Closed Friday, June 4, 2010 · Lincoln, Lancaster County, Nebraska
TierOne Bank
No failed bank in Nebraska was larger, of 54 on record there since 1934. The FDIC records no estimated loss to the Deposit Insurance Fund from this failure. TierOne Bank's founding in 1907 put it past its 100th year when it closed.
On the books, 2002 to 2010
Total assets peaked at $3.5 billion in the third quarter of 2007 and were 20% lower at the final report. Equity capital went from 8.3% of assets in the second quarter of 2002 to 2.8% at the last report. By then 22% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $200 million, was booked in 2009.* 2010: January to March only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; TierOne Bank in red.
By assets it ranked eighth of the 157 failures in 2010. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Amcore Bank, National Association of Rockford, Illinois ($3.1 billion, loss 0.4% of assets); just below, Eurobank of San Juan, Puerto Rico ($2.5 billion, loss 22% of assets). Every 2010 failure in the explorer.
Two other banks closed that day; the largest was First National Bank of Rosedale, Mississippi, at $60.4 million.
Failures in Nebraska
No other Nebraska bank failed in 2010. The previous failure there was Sherman County Bank of Loup City, on February 13, 2009. The next was Mid City Bank, Inc. of Omaha, on November 4, 2011. Lancaster County has 2 failed banks on FDIC record since 1934. The other: Bank of Panama (1985).