July 9 - QCR Holdings Inc. (Nasdaq: QCRH) has announced the signing of a definitive agreement whereby Eastwood Bank, Rochester, Minn., will acquire certain assets and liabilities of the two Austin, Minn., branches of Community National Bank. Eastwood Bank will acquire deposits of approximately
$36.8 million and loans of approximately $30.8 million. The proposed transaction, which is subject to regulatory approval and customary closing conditions, is expected to be completed in the fourth quarter of 2013.
"Eastwood Bank was looking to expand its presence into Austin before QCR's acquisition of Community National Bank was announced. Community National Bank and Eastwood Bank share a similar business model and culture, making this agreement a mutually beneficial transaction," said Douglas M. Hultquist, president and CEO of QCR Holdings Inc.
"This is an exciting time for our organization as Eastwood Bank expands our reach into Austin," said David J. Talen, president, Eastwood Financial Corp. "We are excited to introduce Eastwood Bank to the residents and businesses in the Austin area. We look forward to continuing to offer the best products and services available and we are committed to providing the exceptional customer service that Community National Bank customers are used to. We also look forward to welcoming aboard the dedicated staff from Community National Bank and the customers they have served."
The Oak Ridge Financial Services Group acted as an advisor to Eastwood Bank.
About QCR Holdings Inc.
QCR Holdings Inc., headquartered in Moline, Ill., is a relationship-driven, multibank holding company, which serves the Quad City, Cedar Rapids, Rockford, Waterloo, Cedar Falls, Mason City and Austin, Minn., communities through its wholly owned subsidiary banks. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Rockford Bank & Trust Company, based in Rockford, Ill., commenced operations in 2005, and Community National Bank, based in Waterloo, Iowa commenced operations in 1997, provide full-service commercial and consumer banking and trust and asset management services. Quad City Bank & Trust Company also engages in commercial leasing through its wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wis.