QCR Holdings has agreed to acquire Iowa-based Guaranty Bank and Trust Company from Guaranty Bankshares in a deal worth $44.2m.
Cedar Rapids-based Guaranty Bank has five branches, and managed around $267m in assets and around $213m in deposits at the end of March 2017. Under the arrangement, Guaranty Bank will be merged into QCR subsidiary Cedar Rapids Bank & Trust.
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As per the agreed terms, QCR will purchase 100% of Guaranty common stock and certain other assets of Guaranty for 21% cash and 79% QCR common stock.
The deal is expected to be completed in the third quarter or early fourth quarter of 2017, subject to shareholder and regulatory approvals.
QCR COO and CFO Todd Gipple said: “We are pleased to have the opportunity to partner with Guaranty Bank to help create the dominant community banking franchise in the Cedar Rapids area. As one of our key strategies to drive shareholder value, QCR Holdings seeks to participate as an acquirer to further boost ROAA and increase earnings per share. We believe acquiring Guaranty Bank will add to the value and growth of our Company.”
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