Team Financial Inc /Ks - Current report filing (8-K)
December 07 2007 - 5:16PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
(Date
of earliest event reported)
December 5, 2007
TEAM
FINANCIAL, INC.
(Exact
name of registrant as specified in its charter)
KANSAS
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000-26335
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48-1017164
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(State
or other jurisdiction
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(Commission
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(I.R.S.
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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8 West
Peoria, Suite 200, Paola, Kansas, 66071
(Address
of principal executive offices) (Zip Code)
Registrants
telephone, including area code:
(913) 294-9667
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
o
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Written
Communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 8.01 Other Events.
On December 5, 2007, TeamBank,
N.A. (the "Company"), a wholly owned subsidiary of Team Financial,
Inc. by way of court-ordered mediation, agreed with International Insurance
Brokers, Ltd., LLC (IIB) to settle all claims regarding the sale of the
Companys former insurance agency subsidiary.
The Companys portion of the settlement is approximately $630,000, with
the Companys corporate insurance policy paying approximately $856,500, for a
total settlement of approximately $1,486,500.
The Companys portion of the $630,000 includes the forfeiture of a
receivable of approximately $60,000.
On February 6, 2007 IIB
had filed a complaint in the United States District Court for the Northern
District of Oklahoma against the Company and certain officers of the Company,
claiming breach of contract, negligent misrepresentation, fraud and
misrepresentation and civil conspiracy in connection with the sale of the
insurance agency that was sold to IIB effective December 31, 2004. Initial damages sought included not less
than $10 million in actual damages, not less than $10 million for
consequential, and not less than $10 million for punitive damages.
Item 9.01 Financial Statements
and Exhibits.
None.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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TEAM FINANCIAL, INC.
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Date: December 7, 2007
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By:
/s/ Richard J. Tremblay
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Richard J. Tremblay
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Chief Financial Officer
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