PRESS RELEASE
FOR IMMEDIATE RELEASE Contact:
January 3, 2005 Todd A. Gipple
Executive Vice President
Chief Financial Officer
(309) 743-7745
QCR Holdings, Inc.
Announces Opening of Rockford Bank and Trust Company
QCR Holdings, Inc. (Nasdaq SmallCap/QCRH) announced that today is the official
opening of Rockford Bank and Trust Company, its newest bank subsidiary located
at 127 North Wyman Street, Rockford, Illinois.
"Rockford Bank & Trust 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 & Trust and Cedar Rapids Bank & Trust strategy of creating
personalized banking relationships with a team of outstanding local bankers",
noted Doug Hultquist, QCR Holdings President and CEO.
The executive management team of Rockford Bank & Trust includes Mr. Thomas Budd,
President and CEO, Mr. Shawn Way, Executive Vice President - Retail and Private
Banking, and Mrs. Brenda Nayonis, Senior Vice President - Operations and
Cashier. All three are long time Rockford area residents and bankers.
"Shawn, Brenda and I are extremely excited to have Rockford Bank & Trust become
a reality, and we have been overwhelmed with the community's support of our
business plan during the past several months as we worked to open the Bank",
noted Tom Budd. He continued, "We have begun the process of assembling our staff
of talented bankers, and we will soon be announcing our strong group of local
directors. Our team is uniquely qualified to serve the Rockford community and we
have created an attractive menu of products and services for our retail and
commercial customers."
Shawn Way added, "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. Our
staff and Board of Directors are committed to building a bank that our customers
and our community will be proud of." He continued, "Our facility in the
Morrissey Building at 127 North Wyman is an example of the impact that we will
have on this great community. We are proud to make this investment in Rockford's
revitalizing downtown area and in the next several months we will be announcing
the construction of our second banking facility to provide added convenience for
our customers."
QCR Holdings has provided $10 million in initial capital for Rockford Bank &
Trust, through a combination of debt and $5 million in equity raised in a
private placement of QCR Holdings stock. A large portion of the funds were
obtained through the sale of common stock to local Rockford residents. The new
bank has received all of the necessary regulatory approvals from the Illinois
Department of Financial and Professional Regulation, the Federal Deposit
Insurance Corporation (FDIC), and the Federal Reserve Bank. The Company's
initial bank charter, Quad City Bank & Trust, opened in January of 1994 and is
now more than $600 million in total assets. The Company opened Cedar Rapids Bank
& Trust in September of 2001 and that charter is now more than $200 million in
total assets.
Mr. Todd Gipple, QCR Holdings Executive Vice President and CFO noted, "Rockford
Bank & Trust will continue our 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 focus exclusively 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, Cedar Rapids and Rockford communities via
its wholly owned subsidiary banks. Quad City Bank and Trust Company, which is
based in Bettendorf, Iowa and commenced operations in 1994, Cedar Rapids Bank
and Trust Company, which is based in Cedar Rapids, Iowa and commenced operations
in 2001, and Rockford Bank and Trust Company, which is based in Rockford,
Illinois and commenced operations in 2005, 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.
1
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.
2