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 * GIBSON MICHAEL L   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) President of Investments & CFO (Last) (First) (Middle) PO BOX 402 3. Date of Earliest Transaction (Month/Day/Year) 09/11/2006 (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 09/11/2006   G   700 D $ 15.87 41,000 I Living Trust Dated 04-25-01 Common Stock, No Par Value               114,910 I ESOP Common Stock, No Par Value               14,000 I Michael L. Gibson Self Directed IRA

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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

17,500

17,500

D

Option

$ 8.94

(1)

01/01/2010

Common Stock

10,000

27,500

D

Option

$ 6.625

(1)

01/01/2011

Common Stock

10,000

37,500

D

Option

$ 8.32

(1)

01/01/2012

Common Stock

10,000

47,500

D

Option

$ 10.106

12/31/2003

12/31/2012

Common Stock

2,500

50,000

D

Option

$ 10.106

(1)

01/01/2013

Common Stock

10,000

60,000

D

Option

$ 12.41

(1)

01/01/2014

Common Stock

10,000

70,000

D

Option

$ 12.194

(1)

01/01/2015

Common Stock

10,000

80,000

D

Option

$ 14.3

(1)

01/01/2016

Common Stock

10,000

90,000

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GIBSON MICHAEL L PO BOX 402 PAOLA, KS 66071	X		President of Investments & CFO

Signatures

/s/ Lois Rausch, by power of attorney		09/11/2006
**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. At December 31, 2005, 49,900 shares had vested under these options.
Remarks: EXHIBIT 24.1 Power of Attorney

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