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  <p style="border:none;margin:0in 0in .0001pt;padding:0in;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  
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  <p style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">WASHINGTON,
  D.C. 20549</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;">FORM&nbsp;8-K</font></b></h1>
  
  <h1 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></h1>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT
  REPORT</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant
  to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">April&nbsp;24, 2008</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Date of earliest event reported)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">TEAM
  FINANCIAL, INC.</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact name of registrant as specified in its charter)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">KANSAS</font></b></h3>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></h3>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">000-26335</font></b></h3>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></h3>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">48-1017164</font></b></h3>
    </td>
   </tr>
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(State or other jurisdiction</font></b></h3>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h3>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(Commission</font></b></h3>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <h3 style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:normal;">&nbsp;</font></b></h3>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <h3 align="center" style="font-weight:bold;margin:0in 0in .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:normal;">(I.R.S. Employer</font></b></h3>
    </td>
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    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">of incorporation)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">File Number)</font></p>
    </td>
    <td width="2%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:2.0%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="32%" valign="top" style="padding:0in .7pt 0in .7pt;width:32.0%;">
    <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Identification No.)</font></p>
    </td>
   </tr>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">8 West Peoria, Suite&nbsp;200, Paola, Kansas, 66071</font></b></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of principal executive offices) (Zip Code)</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registrant&#146;s telephone, including area code:&#160; <b>(913) 294-9667</b></font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box below if the Form&nbsp;8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions:</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> &#160;Written Communications pursuant to Rule&nbsp;425
  under the Securities Act (17 CFR 230.425)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> &#160;Soliciting material pursuant to Rule&nbsp;14a-12
  under the Exchange Act (17 CFR 240.14a-12)</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> &#160;Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
  the Exchange Act (17 CFR 240.14d-2(b))</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font><font size="2" style="font-size:10.0pt;"> &#160;Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
  the Exchange Act (17 CFR 240.13e-4(c))</font></p>
  
  <div style="border:none;border-bottom:double windowtext 6.0pt;padding:0in 0in 0in 0in;">
  
  <p style="border:none;line-height:200%;margin:0in 0in .0001pt;padding:0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:200%;">&nbsp;</font></p>
  
  </div>
  
  <p style="line-height:200%;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;line-height:200%;">&nbsp;</font></p>
  
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  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item
  8.01 Other Events.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On
  May&nbsp;2, 2008, the Board of Directors of Team Financial,&nbsp;Inc., (the &#147;Company&#148;,
  &#147;our&#148; or &#147;we&#148;) approved a merger of our two subsidiary banks, TeamBank, N.A.
  and Colorado National Bank (the &#147;Banks&#148;), subject to approval by our banking
  regulators.&#160; The merger is expected to
  cost up to approximately $225,000 to complete.&#160;
  Afterwards, we expect approximately $225,000 in annual cost savings
  resulting from operational efficiencies.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">National
  banking-related publications, as well as a recent pronouncement of our primary
  banking regulator, the Office of the Comptroller of the Currency (the &#147;OCC&#148;),
  have indicated that the economic downturn in the national housing market has
  accelerated and is more pronounced than previously estimated.&#160; Our Banks have concentrations in this area of
  lending through real estate construction and land development loans.&#160; The Federal Deposit Insurance Corporation has
  recommended that financial institutions such as our Banks, that have
  concentration levels in these types of loans, increase their levels of loan
  loss allowances and increase capital to provide ample protection from
  unexpected losses if market conditions deteriorate further.&#160; As a result of this guidance and additional
  data becoming available relating to the national economy, and more specifically
  to our market areas, we have increased our Banks&#146; allowance for loan loss
  allocations by an aggregate of $2 million.&#160;
  Specifically, on May&nbsp;2, 2008 the Board of Directors of TeamBank,
  N.A. approved an additional $1,750,000 to be allocated to the </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">allowance
  for loan losses, through a charge to provision for loan losses and on May&nbsp;6,
  2008, the Board of Directors of Colorado National Bank, approved an additional
  $250,000 to be allocated to the allowance for loan losses, through a charge to
  provision for loan losses.&#160; The increased
  loan loss allowance provisions will be reflected in our March&nbsp;31, 2008
  financial statements and will be direct charges to operating results.&#160; Despite these additional allowances for loan
  losses, both Banks continue to be well capitalized in accordance with defined
  regulatory capital adequacy standards.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Because
  of the above factors, we are closely monitoring the Banks&#146; regulatory capital ratios,
  we have infused additional capital into the Banks, and we expect to seek
  further increases in their regulatory capital ratios in the near term.&#160; On May&nbsp;5, 2008, we infused $1,750,000
  and $250,000 in capital to TeamBank, N.A. and Colorado National Bank,
  respectively.&#160; We funded the capital
  infusions through our existing line of credit, and our remaining available
  borrowing capacity under the line of credit is $2 million.&#160; Also, in order to increase their regulatory
  capital ratios and decrease their concentrations in real estate construction
  and land development loans, the Banks may decrease these loan balances through
  loan sales to other financial institutions.&#160;&#160;
  In order to provide additional capital to the Banks, we expect to
  consider several alternatives, including seeking additional equity and debt as
  well as suspending dividends on our common stock.&#160; We cannot, however, assure that we will be
  successful in raising additional equity or debt, that the capital </font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">adequacy
  levels or loan loss reserves of the Banks will be deemed satisfactory by our
  banking regulators, that the Banks will not be subject to additional regulatory
  action, or of the impact of such actions on debt covenants.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
  connection with a recent examination of the Banks, on April&nbsp;24, 2008, the
  Banks each received a letter from the OCC, Kansas City South Field office,
  indicating that it believes the Banks are deemed to be in &#147;troubled condition&#148;
  for purposes of Section&nbsp;914 of the Financial Institutions Reform,
  Recovery, and Enforcement Act of 1989, and, as a result, the Banks are subject
  to specified restrictions on operations.&#160;
  These letters were received before the OCC&#146;s issuance of its examination
  report and were based upon the OCC staff&#146;s determination that the Banks had
  deficiencies in credit administration practices, loan risk rating systems, loan
  loss allowance methodologies, and levels of classified assets.&#160; The restrictions provide that:&#160; (1)&nbsp;the Banks must notify the OCC 90
  days before adding or replacing a member of their respective boards of
  directors or employing any, or promoting any existing employee as a senior
  executive officer, and (2)&nbsp;the Banks may not, except under certain
  circumstances, enter into any agreements to make severance or indemnification
  payments or make any such payments to institution-affiliated parties.&#160; We expect to cooperate with the OCC to
  address any regulatory concerns.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4</font></p>
  
