Attached files
| file | filename |
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| 8-K - 8-K - TIERONE CORP | v172595_8k.htm |
| EX-3.1 - EX-3.1 - TIERONE CORP | v172595_ex3-1.htm |
| EX-10.2 - EX-10.2 - TIERONE CORP | v172595_ex10-2.htm |
| EX-10.1 - EX-10.1 - TIERONE CORP | v172595_ex10-1.htm |
| EX-10.3 - EX-10.3 - TIERONE CORP | v172595_ex10-3.htm |
Exhibit
99.1
January
28, 2010
Edward J.
Swotek, Senior Vice President
Immediately
TierOne
Corporation Names Michael J. Falbo as New Chairman and CEO
LINCOLN,
NE—January 28, 2010—The Board of Directors of TierOne Corporation
(NASDAQ: TONE) (“Company”), the holding company for TierOne Bank
(“Bank”), announced today it has named Michael J. Falbo as Chairman and Chief
Executive Officer. Falbo will officially assume the duties of the
appointment at the Company and the Bank effective today.
Falbo was
the Chairman and Chief Executive Officer of State Financial Services
Corporation, which was acquired by Associated Banc-Corp in
2005. State Financial was a $1.5 billion bank with 29 full-service
offices located in Wisconsin and Illinois. Associated Banc-Corp is a
$23.0 billion financial institution with 291 offices across Wisconsin, Illinois
and Minnesota. Falbo most recently served as Chairman of Associated
Bank Community Development, LLC, a subsidiary focused on affordable housing and
neighborhood development in Associated Bank’s three state market
area.
“We are
very pleased to be able to bring someone of Mike Falbo’s caliber to Lincoln and
to TierOne Bank,” said Charles W. Hoskins, the Company’s lead independent
director. “The recent challenges faced by the financial industry and
TierOne will require a highly qualified, strong leader going forward and we
believe that Mike is exactly the right person for this role. His
extensive experience, industry reputation and strong management skills will be
key to taking us into the future. The board believes this will be a
win for our employees, our investors and our customers. Mike’s broad
public service background and civic commitment will also be an added benefit for
our community and our market area.”
“It is
truly an honor to have been selected to lead TierOne Bank,” said
Falbo. “I look forward to responding to the challenges that have
recently faced this company and many other financial institutions throughout the
country and in refocusing our efforts to position the bank for a stronger
future.”
Falbo has
held numerous leadership positions in the financial industry and the community
throughout his 37-year banking career including chairing the Aztec-America
Bancorp and the Milwaukee Public Museum Board of Directors. He has
also served on committees for the American Bankers Association, the Wisconsin
Bankers Association and the Federal Reserve Bank of Chicago and was active on
several other boards including the YMCA of Metro Milwaukee, St. Francis Hospital
Foundation and the Sacred Heart School of Theology in Franklin,
Wisconsin. In 2004, Falbo was appointed to the University of
Wisconsin System Board of Regents. Falbo, 60, has a Bachelor of
Science degree in Business and Accounting from the University of
Wisconsin-Parkside and is an alumnus of the Graduate School of Banking at the
University of Wisconsin-Madison. Falbo and his wife Sheila have two
daughters.
The
appointment of Falbo follows the Company’s long-term succession plan to replace
current Chairman and CEO, Gilbert G. Lundstrom, who announced his
retirement. Lundstrom, 68, will assume the position of Vice Chairman
of the Company and the Bank to assist in ensuring the effective execution of
strategic initiatives and in the leadership transition. He will also
continue as a director of the Company and the Bank. Lundstrom joined
the Bank in 1994 as President and Chief Operating Officer and has served as
Chairman and Chief Executive Officer since 1999. Under Lundstrom, the
Bank has grown from just over $1.0 billion in asset size to over $3.1 billion
and ranks as the fifth largest financial institution in Nebraska based on total
deposits.
TierOne
Corporation is the parent company of TierOne Bank, a $3.1 billion federally
chartered savings bank and the largest publicly-traded financial institution
headquartered in Nebraska. Founded in 1907, TierOne Bank offers
customers a wide variety of full-service consumer, commercial and agricultural
banking products and services through a network of 69 banking offices located in
Nebraska, Iowa and Kansas.
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CONTACT:
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Edward
J. Swotek, Senior Vice President
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Investor
Relations Department
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(402)473-6250
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investorrelations@tieronecorp.com
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