CapitalSource Inc. (NYSE: CSE) announced that the shareholders of TierOne Corporation (Nasdaq: TONE) have approved its merger with CapitalSource.
CapitalSource issued the following statement:
By approving the transaction, shareholders of TierOne have recognized the substantial benefits of this merger for the bank, its depositors and its lending customers. TierOne's community banking franchise will bring diverse and stable funding to the combined company, while CapitalSource's national commercial lending franchise will bring diverse, profitable and high credit quality assets to TierOne -- assets which are particularly important in the current market environment.
It is more important than ever for TierOne to continue its long-held strategy to diversify its assets beyond those of a traditional thrift and to maintain a position of financial strength. The merger with CapitalSource will accelerate that strategy and enhance the bank's growth prospects, profitability, capital position and credit performance over time.
The transaction remains subject to customary closing conditions, including regulatory approval.
About CapitalSource
CapitalSource (NYSE: CSE) is a leading commercial lending, investment and asset management business focused on the middle market. CapitalSource manages an asset portfolio, which as of September 30, 2007 was approximately $20.7 billion. Headquartered in Chevy Chase, Maryland, the company has approximately 560 employees in offices across the U.S. and in Europe. -- CapitalSource
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