Last edited 1:29 p.m., July 3, 2018
Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH) on July 1 finalized its cash-and-stock acquisition of Springfield Bancshares Inc., the holding company of Springfield First Community Bank.
Based on QCR’s closing stock price on June 29, the deal is valued at $90.7 million, according to a news release issued yesterday.
Through the deal, QCR gained SFC Bank’s sole branch at 2006 S. Glenstone Ave., as well as its $560 million in assets and $445 million in deposits as of March 31. QCR has roughly $4.6 billion in assets, $3.7 billion in deposits and 27 branches in Missouri and three other states.
SFC Bank maintains its name and local leadership, including CEO Robert Fulp, through the deal, according to the release.
“As a strong independent-minded community bank with an outstanding reputation in its market, SFC Bank is an excellent strategic and cultural fit for our company,” QCR President and CEO Douglas Hultquist said in the release. “With this combination, we enter the very attractive Springfield market with one of the strongest community bank management teams in the region.”
SFC Bank is QCR’s fifth independent charter. The 10-year-old bank is the most recent locally owned bank chartered in Springfield, according to Federal Deposit Insurance Corp. data.
QCR announced in April it signed a definitive agreement to buy SFC Bank.
Steve Childers to lead city’s key growth initiatives, including Forward SGF.