Exhibit 99.1
PRESS RELEASE
Contact:
Todd A. Gipple
Executive Vice President
FOR IMMEDIATE RELEASE Chief Financial
Officer
May 8, 2003
(309) 743-7745
QCR Holdings, Inc.
Announces Cash Dividend and Results From Annual Stockholders' Meeting
QCR Holdings, Inc. (NASDAQ / QCRH) announced at yesterday's Annual Stockholders'
Meeting that the Board of Directors has declared a cash dividend of $.05 per
share payable on July 3, 2003, to stockholders of record on June 16, 2003.
"We are very pleased to announce the Company's second semi-annual cash dividend
to stockholders," said Michael A. Bauer, Chairman of the Company and President
of Quad City Bank & Trust. He added, "While we anticipate an ongoing need to
retain much of the Company's operating income to help provide the capital for
continued growth, we believe that operating results have reached a level where
we can sustain dividends to our stockholders as well."
In other events at the Company's Annual Meeting, the stockholders' re-elected
Michael A. Bauer, James J. Brownson, and Henry Royer to serve as Class I
directors for three year terms.
In addition, Chairman Bauer, President of the Company, Douglas M. Hultquist,
along with Larry J. Helling, President of Cedar Rapids Bank and Trust Company,
reviewed historical financial information for the Company and both subsidiary
banks.
President Hultquist added in his remarks, "As we recently disclosed in our
earnings release for the quarter ended March 31, 2003, residential real estate
volumes continue to be very strong in 2003. With recent further declines in
mortgage rates, we anticipate continued strong results in our residential real
estate area in the current quarter."
QCR Holdings, Inc., headquartered in Moline, Illinois, is a multi-bank holding
company, which serves the Quad City and Cedar Rapids communities via its wholly
owned subsidiary banks. Quad City Bank and Trust Company, which is based in
Bettendorf, Iowa and commenced operations in 1994, and Cedar Rapids Bank and
Trust Company, which is based in Cedar Rapids, Iowa and commenced operations in
2001, provide full-service commercial and consumer banking and trust and asset
management services. The Company also engages in merchant credit card processing
through its wholly owned subsidiary, Quad City Bancard, Inc., based in Moline,
Illinois.
Special Note Concerning Forward-Looking Statements. This document (including
information incorporated by reference) contains, and future oral and written
statements of the Company and its management may contain, forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 with respect to the financial condition, results of operations, plans,
objectives, future performance and business of the Company. Forward-looking
statements, which may be based upon beliefs, expectations and assumptions of the
Company's management and on information currently available to management, are
generally identifiable by the use of words such as "believe," "expect,"
"anticipate," "predict," "suggest," "appear," "plan," "intend," "estimate,"
"may," "will," "would," "could," "should" or other similar expressions.
Additionally, all statements in this document, including forward-looking
statements, speak only as of the date they are made, and the Company undertakes
no obligation to update any statement in light of new information or future
events.
A number of factors, many of which are beyond the ability of the Company to
control or predict, could cause actual results to differ materially from those
in its forward-looking statements. These factors include, among others, the
following: (i) the strength of the local and national economy; (ii) the economic
impact of September 11th; (iii) changes in state and federal laws, regulations
and governmental policies concerning the Company's general business; (iv)
changes in interest rates and prepayment rates of the Company's assets; (v)
increased competition in the financial services sector and the inability to
attract new customers; (vi) changes in technology and the ability to develop and
maintain secure and reliable electronic systems; (vii) the loss of key
executives or employees; (viii) changes in consumer spending; (ix) unexpected
results of acquisitions; (x) unexpected outcomes of existing or new litigation
involving the Company; and (xi) changes in accounting policies and practices.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.
Additional information concerning the Company and its business, including
additional factors that could materially affect the Company's financial results,
is included in the Company's filings with the Securities and Exchange
Commission.
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