QCR Holdings, Inc. to Acquire Community State Bank of Ankeny, Iowa
The Barack Ferrazzano Financial Institutions Group, led by John E. Freechack, along with Robert M. Fleetwood, Bill Fay and Abdul R. Mitha, acted as legal counsel for Moline, Illinois based QCR Holdings, Inc. ("QCR" NASDAQ: QCRH) in the signing of a definitive agreement to acquire Ankeny, Iowa based Community State Bank ("CSB"). In the transaction, which is expected to close in the fall of 2016, QCR will acquire 100% of the outstanding common stock of CSB for cash consideration of $80 million. With CSB's headquarters in the third fastest growing city in the nation, according to the U.S. Census Bureau, and its ten banking centers throughout the metropolitan Des Moines area, the pending acquisition places QCR in a strategic position to expand its reach in Iowa and continue CSB's growth in the local community.
In coordination with the acquisition, QCR also announced it has sold 1,215,000 shares of its common stock for approximately $30 million, with plans to use the proceeds of the offering to assist in financing the purchase price of the pending acquisition.
For more information about the pending acquisition, please click here.
Barack Ferrazzano Financial Institutions Group
Our 30-attorney Group has represented more than 250 financial institutions across the country. Our M&A experience is unparalleled—over the past decade, our Group ranked #1 in the Midwest region by number of announced bank and thrift merger and acquisition transactions—according to SNL Financial. The Financial Institutions Group was again named as one of the top financial institution groups in the nation in the U.S. News & Best Lawyers 2016 report.