OREANDA-NEWS. QCR Holdings, Inc. (NASDAQ:QCRH) today announced it has completed its acquisition of Community State Bank (“CSB”), headquartered in Ankeny, Iowa, from Van Diest Investment Company. CSB is an Iowa-chartered bank that operates ten banking locations throughout the Des Moines metropolitan area.  As of June 30, 2016, CSB had $571 million in assets, $433 million in loans and $481 million in deposits.  In the transaction, QCR Holdings acquired 100% of the outstanding common stock of CSB for cash consideration of $80 million. The Des Moines Metropolitan Statistical Area (“MSA”) is ranked 4th in the Top 25 MSAs in Iowa and Illinois by deposits. With a population increase of 6.5% in 2015, Ankeny, Iowa is ranked the third fastest growing city in the U.S., according to the U.S. Census Bureau. Since its formation in 1902, CSB has served its communities with exceptional customer service and comprehensive financial solutions, including banking, investments, and insurance and mortgage services. 

Douglas M. Hultquist, President and Chief Executive Officer of QCR Holdings, stated, “The opportunity to team up with such a solid organization as Community State Bank is unique and we are extremely honored to welcome the clients and employees of CSB to the QCR Holdings family.  This transaction provides the opportunity for QCR Holdings to expand our footprint into a rapidly growing segment of Iowa and to partner with a proven organization that has over a one-hundred year history of providing premier customer service.”

“We believe CSB’s strong financial performance and locally-focused, relationship banking model will add significant value to QCR Holdings.  CSB will continue to operate as a separate bank charter and maintain its local focus and decision-making.  One of our key strategies to drive shareholder value is to acquire strong community banks with great people and great clients, and we believe our two organizations coming together will be a powerful combination,” added Todd A. Gipple, Chief Operating Officer and Chief Financial Officer of QCR Holdings.

“Partnering with a true community banking organization with the commitment to clients and employees that is found at QCR Holdings is an excellent opportunity.  QCR Holdings has the size and scale that will allow CSB to continue growing and meeting the challenges of the complex banking environment we face today.  Both organizations firmly believe in going the extra mile and exceeding the customer’s needs with every interaction.  By joining forces with QCR Holdings, our clients will get more of the same benefits CSB strives to deliver through its “Redefining Simple” principles,” added Ronald M. Nagel, President and Chief Executive Officer of CSB.

Raymond James served as financial advisor to QCR Holdings on the acquisition and Barack Ferrazzano Kirschbaum & Nagelberg LLP served as legal counsel.  Belin McCormick, P.C. served as legal counsel for Van Diest Investment Company.

About QCR Holdings

QCR Holdings, headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, Waterloo/Cedar Falls (Cedar Valley), and Rockford communities through its wholly owned subsidiary banks.  Quad City Bank & Trust Company, which is based in Bettendorf, Iowa, and commenced operations in 1994, Cedar Rapids Bank & Trust Company, which is based in Cedar Rapids, Iowa, and commenced operations in 2001, and Rockford Bank & Trust Company, which is based in Rockford, Illinois, and commenced operations in 2005, each provide full-service commercial and consumer banking and trust and wealth management services.  Quad City Bank & Trust Company also provides correspondent banking services. In addition, Quad City Bank & Trust Company engages in commercial leasing through its wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin.

About Community State Bank

Iowa-chartered CSB has been offering personal and business banking services to central Iowa customers for more than 114 years. CSB currently offers a broad range of financial products, specializing in banking, mortgage, insurance and financial solutions at each of its 10 locations in the Des Moines metropolitan area.