Team Financial, Inc. Announces Repurchase Agreement
May 17 2006 - 6:00PM
PR Newswire (US)
PAOLA, Kan., May 17 /PRNewswire-FirstCall/ -- Team Financial, Inc.
(the "Company") (NASDAQ:TFIN) and McCaffree Financial Corporation
and nine other affiliated members of a collective filing group (the
"Sellers"), announced today an agreement whereby the Company will
repurchase 377,200 shares of the Company's common stock from the
Sellers for $6,223,800, or $16.50 per share, no later than June 1,
2006. Among other conditions set forth in the agreement, the
Sellers agree, for a period of ten years, not to own any voting
securities of the Company or to take any action to acquire or
affect control of the Company. The Sellers will also assign the
proxy voting rights of their shares, which they held as of the
record date for the upcoming annual meeting in June, 2006, to the
Company. Columbian Bank and Trust Company, an affiliate of
McCaffree Financial Corporation, has also agreed to provide
TeamBank, N.A. and/or Colorado National Bank, both of which are
wholly-owned subsidiaries of the Company, the opportunity to
participate in an aggregate of $50 million of loans originated by
Columbian Bank, with a term that extends to at least December 31,
2007. All such loan participations will be purchased with customary
terms, and made in the ordinary course of business. Team Financial,
Inc. is a financial services company with approximately
$700,000,000 in total assets as of March 31, 2006. It operates in
the Kansas City metropolitan area, southeastern Kansas, western
Missouri, the Omaha, Nebraska metropolitan area, and in the
Colorado Springs, Colorado metropolitan area. The Company offers a
full range of consumer and corporate banking services, including
small business loans, mortgage loans, trust services, and
investment and brokerage services. For additional information on
Team Financial, Inc., visit its Web site at
http://www.teamfinancialinc.com/ or call 913-294-9667. This press
release contains forward-looking statements under the Private
Securities Litigation Reform Act of 1995 that are subject to
certain risks and uncertainties that could cause actual results to
differ materially from historical income and those presently
anticipated or projected. The Company cautions readers not to place
undue reliance on any such forward looking statements, which speak
only as of the date of this release. Such risks and uncertainties
include those detailed in the Company's filings with the Securities
and Exchange Commission, risks of adversely changing results of
operations, risks related to the Company's acquisition strategy,
risks relating to loans and investments, including the effect of
the change of the local economic conditions, risks associated with
the adverse effects of the changes in interest rates, and
competition for the Company's customers by other providers of
financial services, all of which are difficult to predict and many
of which are beyond the control of the Company. DATASOURCE: Team
Financial, Inc. CONTACT: Michael L. Gibson, President of
Investments-CFO of Team Financial, +1-913-294-9667, Web site:
http://www.teamfinancialinc.com/
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