Team Financial Inc /Ks - Current report filing (8-K)
December 14 2007 - 5:21PM
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
December 11, 2007
(Date of earliest event reported)
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
Written
Communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 1.01
Entry into a Material Definitive Agreement.
On December 11,
2007, Team Financial, Inc., (the Company) entered into a technology
outsourcing renewal agreement that supersedes and replaces the master agreement
entered into by the parties March 1, 2001 with Metavante Corporation, an
unaffiliated company. Under the new
agreement, which is effective December 1, 2007, Metavante Corporation will
provide data processing services to the Company for an additional three years,
expiring on March 31, 2011. The new
agreement provides for an annual base fee of approximately $383,000 per year,
with 3% annual increases to be applied in future years, in addition to specific
line item charges as applicable.
Should the agreement be canceled prior to fulfillment of the entire
contract, the agreement provides for 85% of the estimated remaining value of the
remaining contract as termination charges.
The Company
expects to save approximately $648,000 per year under the new agreement
compared to the terms of the current master agreement entered into in
2001. There were no early termination
penalties incurred as a result of the termination of the master agreement.
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 14,
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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