Mr. Blachly, age 58, has served as a director of our primary bank
subsidiary, TeamBank, N.A. since
Mr. Blachly fills the seat of dissident shareholder,
We believe Mr. Edquist's solicitation is a "sour grapes" attempt to obtain
Board seats, as our Nominating Committee, consisting entirely of independent
members, determined earlier this year that a highly qualified Board candidate,
Mr. Blachly, should be nominated to serve instead of any other candidate. The
Company believes Mr. Edquist and his hand-picked slate of two other nominees
would not result in an increase in shareholder value and their presence on the
Board would not be in the best interests of shareholders. Among other things,
during the time Mr. Edquist served on the Board, he was generally
uncooperative and antagonistic with the other Board members and our employees.
The Company recently rejected an offer by Mr. Edquist to purchase one of our
Mr. Edquist's proxy soliciation expresses concern about the Company's executive pay practices. He has not disclosed that while on our Compensation Committee he was integral to reviewing our executives' compensation and in late 2005 led the approval of an executive employment and salary package for the then chief financial officer which was identical in material form to the compensation package offered to the CEO. The Company, its Board, and the various committees of the Board adhere to the corporate governance practices in compliance with applicable law, under the guiding principle that all actions taken by them will be in the best long-term interests of shareholders. The Compensation Committee, which is comprised solely of independent directors, diligently examines appropriate compensation levels for the Company's named executive officers. Compensation is reviewed annually and is tied to Company performance through numerous factors including asset growth, return on average equity, earnings growth compared to the prior year's performance, and strategic positioning of the Company for the future. The Company disagrees with Mr. Edquist's conclusion that he was relieved of his Board committee responsibilites "...when I objected to the Chairman of the Compensation Committee's procedures." Nominations to our Board are thoroughly discussed and analyzed by our Nominating Committee, all of whom are independent directors, using well thought out, established practices.
We strongly urge our shareholders to vote for the Company's nominees to
the Board, all of whom are highly qualified and committed to our mission of
full service community banking through our dedicated and hard working
employees. Between now and the annual meeting on
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
CERTAIN INFORMATION REGARDING PARTICIPANTS IN THE SOLICITATION
Team Financial, Inc. and its directors are, and certain of its officers
and employees may be deemed to be, participants in the solicitation of proxies
from Team Financial's stockholders with respect to the matters considered at
the Team Financial, Inc. 2008 Annual Meeting. Information regarding these
directors, and these certain officers and employees, is included in the
definitive proxy statement on Schedule 14A filed with the SEC on
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.
SOURCE Team Financial, Inc.