OMAHA, Neb. (AP) – The Nasdaq stock market will drop Lincoln-based TierOne Corp. from its listings.
The bank company announced the delisting on Tuesday and said that, after Friday, its shares likely would be traded on the over-the-counter market known as Pink Sheets.
TierOne’s shares closed Nasdaq trading on Tuesday at 40 cents, less than a tenth of its 52-week high of $4.05 a share. In early trading Wednesday, the stock was selling for 29 cents a share.
TierOne says the delisting is occurring because TierOne had not filed required earnings reports for the past three quarters.
The bank, which holds about $2.9 billion in assets, has been struggling under the weight of bad loans in areas of the country hit hard by the subprime crisis.
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On the Net:
TierOne Corp.: http://www.tieronebank.com
Nasdaq: http://www.nasdaq.com
