TierOne Bank fails (largest bank failure in Nebraska history)

[Omaha Steve]

Source: Omaha World Herald

By Steve Jordon

TierOne Corp. of Lincoln became the largest bank failure in Nebraska history Friday when federal regulators declared it insolvent due to bad loans on out-of-state real estate developments.

Great Western Bank bought TierOne’s branch offices and its $2.2 billion in deposits and will re-open the offices Saturday as Great Western Bank locations.

The Federal Deposit Insurance Corp. took over TierOne at the request of the TierOne’s federal regulator, U.S. Office of Thrift Supervision. That office had placed TierOne under tight supervision in January 2009 because of the bad loans in Florida, Nevada and other states.

"Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage," the FDIC said in a statement issued Friday night.

Read more: http://www.omaha.com/article/20100604/NEWS01/100609811#tierone-bank-fails

[ozymandius]

1. Silly me.

I thought you meant the place that sells overpriced tiki torches and wicker furniture.



But then, maybe that's why this bank went under.

[1955doubledie]

2. Tiki Torches and wicker furniture, imported from Nebraska?

:shrug: