UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
| {X} |
ANNUAL
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| |
For
the fiscal year ended December 31, 2008 |
| { } |
TRANSITION
REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
| |
For
the transition period from _____________________ to _____________________ |
| |
Commission
file number 000-50015 |
| |
A. |
Full
title of the plan and the address of the plan, if different from that of the
issuer named below: |
TierOne Bank Savings
Plan
| |
B. |
Name
of issuer of securities held pursuant to the plan and the address of its
principal executive office: |
TierOne Corporation
1235 “N” Street
Lincoln, Nebraska 68508
REQUIRED INFORMATION
The
following financial statements and supplemental schedule of the TierOne Bank Savings Plan
are filed herewith.
TIERONE BANK SAVINGS
PLAN
Financial Statements and Supplemental
Schedule
December 31, 2008,
2007 and 2006
(With Report of
Independent Registered Public Accounting Firm Thereon)
TIERONE BANK SAVINGS
PLAN
Table of Contents
|
|
|
Page |
Report of Independent Registered Public Accounting Firm |
1 |
Statements of Net Assets Available for Benefits as of December 31, 2008 and 2007 |
2 |
Statements of Changes in Net Assets Available for Benefits for the Three-Year Period Ended |
| December 31, 2008 |
3 |
Notes to Financial Statements |
4 |
Schedule |
Schedule H, line 4i--Schedule of Assets (Held at End of Year) |
9 |
Report of Independent
Registered Public Accounting Firm
The Employee Benefit Committee
TierOne Bank Savings Plan:
We have audited the accompanying
statements of net assets available for benefits of the TierOne Bank Savings Plan (the
Plan) as of December 31, 2008 and 2007, and the related statements of changes in net
assets available for benefits for each of the years in the three-year period ended
December 31, 2008. These financial statements are the responsibility of the Plan’s
management. Our responsibility is to express an opinion on these financial statements
based on our audits.
We conducted our audits in
accordance with the standards of the Public Company Accounting Oversight Board
(United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial
statements referred to above present fairly, in all material respects, the net assets
available for benefits of the TierOne Bank Savings Plan as of December 31, 2008 and
2007, and the changes in net assets available for benefits for each of the years in
the three-year period ended December 31, 2008, in conformity with accounting
principles generally accepted in the United States of America.
Our audits were performed for the
purpose of forming an opinion on the basic financial statements taken as a whole. The
supplemental schedule of assets (held at end of year), is presented for the purpose of
additional analysis and is not a required part of the basic financial statements but
is supplementary information required by the Department of Labor’s Rules and
Regulations for Reporting and Disclosure under the Employee Retirement Income
Security Act of 1974. This supplemental schedule is the responsibility of the
Plan’s management. The supplemental schedule has been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our opinion,
is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.
/s/ KPMG LLP
Lincoln, Nebraska
June 26, 2009
1
TIERONE BANK SAVINGS
PLAN
Statements of Net Assets Available for Benefits
December 31, 2008 and 2007
|
2008
|
2007
|
| Assets: |
|
|
| |
|
| |
|
| Investments, at fair value | | |
$ | 30,155,421 |
|
| 47,670,966 |
|
| Participant loans | | |
| 101,819 |
|
| -- |
|
|
| |
| |
| Total assets | | |
| 30,257,240 |
|
| 47,670,966 |
|
|
| |
| |
| Liabilities: | | |
| Accrued expenses | | |
| 40,386 |
|
| 31,965 |
|
|
| |
| |
| Net assets available for benefits | | |
$ | 30,216,854 |
|
| 47,639,001 |
|
|
| |
| |
| See accompanying notes to financial statements. | | |
2
TIERONE BANK SAVINGS
PLAN
Statements of Changes in Net Assets Available for Benefits
Years ended December 31, 2008, 2007 and 2006
|
2008
|
2007
|
2006
|
| Investment income (loss): |
|
|
| |
|
| |
|
| |
|
| Net appreciation (depreciation) in fair value | | |
| of investments | | |
$ | (18,402,917 |
) |
| (6,627 |
) |
| 5,213,601 |
|
| Dividends | | |
| 89,618 |
|
| 108,745 |
|
| 121,863 |
|
| Interest | | |
| 1,436 |
|
| -- |
|
| -- |
|
|
| |
| |
| |
| Total investment income (loss) | | |
| (18,311,863 |
) |
| 102,118 |
|
| 5,335,464 |
|
|
| |
| |
| |
| Contributions: | | |
| Employer | | |
| 792,355 |
|
| 779,330 |
|
| 676,335 |
|
| Participant | | |
| 2,383,264 |
|
| 2,333,667 |
|
| 2,086,158 |
|
| Rollover | | |
| 65,328 |
|
| 12,119 |
|
| 78,305 |
|
|
| |
| |
| |
| Total contributions | | |
| 3,240,947 |
|
| 3,125,116 |
|
| 2,840,798 |
|
|
| |
| |
| |
| | | |
| (15,070,916 |
) |
| 3,227,234 |
|
| 8,176,262 |
|
|
| |
| |
| |
| Deductions from net assets attributed to: | | |
| Benefits paid to participants | | |
| 2,347,525 |
|
| 2,782,651 |
|
| 2,376,196 |
|
| Administrative expenses | | |
| 3,706 |
|
| 2,654 |
|
| 5,749 |
|
|
| |
| |
| |
| Total deductions | | |
| 2,351,231 |
|
| 2,785,305 |
|
| 2,381,945 |
|
|
| |
| |
| |
| Net increase (decrease) | | |
| (17,422,147 |
) |
| 441,929 |
|
| 5,794,317 |
|
Net assets available for benefits: | | |
| Beginning of year | | |
| 47,639,001 |
|
| 47,197,072 |
|
| 41,402,755 |
|
|
| |
| |
| |
| End of year | | |
$ | 30,216,854 |
|
| 47,639,001 |
|
| 47,197,072 |
|
|
| |
| |
| |
| See accompanying notes to financial statements. | | |
3
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
The following
description of the TierOne Bank (Bank) Savings Plan (Plan) provides only general
information. Participants should refer to the Plan agreement for a more complete
description of the Plan’s provisions. |
| |
The
Plan, established on August 1, 1978 and restated as of January 1, 2006, is a
defined contribution 401(k) profit sharing plan and is administered by the Employee
Benefit Committee. It is subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA). The Bank believes that the Plan is in compliance with the
requirements of ERISA. |
| |
Employees
must complete one month of service to be eligible for participation in the Plan. The
employee must make an election to participate in the Plan and agree to make contributions
to the Plan by payroll deductions. |
| |
Employees
can contribute from 1% to 25% of their salary to the Plan. Participants who have attained
age 50 before the end of the Plan year are eligible to make catch-up contributions.
Participants may also contribute amounts representing distributions from other qualified
defined contribution plans. The Bank makes a matching contribution equal to 50% of an
employee’s contribution up to a maximum of 6% of the employee’s salary. The
Bank, in its discretion, may make additional contributions to the Plan not to exceed the
maximum amount deductible from the Bank’s income under the Internal Revenue Code
(IRC). Participants must be employed on December 31 to receive an allocation of the
Bank’s contribution. Participants direct the investment of their contributions plus
the Company’s contributions into various investment options offered by the Plan. |
| |
Each
participant’s account is credited with the participant’s contribution, an
allocation of the Bank’s contribution, investment gains and losses, and any
associated investment expenses. Administrative expenses are paid by the Bank. The benefit
to which a participant is entitled is the benefit that can be provided from the
participant’s vested account. |
| |
Participants
are vested immediately in their contributions plus actual earnings thereon. Plan
participants become 100% vested in the Bank’s matching contributions at three years
of service. |
| |
Participants
may borrow from their fund amount a minimum of $1,000 up to a maximum equal to the lesser
of $50,000 or 50 percent of their account balance. The loans are secured by the balance in
the participant’s account and currently bear interest at rates that range from 5% to 6%, which
are based on the prime rate at the date of the loan issuance plus 1%. Principal and
interest are paid ratably through monthly payroll deductions. |
(Continued)
4
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
On
termination of service or retirement, a participant may elect to receive either a single
lump-sum amount equal to the value of the participant’s vested interest in the
participant’s account or a fixed-period annuity. Participants may also elect to
receive a taxable distribution of any part of their contributed vested account balance
prior to retirement if plan hardship requirements are met. |
| |
For
the years ended December 31, 2008, 2007, and 2006, forfeitures in nonvested accounts
totaling $6,124, $5,764, and $12,476, respectively, were used to reduce employer
contributions. At December 31, 2008 and 2007, forfeited nonvested accounts totaled
$1,829 and $1,345, respectively. |
| (2) |
Summary
of Significant Accounting Policies |
| |
The
financial statements of the Plan are prepared under the accrual method of accounting. |
| |
(b) |
Investment
Valuation and Income Recognition |
| |
The
Plan’s investments are stated at fair value. Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Each pooled separate account is
valued at fair value at the close of each business day. The net appreciation
(depreciation) in pooled separate accounts as reflected in the statements of changes in
net assets available for benefits consists of realized gains or losses and the unrealized
appreciation and depreciation on those investments during the year. See Note 5 for
discussion of fair value measurements. |
| |
Purchases
and sales of securities are recorded on a trade-date basis. Interest income is recorded on
the accrual basis. Dividends are recorded on the ex-dividend date. |
| |
Benefits
are recorded when paid. |
| |
The
preparation of financial statements in conformity with U.S. generally accepted
accounting principles requires management to make estimates and assumptions that affect
the reported amounts of assets, liabilities, and changes therein, and disclosure of
contingent assets and liabilities at the date of the financial statements. Actual results
could differ from those estimates. |
(Continued)
5
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
(e) |
Risks
and Uncertainties |
| |
The
Plan invests in various investment securities. Investment securities are exposed to
various risks, such as interest rates, market, and credit risks. Due to the level of risk
associated with certain investment securities and the level of uncertainty related to
changes in the value of investment securities, it is at least reasonably possible that
changes in risk in the near term could materially affect participants’ account
balances and the amounts reported in the statements of net assets available for benefits
and the statements of changes in net assets available for benefits. |
| |
(f) |
Concentrations
of Investments |
| |
Included
in the Plan’s net assets available for benefits at December 31, 2008 and 2007
are investments in TierOne Corporation common stock amounting to $1,955,342 and
$7,792,837, respectively, whose value could be subject to change based on market
conditions. At December 31, 2008 and June 17, 2009, the market value per share of TierOne
Corporation common stock was $3.75 and $1.99, respectively. This decline in market value
would have the impact of increasing net depreciation by approximately $917,700 for the
Plan year ended December 31, 2008. |
| |
During 2008,
2007, and 2006, net appreciation (depreciation) in fair value of investments was as
follows: |
|
2008
|
2007
|
2006
|
| |
|
|
| |
|
| |
|
| |
|
| Principal Guaranteed Interest Account | | |
$ | 66,205 |
|
| 162,032 |
|
| 73,879 |
|
| Pooled Seperate Accounts | | |
| (11,193,238 |
) |
| 3,188,948 |
|
| 4,342,215 |
|
| Mutual Fund | | |
| (308,092 |
) |
| –– |
|
| –– |
|
| Self-Directed Brokerage Accounts | | |
| (10,498 |
) |
| –– |
|
| –– |
|
| TierOne Common Stock | | |
| (6,957,294 |
) |
| (3,357,607 |
) |
| 797,507 |
|
|
| |
| |
| |
| | |
| (18,402,917 |
) |
| (6,627 |
) |
| 5,213,601 |
|
|
| |
| |
| |
(Continued)
6
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
The following
table represents the fair value of individual investments, which exceed 5% of the Plan's
net assets: |
|
2008
|
2007
|
2006
|
| Principal Guaranteed Interest Account |
|
|
$ | 1,640,193 |
|
| * |
|
| 2,453,874 |
|
| Principal International Account | | |
| 2,367,219 |
|
| 4,842,656 |
|
| 4,373,753 |
|
| Principal Money Market Account | | |
| 3,858,670 |
|
| 2,836,909 |
|
| * |
|
| Principal Large Cap Stock Index Account | | |
| 5,069,492 |
