Nearly two months after delaying its annual meeting to avoid a potential proxy contest, Team Financial Inc. of Paola, Kan., has an independent chairman and three new directors.
The $848 million-asset company said in a Securities and Exchange Commission filing that Connie Hart, a director since 2006, has been elected as chairman, and that Robert Blachly, Richard Tremblay, and Jeffrey Renner have joined the board.
Team's largest shareholder, Bicknell Group LLC, had been calling on the troubled company to shake up its board. Ms. Hart's election split the chairman and chief executive officer positions. Robert Weatherbie, who had held both titles, will remain the CEO.
The nominations of Ms. Hart and the three new directors were a result of a compromise reached in June by Team, a dissident former director, and Bicknell. That agreement also included the formation of a strategic planning committee that would explore strategic alternatives, including a sale.
Team and its two bank subsidiaries have been deemed in "troubled condition" by the Federal Reserve Bank of Kansas City and the Office of Comptroller of the Currency. The parent company infused its banks with $2 million of capital in May and suspended its dividend in June to preserve $1.1 million of capital. In its latest quarterly filing with the SEC, Team said it expects to seek more capital "in the near term."
Team reported a second-quarter loss of $7 million, or $1.95 a share, compared with a profit of $1.41 million, or 39 cents a share, a year earlier. The loss was driven by a $4.7 million goodwill impairment charge and a $4 million loan-loss provision.
