Owner of Cedar Rapids Bank & Trust buying Ankeny bank

QCR Holdings, corporate parent of Cedar Rapids Bank and Trust, has agreed to purchase Ankeny-based Community State Bank for $80 million in cash from Van Dienst Investment Co.

Community State Bank operates 10 offices in the Des Moines metropolitan area. On March 31, the bank had $595 million in assets, $421 million in loans and $482 million in deposits.

QCR Holdings of Moline, Ill., sold 1.215 million shares of its common stock to institutional investors at $24.75 per share to raise about $30 million of the purchase price after expenses.

In a news release, QCR Holdings cited the population growth of Ankeny and strong deposit base of the Des Moines metropolitan area. Ankeny was the third-fastest growing city in the United States in 2015, according to the U.S. Census Bureau.

'We are extremely honored to welcome the clients and employees of CSB to the QCR Holdings family,” said Douglas Hultquist, QCR Holdings president and CEO in the news release.

'This transaction provides the opportunity for QCR Holdings to expand our footprint in Iowa by partnering with a proven organization that has over a 100-year history of providing premier customer service.”

QCR Holdings is a multi-bank holding company with subsidiary banks in the Quad Cities, Cedar Rapids and Rockford, Ill.