US-based QCR Holdings has brokered a deal to acquire Guaranty Federal Bancshares and merge its banking subsidiary into Springfield First Community Bank (SFC Bank).
Worth nearly $152m, the deal awaits regulatory nod.
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The consolidated entity will assume the Guaranty Bank brand.
Guaranty shareholders will get either $30.50 in cash, 0.58775 shares of its stock, or mixed consideration of $6.10 in cash and 0.4702 shares of QCR Holdings stock for each share held.
The acquisition of Guaranty Bank, which has a presence in Springfield, Joplin, Carthage, Ozark, Nixa and Neosho, Missouri, is expected to bolster QCR Holdings’ reach in the region.
QCR Holdings CEO Larry Helling said: “Enhancing our market share in this region supports our strategic goals and enables us to extend our high-performing and profitable niche business lines benefiting clients and shareholders alike.”
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By GlobalDataAt the end of 30 September 2021, Guaranty had $1.2bn in assets and $1bn in deposits.
The merged business will have nearly $2bn in assets, $1.5bn in total loans and $1.6bn in deposits.
SFC Bank president and CEO Monte McNew will become CEO of the merged entity, with Guaranty Bank president and CEO Shaun Burke assuming the role of president.
Burke said: “Joining the QCR Holdings family and the team at SFC Bank is an exciting opportunity for us to expand our product and service offerings while continuing our track record of delivering exceptional client service.”
The deal is expected to complete in the first or second quarter of 2022.
