MOLINE — QCR Holdings Inc., the parent company of Quad City Bank & Trust, completed its sale of Rockford Bank & Trust on Nov. 30.
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In a Monday news release, the Moline-based bank announced it completed the sale of the Rockford bank to Illinois Bank & Trust, which is under Heartland Financial USA, Inc.’s corporate umbrella.
The transaction, first announced in August, is valued at approximately $59.1 million, including a cash payment of about $46.9 million from Illinois Bank & Trust to QCR Holdings.
“Divesting of Rockford Bank & Trust enables QCR Holdings to redeploy capital in our other more profitable markets to help drive continued organic and acquisitive growth and provides the best outcome for our shareholders,” Larry Helling, chief executive officer of QCR Holdings, said in a news release.