QCR Holdings announces acquisition of Guaranty Federal Bancshares

QCR Holdings, a multi-bank holding company that serves the Cedar Rapids and the Quad Cities, will acquire Guaranty Federal Bancshares and merge Guaranty Bank into Springfield First Community Bank at an estimated value of $151.6 million.

The combined bank will operate under the Guaranty Bank name in all Springfield, Missouri and southwest Missouri markets.

“Springfield and neighboring southwest Missouri markets make up a vibrant region where strong relationships with our clients matter,” said Larry Helling, QCR Holdings CEO, in a statement. “Guaranty Bank strongly aligns with our culture and our dedication to client service. 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.”

As of Sept. 30, the combined bank would have approximately $2 billion in total assets, $1.5 billion in total loans and $1.6 billion in total deposits.

Based upon the $59.99 closing price of QCR Holdings common stock as of Nov. 5, the transaction is valued at approximately $151.6 million. The transaction is subject to regulatory approvals, approval by Guaranty’s stockholders and certain customary closing conditions, and is expected to close in the first or second quarter of 2022, according to a press release.

QCR Holdings had approximately $6.0 billion in assets, $4.6 billion in loans and $4.9 billion in deposits, as of Sept. 30.

QCR Holdings serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Additionally, QCR Holdings has 24 locations in Iowa, Missouri, Wisconsin and Illinois.

Get the free QCBJ email newsletter

Stay up-to-date with the people, companies and issues that impact business in the  Quad Cities area.