With shareholder and regulatory approvals received, Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH) today finalized its $152 million acquisition of Springfield's Guaranty Federal Bancshares Inc. (Nasdaq: GFED).
With the acquisition, QCR will merge Guaranty Bank's operations with that of Springfield First Community Bank, which it bought in 2018 in a $90.7 million deal. SFC Bank President and CEO Monte McNew will serve as CEO of the combined bank, with Guaranty President and CEO Shaun Burke working as its president.
"I couldn't be more excited. Our depth of knowledge is unparalleled in our market. That's what brings me comfort," McNew said in an interview for the April 4 edition of Springfield Business Journal. "I just love the people I work with. We try to be honest, open and clear with the direction we're going. That's probably one of the things that I stand on the most."
Board members from each bank will become part of the new Guaranty Bank Board of Directors, led by Chair Jim Anderson, according to Guaranty spokesperson Andrea Gill.
McNew said the combined company will operate under the Guaranty Bank name and from its headquarters at Farmers Park in south Springfield. Guaranty Bank has had a presence in the mixed-use development since 2017, according to past reporting.
Combined with SFC, Guaranty Bank has $2 billion in assets, $1.6 billion in deposits and $1.5 billion in loans, according to past reporting. By deposit market share, the combined company would have ranked No. 4 on last year's list of the top institutions in the Springfield metropolitan statistical area by the Federal Deposit Insurance Corp. Separately, Guaranty was No. 5 and SFC was No. 7.
Guaranty Bank's shareholders approved the deal during a special meeting held March 21.
Plans for the Finley Ridge apartment complex in the growing community of Ozark call for four buildings, four stories apiece, with 48 units each for a total of 192, as well as a 1,500-square-foot shared community and fitness room.