TierOne says NASDAQ delisting stock

The Nasdaq stock market will drop Lincoln-based TierOne Corp. from its listings.

The bank company announced the delisting on Tuesday and said that, after Friday, its shares likely would be traded on the over-the-counter market known as Pink Sheets.

TierOne's shares closed Nasdaq trading on Tuesday at 40 cents, less than a tenth of its 52-week high of $4.05 a share. In early trading Wednesday, the stock was selling for 29 cents a share.

TierOne says the delisting is occurring because TierOne had not filed required earnings reports for the past three quarters.

The bank, which holds about $2.9 billion in assets, has been struggling under the weight of bad loans in areas of the country hit hard by the subprime crisis.