Access Anytime Bancorp, Inc. is the thrift holding company of AccessBank (the Bank). The Company owns all of the outstanding stock of the Bank, which is its principal asset. The Bank conducts full service banking operations through nine locations in Albuquerque, Clovis, Gallup, Las Cruces and Portales, New Mexico, and one location in Sun City, Arizona. It also has one loan production office in Albuquerque, New Mexico. AccessBank is engaged in the business of attracting deposits from the general public, making loans secured by first liens on single-family homes (primarily for sale into the secondary market), commercial and consumer loans, and investing in securities. On May 1, 2004, the Company acquired two branches in Las Cruces, New Mexico, from Matrix Capital Bank. On November 1, 2004, it acquired a branch in Sun City, Arizona, from Matrix Capital Bank. Lending Activities The primary lending activity of the Bank has been the granting of conventional loans to enable borrowers to purchase new or existing homes or refinance their current home. The Bank also originates Veterans Administration-guaranteed and Federal Housing Administration-insured loans. The Bank has focused on the origination of loans secured by first mortgages on owner-occupied, single-family residences in its market area. Its residential mortgage loans customarily include a due-on-sale clause giving the Bank the right to declare the loan immediately due and payable in the event that, among other things, the borrower sells or otherwise disposes of the property subject to the mortgage and the loan is not repaid. The Bank has generally enforced due-on-sale clauses in its mortgage loan contracts. AccessBank also offers commercial business loans guaranteed by the Small Business Administration (SBA). The SBA program provides lenders with the ability to offer flexible terms and longer maturities on loans to small businesses and professionals. The program provides the lender a guaranteed portion of principal and interest. Since these loans are guaranteed, they generally offer lower risk to the Bank. These loans are made with adjustable and fixed interest rates with maturities of up to 25 years, depending on the underlying collateral. The loans are approved by the SBA. Commercial loans include revolving credit lines and term loans, or a combination thereof, and are generally secured by equipment, accounts receivable, inventories, real estate or other business assets or a combination thereof. The Bank originates loans to finance the construction of single-family residences and commercial businesses. Many of these loans are made to individuals who will ultimately be the owner-occupants of the residence. Such loans are generally made, although not required, with permanent financing on the constructed property to be provided by the Bank. Residential construction loans are generally made with a six-month term on an interest-only basis. Residential construction loans to owner-occupants are generally underwritten using the same criteria as for one- to four-family residential loans. Commercial construction loans are generally made with 12- to 24-month maturities. Loan proceeds are disbursed in increments as construction progresses and inspections warrant. Consumer loans generally have shorter terms to maturity, thus reducing the Bank's exposure to changes in interest rates. They also carry higher rates of interest than do residential mortgage loans. Increases the number of customer relationships and provides cross-marketing opportunities. Under applicable federal laws, the Bank is authorized to invest up to 35% of its assets in consumer loans excluding credit card and education loans. The Bank offers a variety of secured consumer loans, including home improvement loans, auto loans, personal lines of credit, equity lines of credit and loans secured by savings deposits. The Bank also offers unsecured and credit card loans. The Bank has arrangements to originate consumer automobile and recreational vehicle loans on an indirect basis (where loan contr

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