TierOne Bank was a bank based in Lincoln, Nebraska. It was founded in 1907. It traded on the Nasdaq stock exchange until its failure in June 2010. Following an investigation by the FBI and SIGTARP, charges were filed against multiple TierOne executives. The CEO, Gilbert G. Lundstrom, and several other executives and auditors faced charges related to the failure.
History
TierOne Bank was founded as Fidelity Savings and Loan Association in 1907, and underwent several name changes before finally changing its name to TierOne Bank in 2002.[1] The bank received a federal charter in 1935, making it one of the first savings and loan associations to receive this as well as deposit insurance. In April 2002 TierOne announced its intent to change from a mutual bank to a public company.[2] In October 2002, TierOne was listed on the Nasdaq with the stock symbol TONE.[3] Trading of the shares was suspended on 2010-05-07, and the stock was delisted the same month.