  <div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>
  
  </div>
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  <div>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In
  addition, in light of the above, we have determined to perform goodwill
  impairment tests relating to the financial statement carrying value of each of
  the Banks&#160; under Statement of Financial
  Accounting Standards Number 142, <i>Goodwill and Other
  Intangible Assets.&#160; </i>The Banks
  are currently treated as separate reporting units for purposes of goodwill
  impairment testing.&#160; TeamBank, N.A.
  currently has approximately $4.7 million of goodwill and Colorado National Bank
  currently has approximately $6.0 million of goodwill.&#160; We have engaged an independent third party to
  assist in the valuations of goodwill.&#160; An
  impairment, if any, cannot be estimated until such time as the independent
  valuation is completed.&#160; Any impairment
  would have no impact on the regulatory capital ratios of the Banks.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 9.01 Financial Statements And Exhibits.</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  
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  </div>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURES</font></b></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant
  to the requirement of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TEAM
    FINANCIAL, INC.</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
    </td>
    <td width="44%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:44.44%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;/s/ Robert J. Weatherbie</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.44%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Robert
    J. Weatherbie,</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.34%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
    </td>
    <td width="44%" valign="top" style="padding:0in .7pt 0in .7pt;width:44.44%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chairman
    and Chief Executive Officer</font></p>
    </td>
   </tr>
   <tr>
    <td width="51%" valign="top" style="padding:0in .7pt 0in .7pt;width:51.22%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
    <td width="48%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:48.78%;">
    <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
    </td>
   </tr>
  </table>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:
  May&nbsp;6, 2008</font></p>
  
