QCR Holdings to buy Missouri banks

In a further sign of consolidation in the financial sector, Moline, Ill.-based QCR Holdings announced Tuesday it aims to acquire Guaranty Federal Bancshares of Springfield, Mo.

As of September 30, 2021, the combined bank would have approximately $2.0 billion in total assets, $1.5 billion in total loans and $1.6 billion in total deposits.

QCR Holdings has branches in the Cedar Rapids, Quad Cities, Cedar Valley, Des Moines-Ankeny and Springfield areas through wholly owned subsidiary banks.

Guaranty Bank currently has 16 banking venues, all in Missouri.

Upon completion of the merger, Springfield First Community Bank President and CEO Monte McNew will serve as CEO of the combined bank, while Guaranty Bank President and CEO Shaun Burke will become its president.

The deal is subject to regulatory approvals, approval by Guaranty’s stockholders and customary closing conditions, the banks noted in a news release.

The transaction is expected to close in the first or second quarter of 2022, the release said.