PRESS RELEASE

FOR IMMEDIATE RELEASE                                                   Contact:
July 1, 2004                                                      Todd A. Gipple
                                                        Executive Vice President
                                                         Chief Financial Officer
                                                                  (309) 743-7745



            QCR HOLDINGS, INC. ANNOUNCES COMPLETION OF ITS REDEMPTION
                          OF TRUST PREFERRED SECURITIES


MOLINE,  IL, July 1, 2004 - QCR Holdings,  Inc.  (Nasdaq:  QCRH) (the "Company")
announced  that QCR Capital  Trust I (the  "Trust"),  a trust  subsidiary of the
Company,  redeemed all of its 9.20% Trust Preferred Securities (Amex:  CQP.PR.A)
and its 9.20%  Common  Securities  at a  redemption  price  equal to the  $10.00
liquidation  amount of each  security  plus all accrued and unpaid  interest per
security. The redemption was completed on June 30, 2004.


The Trust took such action in connection  with the concurrent  redemption by the
Company of all of its $12,380,000  9.20% Debentures due September 30, 2029 which
were held  exclusively by the Trust.  The  Debentures  were redeemed on June 30,
2004 at a  redemption  price equal to the  principal  outstanding  amount of the
Debentures plus all accrued and unpaid interest.

Special Note Concerning Forward-Looking Statements

This press release contains,  and future oral and written statements of QCR
Holdings,   Inc.  (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,"  "plan," "intend," "estimate,"
"may,"  "will,"  "would,"  "could,"  "should"  or  other  similar   expressions.
Additionally,  all statements in this press release,  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.   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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