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6</font></p>
  
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text: UNITED STATES
  SECURITIES
  AND EXCHANGE COMMISSION
  WASHINGTON,
  D.C. 20549
  FORM 8-K
  CURRENT
  REPORT
  Pursuant
  to Section 13 or 15(d) of the Securities Exchange Act of 1934
  April 24, 2008
  (Date of earliest event reported)
  TEAM
  FINANCIAL, INC.
  (Exact name of registrant as specified in its charter)
  KANSAS
  000-26335
  48-1017164
  (State or other jurisdiction
  (Commission
  (I.R.S. Employer
  of incorporation)
  File Number)
  Identification No.)
  8 West Peoria, Suite 200, Paola, Kansas, 66071
  (Address of principal executive offices) (Zip Code)
  Registrant's telephone, including area code:
  (913) 294-9667
  Check the appropriate box below if the Form 8-K filing is intended
  to simultaneously satisfy the filing obligation of the registrant under any of
  the following provisions:
  o
  Written Communications pursuant to Rule 425
  under the Securities Act (17 CFR 230.425)
  o
  Soliciting material pursuant to Rule 14a-12
  under the Exchange Act (17 CFR 240.14a-12)
  o
  Pre-commencement communications pursuant to Rule 14d-2(b) under
  the Exchange Act (17 CFR 240.14d-2(b))
  o
  Pre-commencement communications pursuant to Rule 13e-4(c) under
  the Exchange Act (17 CFR 240.13e-4(c))
  Item
  8.01 Other Events.
  On
  May 2, 2008, the Board of Directors of Team Financial, Inc., (the "Company",
  "our" or "we") approved a merger of our two subsidiary banks, TeamBank, N.A.
  and Colorado National Bank (the "Banks"), subject to approval by our banking
  regulators.  The merger is expected to
  cost up to approximately $225,000 to complete. 
  Afterwards, we expect approximately $225,000 in annual cost savings
  resulting from operational efficiencies.
  National
  banking-related publications, as well as a recent pronouncement of our primary
  banking regulator, the Office of the Comptroller of the Currency (the "OCC"),
  have indicated that the economic downturn in the national housing market has
  accelerated and is more pronounced than previously estimated.  Our Banks have concentrations in this area of
  lending through real estate construction and land development loans.  The Federal Deposit Insurance Corporation has
  recommended that financial institutions such as our Banks, that have
  concentration levels in these types of loans, increase their levels of loan
  loss allowances and increase capital to provide ample protection from
  unexpected losses if market conditions deteriorate further.  As a result of this guidance and additional
  data becoming available relating to the national economy, and more specifically
  to our market areas, we have increased our Banks' allowance for loan loss
  allocations by an aggregate of $2 million. 
  Specifically, on May 2, 2008 the Board of Directors of TeamBank,
  N.A. approved an additional $1,750,000 to be allocated to the
  2
  allowance
  for loan losses, through a charge to provision for loan losses and on May 6,
  2008, the Board of Directors of Colorado National Bank, approved an additional
  $250,000 to be allocated to the allowance for loan losses, through a charge to
  provision for loan losses.  The increased
  loan loss allowance provisions will be reflected in our March 31, 2008
  financial statements and will be direct charges to operating results.  Despite these additional allowances for loan
  losses, both Banks continue to be well capitalized in accordance with defined
  regulatory capital adequacy standards.
  Because
  of the above factors, we are closely monitoring the Banks' regulatory capital ratios,
  we have infused additional capital into the Banks, and we expect to seek
  further increases in their regulatory capital ratios in the near term.  On May 5, 2008, we infused $1,750,000
  and $250,000 in capital to TeamBank, N.A. and Colorado National Bank,
  respectively.  We funded the capital
  infusions through our existing line of credit, and our remaining available
  borrowing capacity under the line of credit is $2 million.  Also, in order to increase their regulatory
  capital ratios and decrease their concentrations in real estate construction
  and land development loans, the Banks may decrease these loan balances through
  loan sales to other financial institutions.  
  In order to provide additional capital to the Banks, we expect to
  consider several alternatives, including seeking additional equity and debt as
  well as suspending dividends on our common stock.  We cannot, however, assure that we will be
  successful in raising additional equity or debt, that the capital
  3
  adequacy
  levels or loan loss reserves of the Banks will be deemed satisfactory by our
  banking regulators, that the Banks will not be subject to additional regulatory
  action, or of the impact of such actions on debt covenants.
  In
  connection with a recent examination of the Banks, on April 24, 2008, the
  Banks each received a letter from the OCC, Kansas City South Field office,
  indicating that it believes the Banks are deemed to be in "troubled condition"
  for purposes of Section 914 of the Financial Institutions Reform,
  Recovery, and Enforcement Act of 1989, and, as a result, the Banks are subject
  to specified restrictions on operations. 
  These letters were received before the OCC's issuance of its examination
  report and were based upon the OCC staff's determination that the Banks had
  deficiencies in credit administration practices, loan risk rating systems, loan
  loss allowance methodologies, and levels of classified assets.  The restrictions provide that:  (1) the Banks must notify the OCC 90
  days before adding or replacing a member of their respective boards of
  directors or employing any, or promoting any existing employee as a senior
  executive officer, and (2) the Banks may not, except under certain
  circumstances, enter into any agreements to make severance or indemnification
  payments or make any such payments to institution-affiliated parties.  We expect to cooperate with the OCC to
  address any regulatory concerns.
  4
  In
  addition, in light of the above, we have determined to perform goodwill
  impairment tests relating to the financial statement carrying value of each of
  the Banks  under Statement of Financial
  Accounting Standards Number 142,
  Goodwill and Other
  Intangible Assets.
  The Banks
  are currently treated as separate reporting units for purposes of goodwill
  impairment testing.  TeamBank, N.A.
  currently has approximately $4.7 million of goodwill and Colorado National Bank
  currently has approximately $6.0 million of goodwill.  We have engaged an independent third party to
  assist in the valuations of goodwill.  An
  impairment, if any, cannot be estimated until such time as the independent
  valuation is completed.  Any impairment
  would have no impact on the regulatory capital ratios of the Banks.
  Item 9.01 Financial Statements And Exhibits.
  None
  5
  SIGNATURES
  Pursuant
  to the requirement of the Securities Exchange Act of 1934, the Registrant has
  duly caused this report to be signed on its behalf by the undersigned hereunto
  duly authorized.
  TEAM
    FINANCIAL, INC.
  By:
  /s/ Robert J. Weatherbie
  Robert
    J. Weatherbie,
  Chairman
    and Chief Executive Officer
  Date:
  May 6, 2008
  6