December 21, 2009 (FinancialWire) — AMCORE Financial, Inc. (NASDAQ: AMFI) has entered into an amendment with its lender, JP Morgan Chase Bank, N.A. with respect to the previously disclosed technical default under its $12.5 million credit facility.

The amendment modifies the covenant relating to capitalization at the parent and bank level so that the company is currently in full compliance with the terms of its credit agreement.

In addition, the amendment provides that the company will pay all accrued interest through the date of the amendment, and thereafter make monthly interest payments under the agreement. The company also will establish a cash interest reserve account with JP Morgan Chase in the amount of approximately $1.1 million, which amount equals anticipated interest payments due from the date of the amendment through the maturity of the facility in April 2011. In accordance with the terms of the amendment, the company made the interest payment and established the interest reserve account on December 18.

AMCORE is current with all its payments due under the facility. Previously, on July 31st AMCORE paid down the $20 million loan by $7.5 million. Additionally, the maturity of the remaining $12.5 million was extended to April 2011.

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