By filing for Chapter 11 and settling fraud charges involving a former CFO, Anchor BanCorp tries to finally put the financial crisis behind it, CFO.com reports.

In just this one week, Anchor BanCorp entered bankruptcy, had its former CFO accused of financial-reporting fraud by the Securities and Exchange Commission and disclosed weak second-quarter earnings. It wasn’t a banner week for the Wisconsin-based company, but it’s hoping to once and for all clean up the mess it made underwriting questionable commercial real estate loans prior to the financial crisis.

The bankruptcy filing is fairly unusual. In most cases during and after the financial crisis, only after a U.S. financial institution failed and was taken over by the FDIC did its bank holding company declare bankruptcy. In this case, AnchorBank, a $2.3 billion (in assets) banking subsidiary, will continue to operate as normal.

A bank holding company Chapter 11 case can also be tricky to navigate. In a handful of other instances, federal banking regulators stepped in and put a banking subsidiary into receivership while the bank holding company was still under bankruptcy protection.

But Anchor BanCorp management had almost no other options left. The company’s management has been trying to recapitalize the company for almost four years.

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