QCR Holdings, Inc. (NASDAQ:QCRH) (“QCR Holdings”) today announced
the completion of its previously announced acquisition of Guaranty
Bank and Trust Company (“Guaranty Bank”) from Guaranty Bankshares,
Ltd. (“Guaranty”). Established as a de novo bank in 1934,
Guaranty Bank is headquartered in Cedar Rapids, Iowa. The
acquisition and subsequent merger of Guaranty Bank into Cedar
Rapids Bank & Trust Company (“CRBT”) will enhance the footprint
and deposit base of CRBT, a wholly owned subsidiary of QCR
Holdings.
Guaranty Bank had approximately $272 million in assets and
approximately $218 million in deposits as of August 31, 2017.
The synergies between the Guaranty Bank and QCR Holdings approach
to customer service and community involvement are key components in
this strategic acquisition.
“We are delighted to welcome the Guaranty Bank employees,
clients and shareholders to QCR Holdings,” commented Douglas M.
Hultquist, President and Chief Executive Officer, QCR Holdings.
“This transaction provides the opportunity for us to expand our
footprint in Cedar Rapids, partner with a financial institution
with a rich legacy and help create the dominant community bank
franchise in the Cedar Rapids area. Both organizations focus on
recruiting the best people, delivering exceptional, local client
service and building the communities they serve.”
Todd A. Gipple, Chief Operating Officer and Chief Financial
Officer of QCR Holdings, remarked, “With this merger, QCR Holdings
joins forces with a financial services institution long-known for
quality and exceptional customer service. Together, we are creating
an even stronger institution that will benefit our clients and
communities. As one of our key strategies to drive shareholder
value, QCR Holdings seeks to participate as an acquirer to further
boost ROAA and increase earnings per share. We believe
acquiring Guaranty Bank will add to the value and long-term growth
of our Company.”
Robert D. Becker, Chairman and President of Guaranty, said,
“This acquisition and merger by QCR Holdings continues the local
community bank values on which Guaranty Bank was founded over 83
years ago.”
“The merger of Guaranty Bank with CRBT provides our customers,
our stakeholders and our communities a broader range of financial
services giving us an opportunity to exceed their expectations,”
added Christopher J. Lindell, President and Chief Executive
Officer, Guaranty Bank.
Piper Jaffray & Co. served as financial advisor to QCR
Holdings and Barack Ferrazzano Kirschbaum & Nagelberg LLP
served as legal counsel. Sheshunoff & Co. Investment
Banking, L.P. served as financial advisor to Guaranty and Hunton
& Williams LLP served as legal counsel.
Terms of the Transaction
In the acquisition, QCR Holdings will acquire 100% of Guaranty
Bank outstanding common stock and certain other assets of Guaranty
for aggregate consideration in the form of 79% QCR Holdings common
stock and 21% cash. Total consideration received at closing
of the transaction is approximately $42.9 million.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a
relationship-driven, multi-bank holding company, which serves the
Quad City, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, and
Rockford communities through its wholly owned subsidiary
banks. Quad City Bank & Trust Company, which is based in
Bettendorf, Iowa, and commenced operations in 1994, Cedar Rapids
Bank & Trust Company, which is based in Cedar Rapids, Iowa, and
commenced operations in 2001, Community State Bank, which is based
in Ankeny, Iowa and was acquired by the Company in 2016, and
Rockford Bank & Trust Company, which is based in Rockford,
Illinois, and commenced operations in 2005, provide full-service
commercial and consumer banking and trust and wealth management
services. Quad City Bank & Trust Company also provides
correspondent banking services. In addition, Quad City Bank
& Trust Company engages in commercial leasing through its
wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee,
Wisconsin. Additionally, the Company serves the
Waterloo/Cedar Falls, Iowa community through Community Bank &
Trust, a division of Cedar Rapids Bank & Trust Company.
The Company enhanced its presence in Cedar Rapids, Iowa, with the
acquisition of Guaranty Bank and Trust Company in October 2017.
Special Note Concerning Forward-Looking
Statements This document contains, and future oral
and written statements of the Company and its management may
contain, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to
the financial condition, results of operations, plans, objectives,
future performance and business of the Company.
Forward-looking statements, which may be based upon beliefs,
expectations and assumptions of the Company’s management and on
information currently available to management, are generally
identifiable by the use of words such as “believe,” “expect,”
“anticipate,” “predict,” “suggest,” “appear,” “plan,” “intend,”
“estimate,” ”annualize,” “may,” “will,” “would,” “could,” “should”
or other similar expressions. Additionally, all statements in
this document, including forward-looking statements, speak only as
of the date they are made, and the Company undertakes no obligation
to update any statement in light of new information or future
events. A number of factors, many of which are beyond the
ability of the Company to control or predict, could cause actual
results to differ materially from those in its forward-looking
statements. These factors include, among others, the
following: (i) the strength of the local, national and
international economies; (ii) the economic impact of any
future terrorist threats and attacks, and the response of the
United States to any such threats and attacks; (iii) changes
in state and federal laws, regulations and governmental policies
concerning the Company’s general business; (iv) changes in interest
rates and prepayment rates of the Company’s assets;
(v) increased competition in the financial services sector and
the inability to attract new customers; (vi) changes in
technology and the ability to develop and maintain secure and
reliable electronic systems; (vii) unexpected results of
acquisitions, including the acquisition of Guaranty Bank, which may
include failure to realize the anticipated benefits of the
acquisition and the possibility that the transaction costs may be
greater than anticipated; (viii) the loss of key executives or
employees; (ix) changes in consumer spending; (x)
unexpected outcomes of existing or new litigation involving the
Company; and (xi) changes in accounting policies and
practices. These risks and uncertainties should be
considered in evaluating forward-looking statements and undue
reliance should not be placed on such statements. Additional
information concerning the Company and its business, including
additional factors that could materially affect the Company’s
financial results, is included in the Company’s filings with the
Securities and Exchange Commission.
Contact:Todd A. GippleExecutive Vice PresidentChief Operating
OfficerChief Financial Officer(309) 743-7745
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