Nebraska banking company TierOne Corp. says its stock is being delisted by Nasdaq

Nebraska’s TierOne says Nasdaq delisting its stock

LINCOLN, Neb. — The stock price of TierOne Corp. plummeted in trading Wednesday, a day after the Lincoln-based bank holding company announced that Nasdaq will drop TierOne from its listings.

TierOne’s stock dropped 11 cents Wednesday to close at 29 cents a share. Over the past year, TierOne shares have ranged from 22 cents to $4.05.

TierOne said that as of Friday its shares likely would be traded on the over-the-counter market known as Pink Sheets. TierOne said it would not appeal the delisting, which is occurring because TierOne has not filed required earnings reports for the past three quarters.

The bank, which holds about $2.8 billion in assets, has been struggling under the weight of bad loans in areas of the country hit hard by the subprime mortgage crisis.

The Office of Thrift Supervision told TierOne to find an investor, buyer or merger partner that would help the bank improve its capital position. But the regulators blocked TierOne’s proposed sale of 32 branches to Great Western Bank of Sioux Falls, S.D. Regulators said the sale would have left TierOne in worse financial straits.

The federal deadline for a recapitalization plan was last Friday, but there’s been no public announcement of any federal action since.

Spokesmen for TierOne and the Office of Thrift Supervision declined to comment on Wednesday.

On the Net:

TierOne Corp.: www.tieronebank.com

Nasdaq: www.nasdaq.com

Office of Thrift Supervision: www.ots.treas.gov/