QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings” or the “Company”)
today announced the successful completion of the previously
announced acquisition of Bates Financial Advisors, Inc., Bates
Financial Services, Inc., Bates Securities, Inc., and Bates
Financial Group, Inc. (the “Bates Companies”). Established in
1984 by George E. Bates, the Bates Companies have approximately
$700 million in assets under management and are headquartered in
Rockford, Illinois. The Bates Companies will merge into Rockford
Bank & Trust (“RBT”), one of QCR Holdings five independent
charters.
“We are very pleased to complete this transaction and welcome
the Bates Companies’ clients and employees to the QCR Holdings
family,” remarked Douglas M. Hultquist, President and Chief
Executive Officer of QCR Holdings. “We believe that
partnering with a legacy financial advisor such as the Bates
Companies is a good strategic fit and enables RBT to bolster an
already robust product offering, expand in market and provide
incremental non-interest income to the Company. Importantly,
the Bates Companies has a very experienced leadership team sharing
our mission to deliver exceptional service and comprehensive wealth
management options locally.”
“We’re delighted to join the QCR Holdings organization, and
specifically the Rockford Bank & Trust family,” commented
George E. Bates, President of the Bates Companies. “We
believe our clients will enjoy a smooth transition and look forward
to continuing to offer our customized solutions to our clients in
addition to now being able to offer both banking and trust products
and services to our clients through our partnership with RBT.”
Stockholders of the Bates Companies will receive $3 million of
QCR Holdings common stock and up to $3 million in cash for 100% of
the Bates Companies.
Piper Jaffray & Co. served as financial advisor and Barack
Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel
to QCR Holdings. DeWitt Ross & Stevens S.C. served as legal
counsel to the Bates Companies.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a
relationship-driven, multi-bank holding company serving the Quad
Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, Springfield
and Rockford communities through its wholly owned subsidiary banks
which provide full-service commercial and consumer banking and
trust and wealth management services. Quad City Bank & Trust
Company, based in Bettendorf, Iowa, commenced operations in 1994,
Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa,
commenced operations in 2001, Community State Bank, based in
Ankeny, Iowa, was acquired by the Company in 2016, and Rockford
Bank & Trust Company, based in Rockford, Illinois, commenced
operations in 2005. 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. 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 & Trust Company in October 2017, which merged
with Cedar Rapids Bank & Trust in December 2017. In July
2018, QCR Holdings completed a merger with Springfield Bancshares,
Inc., the holding company of SFC Bank which began operations in
2008 in Springfield, Missouri. With the addition of SFC Bank, QCR
Holdings has 27 locations in Illinois, Iowa, Wisconsin and
Missouri. As of July 1, 2018, QCR Holdings had approximately
$4.7 billion in assets, $3.6 billion in loans and $3.7 billion in
deposits. For additional information, please visit our
website at www.qcrh.com.
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, including the Basel III regulatory capital
reforms, the Dodd-Frank Wall Street Reform and Consumer Protection
Act and the regulations issued thereunder; (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 CSB), 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 SEC.
Contacts:
Todd A. GippleExecutive Vice PresidentChief Operating
OfficerChief Financial Officer(309)
743-7745tgipple@qcrh.com
Christopher J. LindellExecutive Vice PresidentCorporate
Communications(319) 743-7006clindell@qcrh.com
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni QCR (NASDAQ:QCRH)
Storico
Da Lug 2023 a Lug 2024