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Robert J. Weatherbie was a 35-year company veteran who first assumed the top executive post in 1995. He recently had become the target of unhappy shareholders who complained about his compensation as the company's finances withered. Weatherbie had been able to patch up those relations but not the company's problems.
Team Financial did not name a successor but said a search had begun.
The company, whose shares trade publicly, also seeks additional capital ahead of its own expectation that regulators will formally order the financial infusion. In May, it had added capital to both of its banks, TeamBank, which has offices in the Kansas City area, and Colorado National Bank in Colorado Springs, Colo.
Since then, however, Team had reported a $7 million loss tied to its real estate loan problems and from writing off goodwill that had accumulated through a series of bank purchases over the years.
It also has hired a loan work out manager, changed its credit and loan processes, and begun a search for a new chief credit officer.
Team Financial's announcement thanked Weatherbie for his role in growing the company from a small local lender to a regional institution with $807 million in assets.
"I have a great deal of confidence in our existing board of directors and committed employees," Chairwoman Connie Hart said in the announcement. "I'm convinced that our continued focus on efficiencies and profitability will result in increased shareholder value as well as make us a stronger organization."
Team Financial has struggled with deficiencies in how its banks have handled a concentration in real estate loans. Regulators cited the problem earlier this year in citing the banks as being in "troubled condition."
Team Financial shares had not opened in morning Nasdaq trading after closing Friday at $4.09.
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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