- Current report filing (8-K)
December 16 2008 - 5:28PM
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 10, 2008
Date of Report (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
Former name or former address, if changed since last report:
N/A
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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 12, 2008, Team Financial, Inc. (the Company) adopted an employee retention program whereby certain key employees, including the Companys named executive officers, may be eligible to be awarded retention bonuses for continued employment with the Company. The program was adopted because the Companys ability to perform certain critical functions is dependant on the successful retention of various key employees. Under the program, retention bonuses may be awarded at the discretion of Company management and, where warranted, the Compensation Committee of the Board of Directors of the Company. Retention bonuses may range from .25% to 2% of the recipients annual base salary and may not be awarded more than once per week to individual employees.
Item 8.01 Other Events
On December 10, 2008, TeamBank, N.A. (the Bank), a wholly owned
subsidiary of the Company, cured its previously disclosed collateral deficit
with the Federal Home Loan Bank of Topeka (FHLB). The Bank cured the collateral deficit by
pledging additional loans as collateral and through the reduction of the
outstanding balance with a portion of the proceeds from the Banks bank owned
life insurance policies, which the Bank borrowed against. As of December 10, 2008, the Bank had
approximately $105.9 million in total outstanding obligations at the FHLB,
which was comprised of approximately $28.0 million in outstanding letters of
credit and approximately $77.9 million in outstanding advances. Maintaining adequate liquidity for the Bank
continues to be a priority and management of the bank expects to continue to
work with the FHLB to ensure that adequate collateral is available to cover the
outstanding obligations.
The information in this
report is being furnished, not filed, for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended, and will not be incorporated by
reference into any filing under the Securities Act of 1933, as amended, unless
specifically identified therein as being incorporated therein by reference.
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:
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December 16,
2008
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By:
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/s/
Bruce R. Vance
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Bruce R. Vance
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Chief
Financial Officer
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2
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