Neb.'s TierOne gets delisting warning from Nasdaq

AP News
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Posted: Dec 30, 2009 2:21 PM

TierOne Bank's owners say they have received a Nasdaq delisting notice because the company's stock price has been below $1 for more than 30 consecutive business days.

TierOne Corp., the Nebraska-based parent of TierOne Bank, said Tuesday that it plans to comply with Nasdaq rules before the stock market's June 28 deadline, but the company is still evaluating its options.

TierOne's stock has closed below $1 every day since Nov. 12, and it was trading at 70 cents on Wednesday afternoon.

TierOne has also missed a deadline for filing its third-quarter earnings report.

TierOne holds about $3.1 billion in assets and 69 bank branches in Nebraska, Iowa and Kansas, but it has agreed to sell 32 of those branches to Sioux Falls, S.D.-based Great Western Bank.