|
| 3,118,312 |
|
| 3,111,703 |
|
| Principal U.S. Property Account | | |
| 2,957,508 |
|
| 4,671,739 |
|
| 3,963,919 |
|
| Principal Bond and Mortgage Account | | |
| * |
|
| 3,118,263 |
|
| 3,093,283 |
|
| Principal Partners Large Cap Blend Account | | |
| * |
|
| 2,455,833 |
|
| 2,371,295 |
|
| Principal Partners Large Cap Blend Account | | |
| * |
|
| 2,583,075 |
|
| 2,742,135 |
|
| Principal International Emerging Markets Account | | |
| * |
|
| 3,068,211 |
|
| * |
|
| Pimco Total Return A Fund | | |
| 2,681,905 |
|
| * |
|
| * |
|
| TierOne Corporation Common Stock Account | | |
| 1,955,342 |
|
| 7,792,837 |
|
| 11,322,985 |
|
* Did not meet the 5% threshold in the applicable year. | | |
| (4) |
Guaranteed
Interest Account with Insurer |
| |
The Plan
entered into a guaranteed interest account with Principal Life Insurance Company who
maintains the contributions in a pooled account. The guaranteed interest account is
credited with earnings on the underlying investments and charged for plan withdrawals and
administrative expenses charged by Principal Life Insurance Company. The guaranteed
interest account is included in the financial statements at fair value (which represents
contributions made under the contract plus earnings, less withdrawals, and expenses) as
it is not fully benefit responsive. There are no reserves against contract value for
credit risk of the contract issuer or otherwise. The average yield and crediting interest
rates approximated 3.55%, 3.37%, and 2.94% for 2008, 2007, and 2006, respectively. The
crediting interest rate is based on an agreed-upon formula with the issuer, but cannot be
less than 0%. |
| (5) |
Fair
Value Measurements |
| |
Financial Accounting
Standards Board (FASB) Statement No. 157, Fair Value Measurements, establishes a
framework for measuring fair value. That framework provides a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy
gives the highest priority to unadjusted quoted prices in active markets for identical
assets or liabilities (level 1 measurements) and the lowest priority to unobservable
inputs (level 3 measurements). The three levels of the fair value hierarchy under FASB
Statement No. 157 are described as follows: |
|
• |
Level 1 Inputs – Unadjusted quoted prices in active markets for
identical assets or liabilities that the reporting entity has the ability to access at the
measurement date. |
(Continued)
7
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
|
• |
Level 2 Inputs – Inputs other than quoted prices included in
Level 1 that are observable for the asset or liability, either directly or indirectly.
These might include quoted prices for similar assets or liabilities in active markets,
quoted prices for identical or similar assets or liabilities in markets that are not
active, inputs other than quoted prices that are observable for the asset or liability
(such as interest rates, volatilities, prepayment speeds, credit risks, etc.), or inputs
that are derived principally from or corroborated by market data by correlation or other
means. |
|
• |
Level 3 Inputs – Unobservable inputs for determining the fair
values of assets or liabilities that reflect an entity’s own assumptions about the
assumptions that market participants would use in pricing the assets or liabilities. |
| |
The assets’s
or liability’s fair value measurement level within the fair value hierarchy is based
on the lowest level of any input that is significant to the fair value measurement.
Valuation techniques used need to maximize the use of observable inputs and maximize the
use of unobservable inputs. |
| |
Following is
a description of the valuation methodologies used for assets measured at fair value. |
| |
Common Stocks:
Valued at the closing price reported on the active market on which the individual
securities are traded. |
| |
Mutual Funds:
Valued at the net asset values (NAV) of shares held by the Plan at year-end. |
| |
Pooled
Separate Accounts: Pooled separate accounts consist of various investment options
(i.e., common stock, mutual funds, short term securities, real estate) and are valued
based on the investments held. While the majority of the underlying assets values are
