Attached files
| file | filename |
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| 8-K - TIERONE CORP | v180008_8-k.htm |
| EX-3.1 - TIERONE CORP | v180008_ex3-1.htm |
| EX-10.1 - TIERONE CORP | v180008_ex10-1.htm |
March 30,
2010
Edward J.
Swotek, Senior Vice President
Immediately
TierOne
Bank Executes Consent to Issuance of Prompt Corrective Action Directive with
Federal Regulator; Announces Board and Management Changes
LINCOLN,
NE – March 30, 2010 - TierOne Corporation (NASDAQ: TONE) (“Company”),
the holding company for TierOne Bank (“Bank”), announced today that the Bank has
executed a Stipulation and Consent to a Prompt Corrective Action Directive (“PCA
Directive”) with the Office of Thrift Supervision (“OTS”), the Bank’s primary
federal regulator, setting forth certain required recapitalization mandates and
additional business and operational restrictions. The PCA Directive
will become effective upon the acceptance of the Consent by the OTS and the
issuance of the PCA Directive.
Under the
PCA Directive, among other things, the Bank will be required to be recapitalized
prior to May 31, 2010, by either merging with or being acquired by another
financial institution or by the sale of all or substantially all of the Bank’s
assets and liabilities to another financial institution. The PCA
Directive further requires the Bank to submit a binding merger or acquisition
agreement to the OTS by April 30, 2010, unless extended in writing by the
OTS. The Company and the Bank cannot provide assurance that the
deadlines and other terms of the PCA Directive can be satisfied. The
Bank’s consent to the PCA Directive follows the OTS’ denial of the Bank’s
capital restoration plan.
The
Company and the Bank also announced today that Charles W. Hoskins has been named
acting Chairman of the Board and James A. Laphen has been named President and
acting Chief Executive Officer of the Company and the Bank effective
immediately. Hoskins, 73, has been serving as the Company’s lead
director. Laphen, 61, had previously been President and Chief
Operating Officer of the Company and the Bank.
The
appointments of Hoskins and Laphen follow the resignation of Michael J. Falbo as
Chairman and Chief Executive Officer and as a director of the Company and the
Bank. Samuel P. Baird, Gilbert G. Lundstrom, James E. McClurg and
James W. Strand also resigned from the Board of Directors of the Company and the
Bank. These resignations follow ongoing discussions with the OTS
regarding the terms of the PCA Directive, particularly with respect to the
deadlines for compliance set forth in the PCA Directive. The
directors who resigned did not indicate any disagreement with the Company or the
Bank’s operations, policies or practices.
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Falbo was
named Chairman and Chief Executive Officer on January 28,
2010. Lundstrom, who was named Vice Chairman following his retirement
as Chairman and Chief Executive Officer in January, has been with TierOne Bank
since 1994. Baird joined the Company’s and the Bank’s Boards in 2008
and both McClurg and Strand joined the Boards in July 2009.
Corporate
Profile
TierOne
Corporation is the parent company of TierOne Bank, a $2.9 billion federally
chartered savings bank 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.
Statements
contained in this report which are not historical facts may be forward-looking
statements as that term is defined in the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated due to a number of factors. Factors which could
result in material variations include, but are not limited to, actions taken by
the regulators with respect to the Bank’s capital position, including with
respect to the execution of the PCA Directive by the OTS; inability of the Bank
to comply with the PCA Directive; and the effects of complying with, or the
failure to comply with, the restrictions imposed on the Bank under the prompt
corrective action regulations. In addition, the Company set forth
certain risks in its reports filed with the Securities and Exchange Commission,
including its Annual Report on Form 10-K for the fiscal year ended
December 31, 2008 and current and periodic reports filed with the
Securities and Exchange Commission thereafter, which could cause actual results
to differ from those projected. These factors should be considered in
evaluating the forward-looking statements and undue reliance should not be
placed on such statements. The Company undertakes no obligation to
update these forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
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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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