FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * WEATHERBIE ROBERT J   2. Issuer Name and Ticker or Trading Symbol TEAM FINANCIAL INC /KS [TFIN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chairman of the Board, CEO (Last) (First) (Middle) PO BOX 402 3. Date of Earliest Transaction (Month/Day/Year) 05/27/2008 (Street) PAOLA, KS 66071 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock, No Par Value               58,999 I Spouse Common Stock, No Par Value               340 I Minor Children Common Stock, No Par Value               24,663 I Self Directed IRA Common Stock, No Par Value 05/27/2008   A   65 A $ 16 (2) 111,679 I ESOP Common Stock, No Par Value 05/27/2008   A   824 A $ 15.33 (3) 112,503 I ESOP

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option

$ 8.94

12/31/2000

12/31/2009

Common Stock

20,000

20,000

D

Option

$ 8.94

(1)

01/01/2010

Common Stock

15,000

35,000

D

Option

$ 6.625

12/31/2001

12/31/2010

Common Stock

15,000

50,000

D

Option

$ 6.625

(1)

01/01/2011

Common Stock

15,000

65,000

D

Option

$ 8.32

(1)

01/01/2012

Common Stock

15,000

80,000

D

Option

$ 10.1

12/31/2003

12/31/2012

Common Stock

4,000

84,000

D

Option

$ 10.1

(1)

01/01/2013

Common Stock

15,000

99,000

D

Option

$ 12.41

(1)

01/01/2014

Common Stock

15,000

114,000

D

Option

$ 12.194

(1)

01/01/2015

Common Stock

15,000

129,000

D

Option

$ 14.3

(1)

01/01/2016

Common Stock

15,000

144,000

D

Option

$ 15.97

(1)

01/01/2017

Common Stock

15,000

159,000

D

Option

$ 14.81

(1)

01/01/2018

Common Stock

15,000

174,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WEATHERBIE ROBERT J PO BOX 402 PAOLA, KS 66071	X		Chairman of the Board, CEO

Signatures

/s/ Lois Rausch, by power of attorney		05/27/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Shares vest under these options in specified increments upon the reporting person and the company meeting specified financial and/or qualitative objectives and goals. To date, 105,000 shares have vested under these options.
(2)	Annual 2007 TFI ESOP Forfeiture Allocation
(3)	Annual 2007 TFI ESOP Contribution Allocation
Remarks: EXHIBIT 24.1 Power of Attorney

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