LINCOLN, Neb. (AP) — Former TierOne Bank President James Laphen has testified that he, the bank’s former CEO and other officers deliberately stalled ordering new and more realistic appraisals of construction developments starting in 2008 to keep bank and market regulators at bay.

Laphen’s testimony came Friday in the fraud and conspiracy trial of TierOne Bank’s former CEO and chairman, Gil Lundstrom.

Prosecutors say the 74-year-old Lundstrom and other bank officers hid million-dollar losses from regulators and shareholders. Regulators took over Lincoln-based TierOne in 2010, saying the bank had too many bad loans on its books and lacked sufficient capital to cushion losses. The bank’s assets were sold to South Dakota-based Great Western Bank.

Laphen has pleaded guilty to mail and wire fraud.