Team Financial files for Chapter 11

Team Financial Inc. and two subsidiaries have filed for Chapter 11
protection, a few weeks after the two banks owned by the subsidiaries
were seized by regulators.

Team Financial listed $692,410 in assets and $26.7 million in liabilities.

On
March 20, federal regulators took over $670 million TeamBank of Paola,
Kan., after losses largely tied to real estate loans depleted its
capital. Great Southern Bancorp of Springfield, Mo., owner of Great
Southern Bank, took over TeamBank’s branches and bought $450 million in
loans and foreclosed properties.

Regulators also seized a smaller bank indirectly owned by TeamBank, Colorado National Bank in Colorado Springs.

With
the seizures of the two banks, Team Financial was stripped of virtually
all its assets, leaving it with some cash, furniture, fixtures and
equipment. The company has ceased day-to-day business operations and is
liquidating.

Joining Team Financial in bankruptcy court this week
were two wholly owned subsidiaries, Team Financial Acquisition
Subsidiary Inc. and Post Bancorp Inc. The two subsidiaries owned the
stock of the Paola and Colorado Springs banks and served as conduits
transferring money between Team Financial and the banks.

Team
Financial listed 213 shareholders in its filing. Among them were the
family of former pizza magnate Gene Bicknell, which previously had
reported paying more than $6 million for just under 12 percent of Team
Financial’s shares. Another sizable chunk of stock was owned by
employees through an employee stock ownership plan.

Team Financial officials and its bankruptcy attorney did not return calls seeking comment.

To reach Dan Margolies, call 816-234-4481 or send e-mail to margolies@kcstar.com.