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In a filing with the Securities and Exchange Commission, Team also said its banks had "engaged in unsafe or unsound banking practices" relating to their lending and supervision. The quoted phrase is standard in enforcement actions in which regulators set out cures for the deficiencies.
Team Financial said it already had boosted its reserves for potential loan losses, added capital to both banks, appointed a "loan workout manager," changed its credit and loan processes and begun a search for a chief credit officer.
"We anticipate the expected enforcement action will require us to raise additional capital," the filing said.
Team's filing also made final the company's report last week that it lost $7 million in the second quarter, largely from adding to its reserves for potential loan losses. The loss also reflected the decision to write off good will associated with previous bank mergers.
Team owns TeamBank, which is based in Paola, Kan., and also operates in the Kansas City area, and Colorado National Bank in Colorado Springs, Colo. Team Financial said it had paused plans to merge the banks but had agreed to sell "one of its Colorado locations" that it values at $1.2 million.
Regulators previously determined both banks were in "troubled condition."
Team's filing Tuesday said it also had been deemed in "troubled condition" by its primary regulator, the Federal Reserve Bank of Kansas City. The findings increase the regulatory scrutiny of the banks and Team Financial.
Team said it was cooperating with regulators to resolve matters. It also is working to improve the condition of its banks' problem loans, many of which it believes are adequately collateralized.
Team Financial shares closed Tuesday at $4.25, down 31 cents.
To reach Mark Davis, call 816-234-4372 or send e-mail to mdavis@kcstar.com.
To see more of The Kansas City Star, or to subscribe to the newspaper, go to http://www.kansascity.com. Copyright (c) 2008, The Kansas City Star, Mo. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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