TierOne Corp (NASDAQOTH:TONEQ.PK)
CAPS Rating:
A holding company for TierOne Bank, a regional community bank offering a variety of financial products and services to meet the needs of the customers.
A holding company for TierOne Bank, a regional community bank offering a variety of financial products and services to meet the needs of the customers.
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Recs
This company is in major turnaround of earnings. I believe second quarter finished the majority of loan portfolio charge offs. The Florida
portfolio has been sold with no further charges and Las Vegas will be gone soon. They have cut the dividend in half which was smart.
They have a very strong capital position as further evidenced by the fact they just passed FDIC exam with highest rating possible. The area they serve ( Nebraska, Kansas, Iowa ) is very stable and not having problems around rest of country. Within next two years company will be sold and I believe sooner rather than later. My target for stock is $13 area.