Business
QCR Holdings, Inc. Announces Acquisition of Guaranty Federal Bancshares, Inc.
MOLINE, Ill. and SPRINGFIELD, Mo., Nov. 09, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings”) and Guaranty Federal Bancshares, Inc.
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"MOLINE, Ill. and SPRINGFIELD, Mo., Nov. 09, 2021 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings”) and Guaranty Federal Bancshares, Inc. (NASDAQ: GFED) (“Guaranty”) jointly announced today the signing of a definitive agreement whereby QCR Holdings will acquire Guaranty and merge Guaranty Bank, the banking subsidiary of Guaranty into Springfield First Community Bank (“SFC Bank”), QCR Holdings’ Springfield-based charter. The combined bank will operate under the Guaranty Bank name in all Springfield and southwest Missouri markets. “Springfield and neighboring southwest Missouri markets make up a vibrant region where strong relationships with our clients matter. Guaranty Bank strongly aligns with our culture and our dedication to client service,” said Larry Helling, QCR Holdings Chief Executive Officer. “Enhancing our market share in this region supports our strategic goals and enables us to extend our high-performing and profitable niche business lines benefiting clients and shareholders alike.” Established in 1913, Guaranty Bank currently has 16 banking locations in Springfield, Joplin, Carthage, Ozark, Nixa and Neosho, Missouri, which will expand and complement QCR Holdings’ presence in and commitment to the region. Guaranty reported approximately $1.2 billion in assets and $1.0 billion in deposits as of September 30, 2021. As of September 30, 2021, the combined bank would have approximately $2.0 billion in total assets, $1.5 billion in total loans and $1.6 billion in total deposits. In addition, the combined bank would rank #4 in deposit market share in the Springfield market as of June 30, 2021. Consolidated pro forma total assets as of September 30, 2021 would be $7.2 billion, while consolidated pro forma loans and deposits would be $5.4 billion and $5.9 billion, respectively. “Our M&A strategy has always been about finding the right partners in the right markets that share our core values and business strategy,” said Todd A. Gipple, President, Chief Operating Officer and Chief Financial Officer of QCR Holdings. “The blending of talent and expertise from both SFC Bank and Guaranty Bank, and the increased product and service capabilities of the combined bank, will result in continued strong growth in Springfield and surrounding communities. We are very excited about the opportunities this merger provides.” ...