Key Developments For TierOne Corporation
TierOne Corporation (TONE.O) (Nasdaq)
TierOne Corporation To Sell Omaha and Other Selected Bank Offices
TierOne Corporation, the holding company for TierOne Bank (Bank), announced that the Company and the Bank have entered into a definitive agreement (Agreement) to sell deposits, selected loans and other assets associated with 32 of the Bank's branch offices to Great Western Bank, a South Dakota based subsidiary of National Australia Bank. The transaction is expected to be completed as soon as late 2009. Under the terms of the Agreement, Great Western Bank will assume approximately $1.1 billion in deposits. The Bank will transfer or sell to Great Western Bank approximately $800.0 million in loans, $20.0 million in real estate and other assets and the balance in cash or securities less a $55.0 million deposit premium paid. The branch offices involved in the transaction are located in Broken Bow, Burwell, Callaway, Columbus (2), Gothenburg, Grand Island (2), Holdrege (2), Lexington (3), McCook, North Platte (2), O`Neill, Omaha (9), Ord, Papillion and St. Paul, Nebraska and three offices located in Council Bluffs, Iowa. Many of the branch offices being sold were acquired by the Company in its 2004 acquisition of United Nebraska Bank. The remaining branches consist of other facilities the Bank has built or acquired.
TierOne Corporation Suspends Quarterly Cash Dividend
TierOne Corporation announced that it has suspended the payment of its quarterly cash dividend to shareholders.
TierOne Corporation Announces Quarterly Cash Dividend
TierOne Corporation announced that it has reduced its quarterly cash dividend to $0.04 per share payable on July 8, 2008 to shareholders of record June 30, 2008. The cash dividend was reduced from $0.08 per share paid to shareholders in the previous quarter.
TierOne Corporation To Close Loan Production Offices
TierOne Corporation announced that the Bank will close all of its nine loan production offices across the country in an effort to direct its lending activity to its primary market area of Nebraska, Iowa and Kansas. The lending offices being closed are located in Phoenix, Arizona; Colorado Springs, Denver and Fort Collins, Colorado; Orlando, Florida; Minneapolis, Minnesota; Las Vegas, Nevada and Charlotte and Raleigh, North Carolina. Twenty employees currently work in the Bank's loan production offices. Five are expected to be retained to assist with loan servicing and customer communication. The remaining staff will be offered severance packages. The office closings are not expected to impact employment at the Company's headquarters in Lincoln, Nebraska.
TierOne Corporation Announces Termination Of Merger Agreement With CapitalSource Inc.
TierOne Corporation annoucned that its Board of Directors has terminated the merger agreement between TierOne and CapitalSource Inc. Pursuant to the terms of the merger agreement, either party had the right to terminate the merger agreement if the proposed merger was not completed by February 17, 2008. No termination fee is payable by TierOne as a result of its termination of the merger agreement. The Board of Directors also authorized the repurchase of up to 10%, or 1,797,592 shares, of TierOne's common stock from time to time as conditions warrant.
