CHEVY CHASE, Md., Feb. 18 /PRNewswire-FirstCall/ -- CapitalSource announced today that it will continue to evaluate its merger transaction with TierOne Corporation ("TierOne").
A provision in the Merger Agreement allows either TierOne or CapitalSource to unilaterally terminate the Agreement after February 17. While TierOne has announced that it does not plan to terminate the transaction at this time pursuant to that provision, CapitalSource's Board has authorized its Chairman and Chief Executive Officer to either terminate the merger or negotiate new terms for the transaction.
The transaction remains subject to approval by the Office of Thrift Supervision ("OTS"). TierOne and CapitalSource have been working with officials at the OTS to complete the regulatory agency's review process.
About CapitalSource
CapitalSource 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. For more information, visit http://www.capitalsource.com/.
