March 20, 2009
OCC Appoints FDIC Receiver for TeamBank, National Association
WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for TeamBank, National Association, Paola, Kansas. TeamBank's primary market extended throughout Kansas and locations in Missouri and Nebraska. The bank, with approximately $668 million in assets, was chartered as a national bank in 1885. The bank is a wholly owned subsidiary of Team Financial, Inc., Paola, Kansas.
The OCC acted after finding that the bank was undercapitalized and had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank had incurred and is likely to incur losses that will deplete all or substantially all of its capital, and there is no reasonable prospect that the bank will become adequately capitalized. The bank's unsafe and unsound practices also weakened the bank's condition and seriously prejudiced the interests of the bank's depositors and the deposit insurance fund.
The FDIC will release information about the resolution of the bank.