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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

TIERONE CORPORATION
(Name of Issuer)

Common Stock

(Title of Class of Securities)

88650R108

(CUSIP Number)

August 31, 2007

(Date of Event Which Requires Filing of this Statement

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

  [   ] Rule 13d-1(b)
 
[X]

Rule 13d-1(c)
 
[   ]

Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

(Continued on following page(s))
Page 1 of 5 Pages




CUSIP No. 88650R108






1




NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Keeley Asset Management Corp.; Tax I.D. No.: 36-3160361

2



CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

Not Applicable

(a)   [  ]
(b)   [  ]

3


SEC USE ONLY


4


CITIZENSHIP OR PLACE OF ORGANIZATION

Illinois



NUMBER OF

SHARES
5



SOLE VOTING POWER

18,831

BENEFICIALLY

OWNED
6



SHARED VOTING POWER

-0-

BY EACH

REPORTING
7



SOLE DISPOSITIVE POWER

32,731

PERSON WITH:

8


SHARED DISPOSITIVE POWER

-0-



9



AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

32,731(1)

10  



CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
Not Applicable

[  ]
11  



PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

0.2%(1)

12  



TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

IA


  (1) The percent ownership calculated is based upon an aggregate of 18,054,202 shares outstanding as of August 6, 2007.

Page 2 of 5 Pages




CUSIP No. 88650R108






1




NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

Kamco Thrift Partners Limited Partnership; Tax I.D. No.: 36-4093981

2



CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)

Not Applicable

(a)   [  ]
(b)   [  ]

3


SEC USE ONLY


4


CITIZENSHIP OR PLACE OF ORGANIZATION

Illinois



NUMBER OF

SHARES
5



SOLE VOTING POWER

-0-

BENEFICIALLY

OWNED
6



SHARED VOTING POWER

-0-

BY EACH

REPORTING
7



SOLE DISPOSITIVE POWER

-0-

PERSON WITH:

8


SHARED DISPOSITIVE POWER

-0-



9



AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

-0-(1)

10  



CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
(SEE INSTRUCTIONS)
Not Applicable

[  ]
11  



PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)

0%(1)

12  



TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)

PN


  (1) The percent ownership calculated is based upon an aggregate of 18,054,202 shares outstanding as of August 6, 2007.

Page 3 of 5 Pages




CUSIP No. 88650R108

        This Amendment No. 1 to the undersigned’s Schedule 13G, which was originally filed on February 14, 2007 (the “Schedule 13G”), with regard to TierOne Corporation (the “Issuer”), is being filed to amend Items 4 and 5 of the Schedule 13G. Except as expressly stated herein, there have been no material changes in the information set forth in the Schedule 13G.

Item 4. Ownership

  Keeley Asset Management Corp.
  (a) Amount Beneficially Owned:  32,731
  (b) Percent of Class:  0.2%
  (c) Number of shares as to which such person has:
  (i) sole power to vote or to direct the vote:  18,831
  (ii) shared power to vote or to direct the vote:  -0-
  (iii) sole power to dispose or to direct the disposition of:  32,731
  (iv) shared power to dispose or to direct the disposition of:  -0-

  Kamco Thrift Partners Limited Partnership
  (a) Amount Beneficially Owned:  -0-
  (b) Percent of Class:  0%
  (c) Number of shares as to which such person has:
  (i) sole power to vote or to direct the vote:   -0-
  (ii) shared power to vote or to direct the vote:   -0-
  (iii) sole power to dispose or to direct the disposition of:  -0-
  (iv) shared power to dispose or to direct the disposition of:  -0-

Item 5. Ownership of Five Percent or Less of a Class.
  If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following |X|.

Page 4 of 5 Pages




CUSIP No. 88650R108

SIGNATURE

        After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date: September 10, 2007

KEELEY ASSET MANAGEMENT CORP.


 
By:  /s/ John L. Keeley, Jr.
        John L. Keeley, Jr., President


 
KAMCO THRIFT PARTNERS LIMITED PARTNERSHIP
By:  Keeley Asset Management Corp., General Partner


 
By:  /s/ John L. Keeley, Jr.
        John L. Keeley, Jr., President






Page 5 of 5 Pages