaximum 3967500 3967500 $10.00 $39675000 $39675000
Maximum 3450000 3450000 10.00 34500000 $34500000
Midpoint 3000000 3000000 10.00 30000000 $30000000
Minimum 2550000 2550000 10.00 25500000 $25500000
Shares Issued Shares Sold Foundation Total Shares
Valuation Conclusion to MHC to Public Shares Issued
Supermaximum 0.000% 100.000% 0.000% 100.000%
Maximum 0.000% 100.000% 0.000% 100.000%
Midpoint 0.000% 100.000% 0.000% 100.000%
Minimum 0.000% 100.000% 0.000% 100.000%
Estimated offering expenses at midpoint of the offering
Exhibit 1V-8
PRO FORMA EFFECT OF CONVERSION PROCEEDSAnchor Mutual SB Aberdeen WA
At the Minimum of the Range
Market Value of Shares Sold In Offering $25500000Market Value of Shares Issued to Foundation
Total Market Value of Company $25500000
Offering Proceeds of Shares Sold In Offering $25500000Less Estimated Offering Expenses .561.700
Net Conversion Proceeds $23938300
Estimated Additional Equity and Income from Offering Proceeds
Net Conversion Proceeds $23938300Less Cash Contribution to Foundation
Less Payoff of FHLB Advances
Less Non-Cash ESOP/MRP Stock Purchases .020.000
Net Conversion Proceeds Reinvested $22918300Estimated After-Tax Reinvestment Rate .18%
Earnings from Reinvestment of Proceeds $270757Plus Reduction in FHLB Advanve Interest Expense2Less Estimated cost of ESOP borrowings3Less Amortization of ESOP borrowings3 44880Less Stock Programs Vesting
Less Option Plan Vesting
Net Earnings Increase $225877
Net
Before Earnings After
Pro Forma Earnings Conversion Increase Conversion
12 Months ended June 30 2010 reported $420000 $225877 $64587712 Months ended June 30 2010 core $420000 $225877 $645877
Before Net Capital Tax Benefit After
Pro Forma Net Worth Conversion Proceeds of Foundation Conversion
June 30 2010 $44670000 $22918300 $0 $67588300
June 30 2010 Tangible $44670000 $22918300 $0 $67588300
Before Net Cash Paydown of Tax Benefit After
Pro Forma Assets Conversion Proceeds FHLB Adv of Foundation Conversion
June 30 2010 $544829000 $22918300 $0 $0 $567747300
Includes ESOP purchases equal to 4.0% of the offering
ESOP stock amortized over 15 years and amortization expense is tax effected at 34%
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDSAnchor Mutual SB Aberdeen WA
At the Midpoint of the Range
Market Value of Shares Sold In Offering $30000000Market Value of Shares issued to Foundation
Total Market Value of Company $30000000
Offering Proceeds of Shares Sold In Offering $30000000Less Estimated Offering Expenses L604.900
Net Conversion Proceeds $28395100
Estimated Additional Equity and Income from Offering Proceeds
Net Conversion Proceeds $28395100Less Cash Contribution to Foundation
Less Payoff of FHLB Advances
Less Non-Cash ESOP/MRP Stock Purchases 1.200000Net Conversion Proceeds Reinvested $27195100Estimated After-Tax Reinvestment Rate 1.18%
Earnings from Reinvestment of Proceeds $321283Plus Reduction in FHLB Advanve Interest Expense2Less Estimated cost of ESOP borrowings3
Less Amortization of ESOP borrowings3 52800Less Stock Programs Vesting
Less Option Plan Vesting
Net Earnings Increase $268483
Net
Before Earnings After
Pro Forma Earnings Conversion Increase Conversion
12 Months ended June 30 2010 reported $420000 $268483 $68848312 Months ended June 30 2010 core $420000 $268483 $688483
Before Net Capital Tax Benefit After
Pro Forma Net Worth Conversion Proceeds of Foundation Conversion
June 30 2010 $44670000 $27195100 $0 $71865100June 302010 Tangible $44670000 $27195100 $0 $71865100
Before Net Cash Paydown of Tax Benefit After
Pro Forma Assets Conversion Proceeds FHLB Adv of Foundation Conversion
June 30 2010 $544829000 $27195100 $0 $0 $572024100
Includes ESOP purchases equal to 4.0% of the offering
ESOP stock amortized over 15 years and amortization expense is tax effected at 34%
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDSAnchor Mutual SB Aberdeen WA
At the Maximum of the Range
Market Value of Shares Sold In Offering $34500000Market Value of Shares Issued to Foundation
Total Market Value of Company $34500000
Offering Proceeds of Shares Sold In Offering $34500000Less Estimated Offering Expenses 1648100
Net Conversion Proceeds $32851900
Estimated Additional Equity and Income from Offering Proceeds
Net Conversion Proceeds $32851900Less Cash Contribution to Foundation
Less Payoff of FHLB Advances
Less Non-Cash ESOP/MRP Stock Purchases 1380.000Net Conversion Proceeds Reinvested $31471900Estimated After-Tax Reinvestment Rate 1.18%
Earnings from Reinvestment of Proceeds $371809Plus Reduction in FHLB Advanve Interest Expense2Less Estimated cost of ESOP borrowings3
Less Amortization of ESOP borrowings3 60720Less Stock Programs Vesting
Less Option Plan Vesting
Net Earnings Increase $311089
Net
Before Earnings After
Pro Forma Earnings Conversion Increase Conversion
12 Months ended June 30 2010 reported $420000 $311089 $731089
12 Months ended June 30 2010 core $420000 $311089 $731089
Before Net Capital Tax Benefit After
Pro Forma Net Worth Conversion Proceeds of Foundation Conversion
June 30 2010 $44670000 $31471900 $0 $76141900
June 30 2010 Tangible $44670000 $31471900 $0 $76141900
Before Net Cash Paydown of Tax Benefit After
Pro Forma Assets Conversion Proceeds FHLB Adv of Foundation Conversion
June 30 2010 $544829000 $31471900 $0 $0 $576300900
Includes ESOP purchases equal to 4.0% of the offering
ESOP stock amortized over 15 years and amortization expense is tax effected at 34%
Exhibit IV-8
PRO FORMA EFFECT OF CONVERSION PROCEEDS
Anchor Mutual SB Aberdeen WAAt the Supermaximum Value
