Update: The deal announced in March 2018 has been completed. Click on the article below to read more about this transaction.
- Globe Newswire (October 1, 2018)
March 27, 2018 - Globe Newswire
QCR Holdings, Inc. Announces Plans to Acquire the Bates Companies
The Barack Ferrazzano Financial Institutions Group is acting as legal counsel to QCR Holdings, Inc. (Nasdaq: QCRH) ("QCR Holdings") in connection with the pending acquisition of Bates Financial Advisors, Inc., Bates Financial Services, Inc., Bates Securities, Inc., and Bates Financial Group, Inc. (the "Bates Companies”).
The Bates Companies are a $700 million asset financial planning services firm headquartered in Rockford, Illinois. Established by George E. Bates in 1984, the acquisition and merger of the Bates Companies into Rockford Bank & Trust (“RBT”), a wholly owned bank subsidiary of QCR Holdings, will enhance RBT’s wealth management services.
Under the terms of the agreement, QCR Holdings will acquire 100% of the Bates Companies’ outstanding common stock for an aggregate consideration of $3 million cash and up to $3 million of QCR Holdings common stock. In a private placement exempt from registration with the Securities and Exchange Commission, QCR Holdings expects to issue upon closing approximately $1 million of QCR Holdings stock. The transaction is subject to regulatory approvals and the satisfaction of customary closing conditions. It is expected to close late in the second quarter or early third quarter of 2018.
Barack Ferrazzano’s team was led by Brent McCauley and Abdul R. Mitha.
To read more about the transaction, click here.
QCR Holdings, Inc.
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, and Rockford communities through its wholly owned subsidiary banks.
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 — in 2017 we were the #1 legal advisor in the U.S. by announced bank and thrift M&A transactions and 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 S&P Global Market Intelligence. 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 2018 report.