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TierOne terminates merger agreement with CapitalSource

Banking group TierOne has terminated its merger agreement with investment and asset management company CapitalSource.

Pursuant to the terms of the merger agreement, either party had the right to terminate the agreement if the proposed merger was not completed by February 17, 2008. No termination fee is payable by TierOne as a result of its termination of the agreement.

The board of directors has also authorized the repurchase of up to 10%, or 1.7 million shares, of TierOne’s common stock from time to time as conditions warrant.