QCR Holdings in Moline, Ill., has agreed to sell three branches to BankIowa in Cedar Rapids.
The $9.8 billion-asset QCR said in a press release that it will sell its Community Bank & Trust division, which includes locations in the Waterloo-Cedar Falls area, $140 million in deposits, and $29 million in loans. The sale includes $153 million of assets under management.
The sale is expected to close in the first quarter; the price wasn’t disclosed.
The sale “reflects our ongoing commitment to strategically allocate resources and optimize our Company for sustained top-tier financial performance,” Todd Gipple, QCR’s president and CEO, said in the release. “While we are grateful for the relationships our team has built in the Waterloo and Cedar Falls markets, we believe this transaction provides the best opportunity for these clients, employees, and communities, while allowing us to sharpen our focus on markets where we see the greatest long-term growth potential.”