More than 200 lose jobs in TierOne takeover
Great Western Bank has hired about 550 former TierOne employees, but more than 200 other former employees of the failed bank lost their jobs in the takeover.
The Federal Deposit Insurance Corp. took over Lincoln-based TierOne on Friday, and Great Western agreed to acquire the bank. Great Western's Colin Anderson said Monday that 550 TierOne employees had been hired to run the bank's 69 branches.
On Friday, regulators said TierOne had 764 employees as of March 31. TierOne had losses in 10 of the last 11 quarters as it struggled under the weight of bad loans in areas of the country hit hard by the subprime mortgage crisis.
All of TierOne's branches are now Great Western branches. The Sioux Falls, S.D., bank is a subsidiary of National Australia Bank.