PAOLA, Kan., May 17 /PRNewswire-FirstCall/ -- Team Financial, Inc. (the "Company") 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.
