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is this bad news or good news... my heart is beating every weekend!!
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=6958909
Short Shares now 1,820,800 increase of almost 400,000 shares in a month
The friday nite round of FDIC bank closures didnt include TONE.. May be a good thing... FDIC Closes Four Banks: 72 Failed This Year
Regulators on Friday shut down Midwest Bank and Trust Company in Elmwood Park, Ill., as well as three smaller banks in Georgia, Michigan and Missouri to bring the number of U.S. bank failures this year to 72.
The Federal Deposit Insurance Corp. took over Midwest Bank and Trust, which had about $2.4 billion in deposits and $3.2 billion in assets.
FirstMerit Bank, N.A., of Akron, Ohio, agreed to assume all the deposits of Midwest Bank and Trust and essentially all the assets.
Midwest Bank and Trust had 23 branches. FirstMerit is a division of FirstMerit Corp. According to its Web site, FirstMerit Bank has 186 offices in Ohio, Pennsylvania and Illinois.
The FDIC and Firstmerit Bank agreed to share losses on about $2.3 billion of Midwest Bank and Trust assets. The move is expected to cost the deposit insurance fund about $216.4 million.
The other banks the FDIC took over were:
_ New Liberty Bank, based in Plymouth, Mich. The bank had about $101.8 million in deposits and $109.1 million in assets. Bank of Ann Arbor in Ann Arbor, Mich., agreed to acquire the deposits and nearly all of its assets. New Liberty Bank had one branch.
_ Southwest Community Bank, based in Springfield, Mo. It had deposits of about $102.5 million and $96.6 million in assets. Simmons First National Bank of Pine Bluff, Ark., will acquire the deposits of Southwest Community Bank and essentially all of its assets. Southwest Community Bank had one branch.
_ Satilla Community Bank, based in Saint Marys, Ga. It had about $134 million in deposits and $135.7 million in assets. Ameris Bank, based in Moultrie, Ga., agreed to acquire the bank's deposits and nearly all of its assets. Satilla Community Bank had one branch.
Satilla Community Bank was the eighth bank to fail this year in Georgia, one of the states where the meltdown in the real estate market brought an avalanche of soured mortgage loans. There were 25 bank failures in Georgia last year, more than in any other state. Also high on the list are California, Florida and Illinois.
With 72 closures so far this year, the pace of bank failures is more than double that of 2009, already a brisk year for shutdowns. By this time last year, regulators had closed 33 U.S. banks. The pace has accelerated as losses mount on loans made for commercial property and development.
The number of bank failures is expected to peak this year and to be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis. The 2009 failures cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008, the year the financial crisis struck with force, and only three succumbed in 2007.
As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.
The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.
Depositors' money – insured up to $250,000 per account – is not at risk, with the FDIC backed by the government. Apart from the fund, the FDIC has about $66 billion in cash and securities available in reserve to cover losses at failed banks.
Thats not good news but it seems by the PPS it was expected.
Would love to see it happen.. You have any links to back up your claim, where buffet said this?? bbilly
RUMOR ... RUMOR ... RUMOR ... there is information swirling that Berkshire Hathaway is looking at TierOne through a deal with some of thier wholly owned subs. Mr. Buffett was contacted personally and conveyed a sincere concern for TierOne Corp., and indicated that TierOne and thier assets could be a great position hedge within Berkshire ... RUMOR ... RUMOR
when they do come out this will tank even more
The TierOne Corporation Profile
TierOne Corporation (NASDAQ: TONE) is the holding company for TierOne Bank; a federally chartered savings bank headquartered in Lincoln, Nebraska. With assets totaling over $3 billion, TierOne Bank has grown to become the largest publicly-traded financial institution headquartered in Nebraska and ranks as one of the largest publicly held thrifts in the Midwest.
Commemorating its 100th anniversary in 2007, TierOne Bank offers a wide variety of full service consumer, commercial and agricultural banking products and services to customers through a network of 69 banking offices in Nebraska, Iowa and Kansas. Leading products include residential, commercial and agricultural real estate financing; consumer, construction, business and agricultural loans and lines of credit; consumer and business checking and savings plans; investment and insurance services; and telephone and Internet banking convenience.
The Company’s primary subsidiaries include TierOne Investments and Insurance which offers consumers a full range of brokerage, investment and insurance services; TierOne Reinsurance, an Arizona-chartered subsidiary offering reinsurance underwriting services; and United Farm & Ranch Management, Inc. which provides agricultural customers professional farm management and brokerage services in Nebraska and in the neighboring states of Iowa, South Dakota, Kansas, Colorado and Wyoming.
So I ask how a company that claims to have 3 billion (billion with a B) in assets, is trading @ a market cap of 10 million (million with a M)??
Anybody have a good sense/idea of what a buyout/merger price would be?? Bbilly
getting killed here
Looks like shorts are starting to cover. With 18m O/S could be explosive!
O/S 18 mil! Hope they get at least $2 a share, that'd only be $36mil.
Shares Short yesterday were 1,442,300 now today they are 1,493,900 and thats with Total outstanding shares of 18,034,474 and Float of 15,814,955.
I just bought some today. But you have to call your branch manager to get it.
TONE is moving, HOD .84 today...
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