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The combined entity is slated to operate under the Guaranty Bank name.
SBJ file
The combined entity is slated to operate under the Guaranty Bank name.

Guaranty Bank shareholders approve $152M QCR deal

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Shareholders of Springfield-based Guaranty Federal Bancshares Inc. (Nasdaq: GFED) this week gave the green light to the company's acquisition by QCR Holdings Inc. (Nasdaq: QCRH).

During a special meeting held March 21, there were 2.5 million votes in favor of the deal, with 70,550 votes against and 8,802 abstentions, according to a news release. Guaranty Bank Chief Financial Officer Carter Peters said QCR shareholder approval was not required under the deal.

Moline, Illinois-based QCR, the parent company of Springfield First Community Bank, announced the roughly $152 million purchase of Guaranty Bank in November. The deal would create a combined banking entity under the Guaranty Bank name with $2 billion in assets, $1.6 billion in deposits and $1.5 billion in loans. SFC Bank President and CEO Monte McNew will serve as CEO of the combined bank, with Guaranty President and CEO Shaun Burke working as its president, according to past reporting.

Guaranty Bank shareholders this week also approved a compensation plan through which they may receive cash, QCR stock or a mix of both, according to the release.

“We are pleased to have reached this significant milestone toward the closing of this transaction,” said Larry Helling, QCR CEO, in a separate news release. “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.”

Company officials previously announced the acquisition is expected to close by the early second quarter.

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