Securities and Exchange Commission
                         Washington, DC  20549

                                FORM 8-K

                              CURRENT REPORT

                  Pursuant to Section 13 or 15(d) of the
                      Securities Exchange Act of 1934


             Date of report (Date of earliest event reported):
                  December 14, 2006 (December 13, 2006)



                            NASB FINANCIAL, INC.
           (Exact Name of Registrant as Specified in Its Charter)



                                  MISSOURI
               (State or Other Jurisdiction of Incorporation)


         0-24033                               43-1805201
 (Commission File Number)       (I. R. S, Employer Identification No.)


                          12498 South 71 Highway
                         Grandview, Missouri 64030
           (Address of Principal Executive offices)(Zip Code)


                               (816) 765-2200
           (Registrant's telephone number, including area code)


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:

[ ] Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))






Item 1.01  Entry into a Material Definitive Agreement, and
Item 2.03  Creation of a Direct Financial Obligation, or an Obligation
           under an Off-Balance Sheet Arrangement of a Registrant


     On December 13, 2006, NASB Financial, Inc. (the "Company"),
through its wholly owned statutory trust, NASB Preferred Trust I,
issued $25 million of pooled trust preferred securities.  The
securities were offered by Trapeza Capital Management, LLC.  The
securities have a variable interest rate of 1.65% over the 3-month
LIBOR and a 30-year term.  The securities are callable, in whole or in
part, after five years of the issuance date.  The Company did not incur
a placement or annual trustee fee related to the issuance.  The
securities are subordinate to all other debt of the Company and
interest may be deferred up to five years.






                              SIGNATURES

     Pursuant to the requirements 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.

                                        NASB FINANCIAL, INC.

December 14, 2006                     By:  /s/ Rhonda Nyhus
                                           Rhonda Nyhus
                                           Vice President and Treasurer