quoted prices, the NAV of the pooled separate account is not publicly quoted. |
| |
Self-Directed Brokerage
Accounts: Valued at closing price reported on the active market for common stock held
and the NAV of the mutual fund shares held. While the majority of the underlying assets
values are quoted prices, the NAV of the self-directed brokerage accounts is not publicly
quoted. |
| |
Guarantee
Investment Contract: Valued at fair value by discounting the related cash flows based
on current yields of similar instruments with comparable durations considering the
credit-worthiness of the issuer (see note 4). |
| |
The preceding
methods described above may produce a fair value calculation that may not be indicative
of net realizable value or reflective of future fair values. Furthermore, although the
Plan believes that its valuation methods are appropriate and consistent with other market
participants, the use of different methodologies or assumptions to determine the fair
value of certain financial instruments could result in a different fair value measurement
at the reporting date. |
(Continued)
8
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
The following
table sets forth by level, within the fair value hierarchy, the Plan’s assets at
fair value as of December 31, 2008: |
|
Level 1
|
Level 2
|
Level 3
|
Total
|
| Mutual funds |
|
|
$ | 3,770,819 |
|
| -- |
|
| -- |
|
| 3,770,820 |
|
| Common stocks | | |
| 1,955,342 |
|
| -- |
|
| -- |
|
| 1,955,342 |
|
| Pooled separate accounts | | |
| -- |
|
| 19,405,201 |
|
| 2,957,508 |
|
| 22,362,709 |
|
| Self-directed brokerage accounts | | |
| -- |
|
| 426,358 |
|
| -- |
|
| 426,358 |
|
| Guaranteed investment contract | | |
| -- |
|
| -- |
|
| 1,640,193 |
|
| 1,640,193 |
|
|
| |
| |
| |
| |
| | | |
$ | 5,726,161 |
|
| 19,831,558 |
|
| 4,597,701 |
|
| 30,155,421 |
|
|
| |
| |
| |
| |
| |
The following
table sets forth a summary of changes in the fair value of the Plan’s level 3 assets
for the year ended December 31, 2008: |
|
Guaranteed
investment
contract
|
Pooled
separate
accounts
|
| Balance, beginning of year |
|
|
$ | 2,239,929 |
|
| 4,671,739 |
|
| Realized gains (losses) | | |
| 60,935 |
|
| (548,676 |
) |
| Unrealized gains/losses relating | | |
| |
|
| |
|
| to instruments still held at the | | |
| |
|
| |
|
| reporting date | | |
| 5,270 |
|
| 108,677 |
|
| Purchases, sales, issuances, and | | |
| |
|
| |
|
| settlements, (net) | | |
| (665,941 |
) |
| (1,274,232 |
) |
|
| |
| |
| Balance, end of year | | |
$ | 1,640,193 |
|
| 2,957,508 |
|
|
| |
| |
| (6) |
Related
Party Transactions |
| |
Certain of
the Plan’s investments are shares in pooled funds managed by Principal Life
Insurance Company. Principal Life Insurance Company is the custodian as defined by the
Plan, and therefore, these transactions qualify as party-in-interest. Fees paid by the
Plan for the administrative services amounted to $3,706, $2,654 and $5,749 for the years
ended December 31, 2008, 2007, and 2006, respectively. |
| |
Effective August
1, 2008, the Plan was amended to allow participants to borrow against the participant’s
vested account. See Note 1(f) for further discussion on participant loans. In addition,
effective August 1, 2008, the Plan was amended to allow participants to enter the Plan
after one month of service as opposed to six months of service as previously required by
the Plan. |
(Continued)
9
TIERONE BANK SAVINGS
PLAN
Notes to Financial
Statements
December 31, 2008,
2007, and 2006
| |
Although it
has not expressed any intent to do so, the Company has the right under the Plan to
discontinue its contributions at any time and to terminate the Plan subject to the
provisions of ERISA. In the event of plan termination, participants would become 100%
vested in their employer contributions. |
| |
The Internal
Revenue Service has determined and informed the Bank by a letter, dated June 19,
2002, that the Plan and related trust are designed in accordance with applicable sections
of the IRC. Although the Plan has been amended since receiving the determination letter,
the Plan administrator and the Plan’s tax counsel believe that the Plan is designed
and is currently being operated in compliance with the applicable requirements of the
IRC. |
| |
On May
