QCR Holdings completes purchase of SFC Bank

Posted online July 3, 2018 | 12:21 pm

Tim O’Reilly joins the QCR Holdings Inc. board.

Tim O’Reilly joins QCR board

O’Reilly Hospitality Management LLC CEO Tim O’Reilly joined the board of Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH).

The appointment became effective with QCR’s $90.7 million purchase of Springfield First Community Bank, according to a news release.

"As a recognized national business leader, we are excited to have Tim join our board," QCR President and CEO Douglas Hultquist said in the release. "In addition, we welcome the continuity and new perspective Tim brings to the combined organization."

Other QCR board members are:
    •    Hultquist;
    •    Patrick Baird, retired CEO of Aegon USA LLC;
    •    Marie Ziegler, retired executive at Deere & Co.;
    •    Mary Kay Bates, president and CEO of Bank Midwest;
    •    John-Paul Besong, retired executive of Rockwell Collins;
    •    Todd Gipple, chief financial officer and chief operating officer of QCR;
    •    Larry Helling, president and CEO of Cedar Rapids Bank & Trust;
    •    Mark Kilmer, president of The Republic Cos.;
    •    Linda Neuman, founder of Iowa Arbitrators;
    •    Michael Peterson, owner of Peterson Genetics Inc.;
    •    George Ralph III, owner of GTR Realty Advisors LLC; and
    •    Donna Sorensen, president of Sorensen Consulting.

O’Reilly will remain a member of the SFC Bank board, which is staying in place. Other SFC Bank board members, according to the company’s website, are Jim Anderson, Jan Baumgartner, Bob Beine, Kirk Bossert, Brent Davis, Rob Fulp, Larry Lipscomb, Monte McNew, Charlie O’Reilly and John Youngblood.

His O’Reilly Hospitality Management ranked eighth in Springfield Business Journal’s 2018 Dynamic Dozen awards with 2017 revenue of $71.9 million and three-year revenue growth of 44 percent.

Illinois company to buy SFC Bank for $86.7M

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.