2005 | Press Release

Feb 14, 2005 – Team Financial Announces Quarterly Results and Agreement to Sell Team Insurance Group, Inc.

Press Release
Monday February 14, 4:20 pm ET Source: Team Financial, Inc.
Team Financial, Inc. Announces Quarterly Results and
Agreement to Sell Team Insurance Group, Inc.
PAOLA, Kan., Feb. 14 /PRNewswire-FirstCall/ — Team Financial, Inc. (the Company) (Nasdaq: TFIN),
today announced net income of $844,000, or $.21 basic and diluted income per share, for the three
months ended December 31, 2004, an increase of $161,000, or 24%, compared to $683,000, or $.17
basic and $.16 diluted income per share, for the three months ended December 31, 2003. Net income
for the year ended December 31, 2004 was $3,578,000, or $.88 basic and $.87 diluted income per
share, a decrease of 6%, compared to $3,792,000, or $.93 basic and $.92 diluted income per share,
for the year ended December 31, 2003.
The Company also announced that on February 7, 2005, it signed a definitive agreement to sell its
insurance agency, Team Insurance Group, Inc., located in Tulsa, Oklahoma, to International Insurance
Brokers, Ltd, LLC, an unaffiliated third party, for $7,000,000 cash. Separately identified in the
December 31, 2004 financial information are the assets, liabilities and operating results from this
discontinued operation. Financial information for prior periods presented have been reclassified to
separately disclose discontinued operations. The sale is expected to close in February 2005. Mystic
Capital Advisors Group, LLC provided consulting services to consummate the sale.
“The sale of the insurance agency is advantageous to both parties. It allows the insurance agency to
continue independently servicing its clients’ insurance needs while the Company focuses on growing
our banking services,” stated Robert J. Weatherbie, Chief Executive Officer.
Team Financial, Inc. is a financial services company with approximately $664,000,000 in total assets.
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. Services
provided by continuing operations include a full range of consumer and corporate banking services,
including small business loans, mortgage loans, trust services, and investment and brokerage
services. The insurance agency, which is presented as discontinued operations, operates in the Tulsa,
Oklahoma metropolitan area and represents approximately $8,300,000 of the total assets at December
31, 2004. For additional information on Team Financial, Inc., visit its Web site at
http://www.teamfinancialinc.com or call 913-294-9667.

Similar Posts