This excerpt taken from the TFIN 10-Q filed Dec 8, 2008.
(18) Subsequent Events
On December 1, 2008 TeamBank entered into multiple agreements to convert its approximately $19.4 million of bank-owned life insurance policies to cash in order to enhance the Banks liquidity. TeamBank expects to receive approximately $16.0 million in cash proceeds from the policy conversion, during the first week of December. As a result of a change in TeamBanks intent to hold its bank owned life insurance policies, TeamBank recorded approximately $1.9 million in tax expense and approximately $525,000 in early withdrawal fee during the quarter ended September 30, 2008 as the proceeds were no longer expected to be nontaxable as of that date. In accordance with U.S. Generally Accepted Accounting Principles, the tax implications of this transaction are reflected in the accompanying unaudited consolidated financial statements for the three and nine months ended September 30, 2008.
This excerpt taken from the TFIN 10-Q filed May 16, 2008.
(13) Subsequent Events
On April 15, 2008, the Company entered into an employment agreement with its Chairman and Chief Executive Officer, Robert J. Weatherbie. Also on April 15, 2008, Richard J. Tremblay, resigned as a member of the Companys Board of Directors and as the Companys Chief Financial Officer. Mr. Tremblays resignation resulted in the forfeiture of 25,000 stock options. The terms of Mr. Weatherbies employment agreement and Mr. Tremblays resignation are described in a Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2008.
In connection with a recent examination of the Banks, on April 24, 2008, both of the Companys subsidiary banks (the Banks) received a letter from the Office of the Comptroller of the Currency (the OCC), Kansas City South Field office, indicating that it believes the Banks are deemed to be in troubled condition for purposes of Section 914 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, and, as a result, the Banks are subject to specified restrictions on operations. These letters were received before the OCCs issuance of its examination report and were based upon the OCC staffs determination that the Banks had deficiencies in credit administration practices, loan risk rating systems, loan loss allowance methodologies, and levels of classified assets. The restrictions provide that: (1) the Banks must notify the OCC 90 days before adding or replacing a member of their respective boards of directors or employing any, or promoting any existing employee as a senior executive
officer, and (2) the Banks may not, except under certain circumstances, enter into any agreements to make severance or indemnification payments or make any such payments to institution-affiliated parties. We expect to cooperate with the OCC to address any regulatory concerns.
Due to the above-mentioned letters received from the OCC and the accompanying restrictions, the Company was informed on May 13, 2008 that it is no longer in technical compliance with some of the terms of its line of credit agreement. The Company has received notification that the lender will grant a waiver through June 30, 2008, the date of the maturity of the line of credit. Typically the Company renews this line of credit as of June 30th each year, and the Company will seek to renew this line of credit again during the second quarter of 2008. While the Company expects that the line of credit will be renewed, it cannot assure that the line of credit will be renewed.
On May 5, 2008, the Company infused $1,750,000 and $250,000 in capital to TeamBank, N.A. and Colorado National Bank, respectively. The capital infusions were funded through the Companys existing line of credit, and the remaining available borrowing capacity under the line of credit is $2 million. We expect to seek further increases in the level of the Banks regulatory capital in the near term, and in order to do so, we expect to consider several alternatives, including seeking additional equity and debt as well as reducing or suspending dividends on our common stock or ceasing to repurchase stock under our stock repurchase program. We cannot, however, assure that we will be successful in raising additional equity or debt, that the capital adequacy levels or loan loss reserves of the Banks will be deemed satisfactory by our banking regulators, that the Banks will not be subject to additional regulatory action, or the impact of such actions on debt covenants.
On May 2, 2008, the Board of Directors approved a merger of our two subsidiary banks, TeamBank, N.A. and Colorado National Bank, subject to approval by our banking regulators. The merger is expected to cost up to approximately $225,000 to complete. Afterwards, we expect approximately $225,000 in annual cost savings resulting from operational efficiencies.
These excerpts taken from the TFIN 10-K filed Mar 26, 2008.
(20) Subsequent Events
On January 18, 2008 a dividend $0.08 per share was paid to shareholders of record on December 31, 2007, as was declared by the Board of Directors on December 3, 2007.
On March 3, 2008, the Board of Directors declared a dividend of $0.08 per share, payable on April 18, 2008 to shareholders of record as of March 31, 2007.
(20) Subsequent Events
On January 18, 2008 a dividend $0.08 per share was paid to shareholders of record on December 31, 2007, as was declared by the Board of Directors on