AMCORE receives waiver, extension of maturity
From press release
AMCORE Financial, Inc., announced it received a waiver from its lender, JP Morgan Chase, with respect to the previously disclosed technical default under its credit facility.
AMCORE is current with all its payments due under that facility and on July 31 paid down the $20 million loan by $7.5 million. Additionally, the maturity of the remaining $12.5 million was extended to April 2011.
William R. McManaman, chairman and CEO of AMCORE, said: “We are continuing to position AMCORE for recovery and are pleased to have reached an agreement with our lender regarding the waiver and the extension of the maturity date. We recently reported improvements in key credit quality and loan loss provision metrics, and are continuing to take the actions necessary to establish the solid foundation to rebuild our company into a successful and sustainable regional community bank. Our leadership and employees are deeply committed to this goal, and we consider this agreement with our lender another important step in the right direction.”
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