Moline-based QCR Holdings announced Friday it has acquired Guaranty Federal Bancshares, Inc. (“Guaranty”). Guaranty’s banking subsidiary, Guaranty Bank, will be merged into QCR Holdings’ Springfield-based charter, Springfield First Community (SFC) Bank, with the bank merger effective April 2, 2022.

The new combined bank will retain the Guaranty Bank name and operate under the leadership of CEO Monte McNew and President Shaun Burke, according to a Friday release.

QCR Holdings’ Springfield First Community Bank in Missouri will merge with Guaranty Bank.

“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,” said Larry Helling, QCR Holdings CEO. “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.”

“We are excited to begin a new chapter in southwest Missouri and look forward to serving our clients and our communities as one bank and one team,” said McNew. “There’s tremendous opportunity for us to grow our business with both new and existing clients in these markets while providing the exceptional service they have come to expect.”

Following the bank merger, the Guaranty Bank franchise will have 17 banking locations in Springfield, Joplin, Carthage, Ozark, Marshfield, Nixa and Neosho, Missouri.

Terms of the transaction

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, at the election of each stockholder — $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.

Based upon the $56.59 closing price of QCR Holdings common stock as of March 31, 2022, the transaction is valued at approximately $144.1 million.

About the company

QCR Holdings, Inc., headquartered in Moline, 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, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, 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 Springfield, Mo., was acquired in 2018.

Additionally, QCR serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through its wholly-owned subsidiary, m2 Equipment Finance, LLC, based in Milwaukee, Wis., and also provides correspondent banking services.

Including the recent Guaranty Bank acquisition, the company has 40 locations in Iowa, Missouri, Wisconsin and Illinois. As of Dec. 31, 2021, the combined company had approximately $7.3 billion in assets, $5.4 billion in loans and $5.9 billion in deposits.

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