PAOLA, Kan., June 16, 2008 (PRIME NEWSWIRE) -- Team Financial, Inc. (Nasdaq:TFIN) is pleased to announce that its Board of Directors has taken action to create a Strategic Planning Committee comprised exclusively of independent directors which will be chaired by Connie Hart, an independent director who acquired extensive experience in bank holding company matters during her seven of years of service with the Federal Reserve Bank Kansas City Regional Office. The Strategic Planning Committee will explore all strategic alternatives to maximize and improve shareholder value of the Company, including capital raising alternatives, strategic acquisitions, and mergers of the Company. In addition the Committee will lead the Company's selection of an investment banker and host a series of presentations from various firms scheduled to begin this week.
In addition, Ms. Hart was appointed Vice Chairperson of the Board subject to regulatory notices while the Company finalizes its efforts to bifurcate the position of Board Chairman and CEO which is being coordinated by the Compensation Committee. It is anticipated that Ms. Hart will assume the duties of Chairperson when the Compensation Committee finalizes its contractual negotiations with the current CEO, Robert J. Weatherbie, who now serves in both positions. Mr. Weatherbie has endorsed this effort which will give him the opportunity to focus even more attention on the Company's bank operations.
In addition, the Company officially received from its primary regulator, the Kansas City regional office of the Federal Reserve Bank, a letter dated June 13, 2008, which is similar to those issued by the Office of the Comptroller a few weeks ago with respect to the Company's subsidiary banks. As is customary, the letter provides that the Company is under similar regulatory conditions as those of its subsidiary banks, including prior regulatory notification of changes in senior management and the Board of Directors and restrictions on severance payments to officers, directors and employees.
We urge all stockholders to consider the importance of continuity of the Board during these challenging economic and regulatory conditions and the undesirability of choosing unknown "changes" at the annual meeting tomorrow.
IMPORTANT INFORMATION AND WHERE TO FIND IT
In connection with its 2008 Annual Meeting, Team Financial, Inc. has filed a definitive proxy statement, WHITE proxy card and other materials with the U.S. Securities and Exchange Commission ("SEC"). WE URGE INVESTORS TO READ THE PROXY STATEMENT AND THESE OTHER MATERIALS CAREFULLY WHEN THEY BECOME AVAILABLE, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT TEAM FINANCIAL, INC. AND THE MATTERS TO BE CONSIDERED AT ITS ANNUAL MEETING. Investors may contact Robert J. Weatherbie at (913) 294-9667 or by email at bob.weatherbie@teamfinancialinc.com.