15, 2009, TierOne Corporation announced that its Board of Directors temporarily suspended
the Company’s matching contributions to the Plan. Beginning with the June 5, 2009
pay date, no further matching contributions will be made to the Plan until otherwise
determined by the Board. |
(Continued)
10
Schedule
TIERONE BANK SAVINGS
PLAN
Schedule H, line 4i—Schedule of Assets (Held at End of Year)
December 31, 2008
(a)
|
(b)
Identity of issue, borrower,
lessor, or similar party
|
(c)
Description of investment,
including maturity date,
rate of interest, collateral,
par, or maturity value
|
(d)
Cost
|
(e)
Current value
|
|
|
|
Pooled funds on deposit with Principal Life Insurance Company: |
|
|
|
|
|
|
|
|
| |
|
| * | | |
Principal Guaranteed Interest Account | | |
GIC, maturities through 2011 | | |
** | | |
$ | 1,640,193 |
|
| * | | |
Principal International Stock Account | | |
Pooled separate account | | |
** | | |
| 2,367,219 |
|
| * | | |
Principal International Small Company Account | | |
Pooled separate account | | |
** | | |
| 530,035 |
|
| * | | |
Principal Large Cap Stock Index Account | | |
Pooled separate account | | |
** | | |
| 5,069,492 |
|
| * | | |
Principal Money Market Account | | |
Pooled separate account | | |
** | | |
| 3,858,670 |
|
| * | | |
Principal U.S. Property Account | | |
Pooled separate account | | |
** | | |
| 2,957,508 |
|
| * | | |
Principal Partners Small Cap Value II Account | | |
Pooled separate account | | |
** | | |
| 642,525 |
|
| * | | |
Principal Partners Large Cap Growth II Account | | |
Pooled separate account | | |
** | | |
| 876,813 |
|
| * | | |
Principal Mid Cap Stock Index Account | | |
Pooled separate account | | |
** | | |
| 992,541 |
|
| * | | |
Principal International Emerging Markets Account | | |
Pooled separate account | | |
** | | |
| 1,345,442 |
|
| * | | |
Principal Lifetime Strategy Income Account | | |
Pooled separate account | | |
** | | |
| 173,119 |
|
| * | | |
Principal Lifetime Strategy 2010 Account | | |
Pooled separate account | | |
** | | |
| 759,379 |
|
| * | | |
Principal Lifetime Strategy 2020 Account | | |
Pooled separate account | | |
** | | |
| 1,168,489 |
|
| * | | |
Principal Lifetime Strategy 2030 Account | | |
Pooled separate account | | |
** | | |
| 481,554 |
|
| * | | |
Principal Lifetime Strategy 2040 Account | | |
Pooled separate account | | |
** | | |
| 198,944 |
|
| * | | |
Principal Lifetime Strategy 2050 Account | | |
Pooled separate account | | |
** | | |
| 81,683 |
|
| * | | |
Principal Small Cap Stock Index Account | | |
Pooled separate account | | |
** | | |
| 81,888 |
|
| * | | |
Principal Mid Cap Growth III Account | | |
Pooled separate account | | |
** | | |
| 777,408 |
|
| | | |
Self-Directed Brokerage Accounts | | |
Self-Directed | | |
** | | |
| 426,358 |
|
| | | |
PIMCO Total Return A Fund | | |
Registered Investment Company | | |
** | | |
| 2,681,905 |
|
| | | |
Eaton Vance Large Cap Value A Fund | | |
Registered Investment Company | | |
** | | |
| 1,053,668 |
|
| | | |
Columbia Management Midcap Value A Fund | | |
Registered Investment Company | | |
** | | |
| 29,418 |
|
| | | |
Lord Abbett Development Growth A Fund | | |
Registered Investment Company | | |
** | | |
| 5,828 |
|
| | | |
| | |
Interest Rates Ranging from | | |
| | |
| |
|
| | | |
Participant loans | | |
5.00% to 6.00% | | |
-- | | |
| 101,819 |
|
| * | | |
TierOne Corporation Common Stock Account | | |
Corporate stock | | |
** | | |
| 1,955,342 |
|
|
|
|
|
| |
| | | |
| | |
| | |
| | |
$ | 30,257,24 |
0 |
|
|
|
|
| |
* Indicates party-in-interest.
** Historical cost information is
omitted as it is no longer required for participant-directed accounts.
See accompanying independent auditors’ report.
13
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons
who administer the employee benefit plan) have duly caused this annual report to be signed
on its behalf by the undersigned hereunto duly authorized.
|
|
|
TIERONE BANK SAVINGS PLAN |
Dated: June 29, 2009 |
By: /s/ Gilbert G. Lundstrom
|
|
Gilbert G. Lundstrom, on behalf of TierOne |
|
Bank as the Plan Administrator |
10
EXHIBIT INDEX
TIERONE BANK SAVINGS
PLAN
FORM 11-K
FOR THE FISCAL YEAR
ENDED DECEMBER 31, 2008
| Exhibit No. |
Description |
23 |
Consent of KPMG LLP |