PAOLA, Kan., July 11, 2008 (PRIME NEWSWIRE) -- Team Financial, Inc. (the "Company") (Nasdaq:TFIN) and Keith B. Edquist announced today that they have reached a settlement agreement that will avoid a proxy contest between the parties at the Company's 2008 Annual Meeting of Shareholders scheduled to be held in August 2008. The originally scheduled meeting for June 17, 2008 was postponed.
Under the terms of the settlement, Mr. Edquist has agreed to terminate his efforts to nominate persons for election as Class III directors at the Company's 2008 Annual Meeting of Shareholders, has agreed to vote his shares in favor of the Company's nominees for director at the 2008 Annual Meeting (Robert M. Blachly, Jeffrey L. Renner and Richard J. Tremblay), and has agreed to abide by certain standstill provisions until the earlier of June 30, 2010 or the Company's 2010 Annual Meeting. As part of the settlement, the parties executed a mutual release as well.
Mr. Edquist's obligations are contingent on the agreement by and between the Company and certain investors known as the Bicknell Group, dated June 16, 2008, to remain in full force and effect.
The Company expects to be nominating Robert M. Blachly, Richard J. Tremblay and Jeffrey L. Renner as nominees for election as Class III directors at the 2008 Annual Meeting. Additionally, the Company has agreed to reimburse Mr. Edquist for certain expenses related to his proxy solicitation efforts.
"We are pleased to move forward with Keith Edquist in maintaining and building our shareholder value for the Company," said Robert J. Weatherbie, Chief Executive Officer of Team Financial, Inc. Mr. Edquist stated, "While I was disappointed that the annual meeting was postponed on the 17th of June I am hopeful that the corporate governance changes embodied in the agreement between the Company and the Bicknell Group will provide the framework for the Company to build shareholder value."
IMPORTANT INFORMATION AND WHERE TO FIND IT
In connection with its 2008 Annual Meeting, Team Financial, Inc. intends to file a definitive proxy statement, and other related 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. Investors may also obtain a free copy of the proxy statement and other relevant documents as well as other materials filed with the SEC concerning Team Financial, Inc. at the SEC's website at http://www.sec.gov. These materials and other documents may also be obtained for free from: Secretary, Team Financial, Inc., 8 West Peoria, Suite 200, Paola, Kansas 66071 (913) 294-9667.
The Team Financial, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5145
FORWARD-LOOKING STATEMENTS
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 adverse changes in results of operations, risks related to the Company's expansion strategies, risks relating to loans and investments, including the effect of the change of the economic conditions in areas the Company's borrowers are located, risks associated with the adverse effects of governmental regulation, changes in regulatory oversight, 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.