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Team Financial listed $692,410 in assets and $26.7 million in liabilities.
On March 20, federal regulators took over $670 million TeamBank of Paola, Kan., after losses largely tied to real estate loans depleted its capital. Great Southern Bancorp of Springfield, Mo., owner of Great Southern Bank, took over TeamBank's branches and bought $450 million in loans and foreclosed properties.
Regulators also seized a smaller bank indirectly owned by TeamBank, Colorado National Bank in Colorado Springs.
With the seizures of the two banks, Team Financial was stripped of virtually all its assets, leaving it with some cash, furniture, fixtures and equipment. The company has ceased day-to-day business operations and is liquidating.
Joining Team Financial in bankruptcy court this week were two wholly owned subsidiaries, Team Financial Acquisition Subsidiary Inc. and Post Bancorp Inc. The two subsidiaries owned the stock of the Paola and Colorado Springs banks and served as conduits transferring money between Team Financial and the banks.
Team Financial listed 213 shareholders in its filing. Among them were the family of former pizza magnate Gene Bicknell, which previously had reported paying more than $6 million for just under 12 percent of Team Financial's shares. Another sizable chunk of stock was owned by employees through an employee stock ownership plan.
Team Financial officials and its bankruptcy attorney did not return calls seeking comment.
To reach Dan Margolies, call 816-234-4481 or send e-mail to margolies@kcstar.com.
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