The stock of the embattled TierOne Corp. in Lincoln, Neb., has been delisted from the Nasdaq stock market and is now trading over the counter.
The $2.8 billion-asset company announced Wednesday that it had received a delisting notification from the Nasdaq stemming from its failure to file "periodic" reports. TierOne did not file its annual report for 2009.
TierOne has said it has been unable to file that report because it is still in the midst of complying with orders from the Office of Thrift Supervision to restate its second-quarter 2009 results.
TierOne's stock began trading on the Pink OTC Markets Inc. quotation system, also known as the pink sheets, on Friday.