Market Value of Shares Sold In Offering $39675000
Market Value of Shares Issued to Foundation
Total Market Value of Company $39675000
Offering Proceeds of Shares Sold In Offering $39675000
Less Estimated Offering Expenses 1697780
Net Conversion Proceeds $37977220
Estimated Additional Equity and Income from Offering Proceeds
Net Conversion Proceeds $37977220
Less Cash Contribution to Foundation
Less Payoff of FHLB Advances
Less Non-Cash ESOP/MRP Stock Purchases 1.587000Net Conversion Proceeds Reinvested $36390220
Estimated After-Tax Reinvestment Rate 1.18%
Earnings from Reinvestment of Proceeds $429914
Plus Reduction in FHLB Advanve Interest Expense2Less Estimated cost of ESOP borrowings3
Less Amortization of ESOP borrowings3 69828Less Stock Programs Vesting
Less Option Plan Vesting
Net Earnings Increase $360086
Net
Before Earnings After
Pro Forma Earnings Conversion Increase Conversion
12 Months ended June 30 2010 reported $420000 $360086 $780086
12 Months ended June 30 2010 core $420000 $360086 $780086
Before Net Capital Tax Benefit After
Pro Forma Net Worth Conversion Proceeds of Foundation Conversion
June 30 2010 $44670000 $36390220 $0 $81060220
June 30 2010 Tangible $44670000 $36390220 $0 $81060220
Before Net Cash Paydown of Tax Benefit After
Pro Forma Assets Conversion Proceeds FHLB Adv of Foundation Conversion
June 30 2010 $544829000 $36390220 $0 $0 $581219220
1lncludes ESOP purchases equal to 4.0% of the offering
ESOP stock amortized over 15 years and amortization expense is tax effected at 34%
EXHIBIT IV-9
Anchor Bank
Peer Group Core Earnings Analysis
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EXHIBIT V-i
RP Financial LCFirm Qualifications Statement
RP FINANCIAL LCServing the Financial Services Industry Since 1988
i1iriiiUI 11.11--
RP Financial RP provides financial and management consulting merger advisory and valuation services to the
financial services industry nationwide We offer broad array of services high quality and prompt service hands-on
involvement by principals and senior staff careful structuring of strategic initiatives and sophisticated valuation and other
analyses consistent with industry practices and regulatory requirements Our staff maintains extensive background in
financial and management consulting valuation and investment banking Our clients include commercial banks thrifts
credit unions mortgage companies and other financial services companies
STRATEGIC PLANNING SER VICES
RPs strategic planning services are designed to provide effective feasible plans with quantifiable results We analyze
strategic options to enhance shareholder value achieve regulatory approval or realize other objectives Such services
involve conducting situation analyses establishing mission/vision statements strategic goals and objectives and identifying
strategies to enhance franchise and/or market value capital management earnings enhancement operational matters and
organizational issues Strategic recommendations typically focus on capital formation and management asset/liability
targets profitability return on equity and stock pricing Our proprietary financial simulation models provide the basis for
evaluating the impact of various strategies and assessing their feasibility and compatibility with regulations
MERGERAD VISORYSER VICES
RPs merger advisory services include targeting potential buyers and sellers assessing acquisition merit conducting due
diligence negotiating and structuring merger transactions preparing merger business plans and financial simulations
rendering fairness opinions preparing mark-to-market analyses and supporting the implementation of post-acquisition
strategies RP is also expert in de novo charters shelf charters and negotiating acquisitions of troubled institutions
Through financial simulations comprehensive data bases valuation proficiency and regulatory familiarity RPs merger
advisory services center on enhancing shareholder returns
VALUATIONSERVICES
RPs extensive valuation practice includes bank and thrift mergers thrift mutual-to-stock conversions goodwill
impairment insurance company demutualizations ESOPs subsidiary companies purchase accounting and other purposesWe are highly experienced in performing appraisals which conform to regulatory guidelines and appraisal standards RJis the nations leading valuation firm for thrift mutual-to-stock conversions with appraised values ranging up to $4 billion
OTHER CONSULTING SER VICES
RP offers other consulting services including evaluating the impact of regulatory changes TARP etc branching and
diversification strategies feasibility studies and special research We assist banks/thrifts in preparing CR.A plans and
evaluating wealth management activities on de novo or merger basis Our other consulting services are aided by
proprietary valuation and financial simulation models
Ronald Riggins Managing Director 29 703 647-6543 rrigginsrpfinancial.com
William Pommerening Managing Director 26 703 647-6546 wpommereningrpfinancia1.com
Gregory Dunn Director 27 703 647-6548 [email protected]
James Hennessey Director 24 703 647-6544 [email protected]
James Oren Director 23 703 647-6549 [email protected]
Timothy Biddle Senior Vice President 20 703 647-6552 [email protected]
Janice Hollar Senior Vice President 24 703 647-6554 [email protected]
Washington Headquarters
Rosslyn Center Telephone 703 528-1700
1100 North Glebe Road Suite 1100 Fax No 703 528-1788
Arlington VA 22201 Toll-Free No 866 723-0594
www.rpfinancial.com E-Mail mailrpfinancial.com