QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings” or the
“Company”), today announced that, effective at the annual
stockholders meeting on May 23, 2019, Douglas M. Hultquist will
retire from the Company’s board of directors and from his roles as
President and Chief Executive Officer. Leadership will
transition upon Mr. Hultquist’s retirement to current executive
leaders and Company directors, Larry J. Helling and Todd A.
Gipple. Mr. Helling will become Chief Executive Officer of
the Company and Mr. Gipple will become President.
“Our deepest thanks to Doug for his vision and leadership which
took QCR Holdings from a concept 25 years ago to today’s successful
$4.8 billion multi-bank holding company,” remarked Pat Baird, Chair
of QCR Holdings. “Doug’s unrelenting focus on clients,
dedication to local control and his collaborative style have been
the keys to growing the organization from a single de novo bank in
1993 to a regional company with five charters. We also
appreciate Doug giving the Board the time to put together a good
succession plan. We look forward to Doug’s continued
friendship and support of our Company for many years into our
future.”
“It’s been a privilege to serve and see the huge positive impact
that QCR Holdings has made and continues to make in the lives of
our teammates, clients and communities. Our success has been
built on hiring the best people. Thank you to each of the over 750
very talented employees for your dedication and the exceptional
difference you make for our clients. I shall always be
indebted to my friend and co-founder of the Company, Mike Bauer,”
said Mr. Hultquist. “Much like today, 25 years ago the
banking industry was experiencing consolidation. In the Quad Cities
commercial clients had few choices. Our vision was simple –
focus on the client relationship. Although I am retiring in
May, I will continue to be a director of Springfield First
Community Bank, our newest bank subsidiary, and I will also
continue to serve on the board of my alma mater, Augustana
College.”
Days after 9/11 in 2001, Mr. Helling led the Company’s creation
of Cedar Rapids Bank & Trust, which today, at $1.3 billion in
assets, is the largest community bank serving the Cedar Rapids,
Iowa area. “I’m honored and humbled to soon take on the CEO
role at QCR Holdings,” said Mr. Helling. “I look forward to leading
our team as we continue to build relationships that help our
clients. As our clients and communities prosper our Company
will continue to deliver value to our
shareholders.”
Mr. Helling, an Iowa native and graduate of Iowa State
University, has over 30 years of commercial banking experience. He
previously was the Executive Vice President and Regional Commercial
Banking Manager of Firstar Bank, now US Bank, in Cedar Rapids with
a focus on the Cedar Rapids metropolitan area and the Eastern Iowa
region. Prior to his six years with Firstar, Mr. Helling spent 12
years with Omaha National Bank. Mr. Helling is recognized as a
community leader in the Cedar Rapids Metro area and also serves as
the Chief Executive Officer and President of Cedar Rapids Bank
& Trust. Mr. Helling will continue to reside in Cedar
Rapids and serve in his roles at Cedar Rapids Bank & Trust.
Mr. Gipple, who joined QCR Holdings in 2000, will remain Chief
Financial Officer and Chief Operating Officer in addition to his
new duties as President.
Mr. Gipple, an Iowa native and graduate of the University of
Northern Iowa and a Certified Public Accountant, began his career
with KPMG Peat Marwick in 1985 where he and Mr. Hultquist worked
together. He specialized in financial institutions taxation and
mergers and acquisitions throughout his 14-year career in Public
Accounting. Today, Mr. Gipple serves in an executive
leadership role and is a valuable board member of multiple QCRH
charters. He is also an active community leader in the Quad
Cities.
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. In 2018, the Company acquired the Bates
Companies, a wealth management firm. 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 & 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 of Springfield,
Missouri. With the addition of SFC Bank, QCR Holdings has 27
locations in Illinois, Iowa, Wisconsin and Missouri. As of
September 30, 2018, QCR Holdings had approximately $4.8 billion in
assets, $3.7 billion in loans and $3.8 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, state, 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, 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.
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
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