Barack Ferrazzano Financial Institutions Group served as counsel to QCR Holdings, Inc. (Nasdaq: QCRH) in connection with the divestiture
Dubuque, IA-based Heartland Financial USA, Inc. (“Heartland”) (NASDAQ: HTLF) announced today that on November 30, 2019, Illinois Bank & Trust (“IB&T”), a wholly-owned subsidiary of Heartland headquartered in Rockford, Illinois, completed its acquisition of substantially all of the assets and assumption of substantially all of the deposits and certain other liabilities of Rockford Bank and Trust Company (“Rockford Bank & Trust” or “RB&T”), a wholly-owned subsidiary of Moline, IL-based QCR Holdings, Inc. (“QCRH”) (NASDAQ: QCRH) and headquartered in Rockford, Illinois.
Based on the aggregate net book value of the assets acquired and liabilities assumed by IB&T, the total cash payment by IB&T to RB&T was approximately $46.9 million, inclusive of a purchase price premium of approximately $12.5 million. In addition, QCRH retained net assets of approximately $12.2 million. In total, the transaction is valued at approximately $59.1 million.
RB&T is a full-service community bank that serves the Rockford market from two full-service banking centers. Similarly, IB&T serves commercial businesses, professionals and individuals from eight banking centers in Rockford and the surrounding communities in northwestern Illinois. With the completion of the acquisition of the assets of RB&T, IB&T has total assets of approximately $1.3 billion with 10 full-service banking centers.
Barack Ferrazzano advised QCR Holdings, Inc. with a team including Abdul R. Mitha (Picture), Katherine Fritzi Getz, Neil R. Patel, and Robert M. Fleetwood. Compensation and employee benefits were handled by K.C. Klagos. Tax matters were handled by Michael J. Towne and Alice Lin.
Involved fees earner: Robert Fleetwood – Barack Ferrazzano; K.C. Klagos – Barack Ferrazzano; Alice Lin – Barack Ferrazzano; Abdul Mitha – Barack Ferrazzano; Neil Patel – Barack Ferrazzano; Michael Towne – Barack Ferrazzano;
Law Firms: Barack Ferrazzano;
Clients: QCR Holdings, Inc.;