PRESS RELEASE
FOR IMMEDIATE RELEASE Contact:
June 24, 2004 Todd A. Gipple
Executive Vice President
Chief Financial Officer
(309)743-7745
QCR Holdings, Inc.
Announces Expansion to Rockford, Illinois
Market with Creation of
Rockford Bank and Trust Company
QCR Holdings, Inc. (Nasdaq Small Cap: QCRH) today announced that it will
establish a new financial institution in Rockford, Illinois. "We believe that
the Rockford market provides a significant opportunity for our Company to create
our third bank charter," noted Doug Hultquist, QCR Holdings, Inc. President and
CEO. He added, "Rockford Bank and Trust Company will focus on providing the
highest levels of customer service to commercial and retail clients in the
Rockford market, and will share the Quad City Bank and Trust Company and Cedar
Rapids Bank and Trust Company strategy of creating personalized banking
relationships with a team of outstanding local bankers."
Mr. Thomas Budd (formerly of Bank One) will be the President and CEO of the new
bank, while Mr. Shawn Way (formerly of Amcore Bank) will be Executive Vice
President. The Bank expects to operate initially as a branch of Quad City Bank
and Trust Company, while an application for a new bank charter is reviewed and
approved by the regulators.
Tom Budd and Shawn Way are lifelong residents of Rockford, and have a combined
30 plus years of banking experience in the Rockford community. They will
assemble a team of talented bankers and a strong local Board of Directors that
will uniquely position Rockford Bank and Trust Company to serve the Rockford
community.
"Shawn and I are extremely excited by the prospect of creating a bank focused on
the Rockford community," noted Tom Budd. "We want to create a bank that will
focus on this great community in which we were both born and raised. Our roots
and those of our families are firmly embedded in Rockford and our belief in and
support of the city and its citizens will not waiver," said Budd.
"Our mission is to provide our customers the expertise and attention they
deserve, our shareholders the return on investment they demand, and the
community an institution worthy of the name Rockford Bank & Trust," Way stated.
"Our ongoing commitment to the community will include serving on the boards of a
number of local organizations like Milestone, and involvement with several
community initiatives such as the YMCA Strong Kid's Campaign," said Way. "Our
staff will share this same passion for giving back to the community," added
Budd.
Shawn Way noted, "An application for a new bank charter is being prepared and is
expected to be filed in the very near future. QCR Holdings is planning to
initially capitalize the bank at $10 million, through a combination of debt and
new equity to be raised through a private placement of QCR Holdings stock in the
Rockford market." He added, "We intend to continue the QCR Holdings strategy of
building a team of the most talented bankers in the local market, forming a very
strong local Board of Directors consisting of some of the best business people
in the community, and supporting this group with holding company resources in
non-client service areas. This model will allow our team to stay focused on
creating and enhancing client and community relationships in Rockford."
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 credit card processing through
its wholly owned subsidiary, Quad City Bancard, Inc., based in Moline, Illinois.
Special Note Concerning Forward-Looking Statements. This document 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.