We present results of two‐dimensional (2‐D) magnetohydrodynamic (MHD) simulations of the terrestrial magnetotail. A regional adaptation of the Lyon‐Fedder‐Mobarry global MHD model is used. As initial conditions, we employ a class of asymptotic magnetotail equilibria with and without an accumulation of magnetic flux at the tailward end (a Bz hump). The former have been recently shown by full particle simulations to be unstable to a kinetic mode with formal properties of ion tearing. Thus, our goal here is to investigate the evolution of the same equilibria in the MHD approximation and assist in the physical interpretation of the kinetic simulations. This is additionally motivated by the energy principle considerations which suggest that if the system is unstable kinetically, it may also be unstable ideally. To seek dynamical MHD regimes similar to those observed in kinetic simulations, we implement two sets of boundary conditions (velocity balanced, VB, and momentum balanced, MB), one allowing plasma flows through the boundaries and the other inhibiting such flows. The use of more reflecting MB boundary conditions results in suppression of any significant dynamics, and we see no substantial changes beyond initial equilibrium relaxation. On the other hand, VB boundary conditions allow a more efficient relaxation of initial equilibrium and absorb subsequently generated plasma flows. With these boundary conditions we find the equilibrium without a flux accumulation (i.e., with constant magnetic field component normal to the current sheet) to develop an apparently resistive mode accompanied by tailward plasma flows. At the same time, the equilibria with a Bz hump of sufficiently large amplitude develop a different, ideal, mode characterized by spontaneous generation of earthward plasma flows and an exponential growth of the corresponding electric field. This growth is qualitatively similar to the corresponding fully kinetic simulations although no explosive growth of the earthward moving Bz peak is evident in the MHD calculations, just an earthward shift of a part of the initial flux accumulation. We discuss implications of our results for the possibility of existence and impact of such equilibria in the Earth's magnetotail and in global MHD simulations.