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QCR Holdings, Inc. Announces Receipt of Guaranty Federal Bancshares, Inc. Shareholder Approval and Election Deadline
MOLINE, Ill., March 22, 2022 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings”) today announced that, at a special meeting called on March
About this update from Qcr Holdings, Inc.
[{"type":"text","content":"MOLINE, Ill., March 22, 2022 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings”) today announced that, at a special meeting called on March 21, 2022, the stockholders of Guaranty Federal Bancshares, Inc. (“Guaranty”) have approved the previously announced acquisition of Guaranty by QCR Holdings through the merger of Guaranty with and into QCR Holdings (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated November 9, 2021, between QCR Holdings and Guaranty (the “Agreement”). Under the terms of the Agreement, stockholders of Guaranty will have the right to receive for each share of Guaranty common stock owned, at the election of each stockholder, and subject to proration: (i) $30.50 in cash, (ii) 0.58775 shares of QCR Holdings common stock, or (iii) mixed consideration of $6.10 in cash and 0.4702 shares of QCR Holdings common stock, with total consideration to consist of 80% stock and 20% cash. Guaranty’s stockholders shall have until 5:00 p.m., Central Time, on March 25, 2022 (the “Election Deadline”) to elect the form of consideration they wish to receive for their shares of Guaranty common stock in connection with the Merger. The Election Deadline may be extended, in which case QCR Holdings and Guaranty will issue a press release announcing the new election deadline.“We are pleased to have reached this significant milestone toward the closing of this transaction,” said Larry Helling, QCR Holdings Chief Executive Officer. “This combination will enhance our market position in Southwest Missouri, and we are excited to continue delivering exceptional service to our new and existing clients in the region.” About QCR Holdings, Inc.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 and Springfield communities through its wholly-owned subsidiary banks. The banks 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 Springfield First Community Bank, based in Spr...