Moline-based QCR Holdings announced the successful completion of the acquisition of Guaranty Federal Bancshares, Inc., headquartered in Springfield, Missouri.
In a news release, QCR Holdings announced that Guaranty’s banking subsidiary, Guaranty Bank, has been merged into QCR’s Springfield First Community (SFC) Bank.
Based upon the $56.59 closing price of QCR Holdings’ common stock as of March 31, the transaction is valued at about $144.1 million.
The new combined bank will retain the Guaranty Bank name and operate under the leadership of CEO Monte McNew and President Shaun Burke.
“We are very pleased to welcome Guaranty Bank to the QCR Holdings team as we expand our presence in the vibrant southwest Missouri markets where strong relationships with our clients matter,” Larry Helling, QCR’s chief executive officer, said in the release issued Friday. “This combination brings together two organizations that share core values and business strategies, and we look forward to further building upon our market share in the region.”
The Guaranty Bank franchise now has 17 banking Missouri locations in Springfield, Joplin, Carthage, Ozark, Marshfield, Nixa and Neosho.
“We are excited to begin a new chapter in southwest Missouri and look forward to serving our clients and out communities as one bank and one team,” Mr. McNew said in the release. “There’s tremendous opportunity for us to grow our business with both new and existing clients in these markers while providing the exceptional service they have come to expect.”
Under the terms of the merger agreement, former stockholders of Guaranty will have the right to receive – for each share of Guaranty common stock owned – $30.50 in cash; 0.58775 shares of QCR Holdings common stock; or mixed consideration of $6.10 in cash and 0.4702 shares of QCR Holdings common stock, with total consideration to consist of approximately 80% stock and 20% cash.
In addition to Springfield First Community Bank, QCR Holdings is the holding company for multiple wholly-owned subsidiary banks serving the Quad Cities’ bistate region and the Iowa communities of Cedar Rapids, Cedar Valley and Des Moines/Ankeny.
Quad City Bank & Trust Co., based in Bettendorf, commenced operations in 1994. Cedar Rapids Bank & Trust Co. commenced operations in 2001 and Community State Bank, based in Ankeny, was acquired by the company in 2016. QCR acquired the Springfield Community Bank in 2018.