MOLINE, Ill., May 7, 2015 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (Nasdaq:QCRH) today announced the pricing of an underwritten public offering of 3,200,000 shares of its common stock at a price of $18.25 per share to the public. The Company has granted the underwriters a 30-day option to purchase up to an additional 480,000 shares of common stock. The net proceeds to the Company, after deducting the underwriting discount and estimated offering expenses payable by the Company, are expected to be approximately $55.2 million (or approximately $63.6 million if the underwriters exercise their option to purchase additional shares in full). Subject to customary closing conditions, the public offering is expected to close on May 13, 2015.
The Company intends to use the net proceeds from this offering for the repayment of certain of the Company's debt obligations, to support the restructure of certain long-term wholesale borrowings and structured repurchase transactions and for general corporate purposes, including the pursuit of possible opportunistic acquisitions and other long-term strategic opportunities that may arise in the future.
Keefe, Bruyette & Woods, A Stifel Company, and Raymond James & Associates, Inc. are serving as joint book-running managers and FIG Partners, LLC and D.A. Davidson & Co. are serving as co-managers for the offering.
The offering is being made under the Company's shelf registration statement filed with the Securities and Exchange Commission ("SEC") on June 30, 2014 and declared effective on July 14, 2014.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
The offering may only be made by means of a prospectus and a related prospectus supplement, copies of which may be obtained by contacting Keefe, Bruyette & Woods, Inc., Attention: Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019, telephone (800) 966-1559, or Raymond James & Associates, Inc., Attention: Equity Capital Markets, 222 S. Riverside Plaza, 7th Floor, Chicago, IL 60606, telephone (800) 800-4693. Copies of the prospectus and related prospectus supplement may also be obtained from the SEC's website at: www.sec.gov.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company, which serves the Quad City, Cedar Rapids, and Rockford communities through its wholly owned subsidiary banks. Quad City Bank & Trust Company, which is based in Bettendorf, Iowa, and commenced operations in 1994, Cedar Rapids Bank & Trust Company, which is based in Cedar Rapids, Iowa, and commenced operations in 2001, and Rockford Bank & Trust Company, which is based in Rockford, Illinois, and commenced operations in 2005, provide full-service commercial and consumer banking and trust and asset management services. Quad City Bank & Trust Company also engages in commercial leasing through its wholly owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin. With the acquisition of Community National Bancorporation on May 13, 2013, the Company now serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company.