MOLINE, Ill., Nov. 21, 2013 (GLOBE NEWSWIRE) -- QCR Holdings, Inc.
(Nasdaq:QCRH) (the "Company") today announced that its Board of
Directors has approved the conversion of all 25,000 outstanding shares
of the Company's Series E Non-Cumulative Convertible Perpetual
Preferred Stock ("Series E Preferred Stock") into shares of the
Company's common stock. Following this action by the Board of
Directors, the Company's transfer agent, on behalf of the Company,
mailed notices of the conversion to holders of the Series E Preferred
Stock by first class mail. The stock conversion will become effective
on December 23, 2013 (the "Conversion Date").
Each share of the Series E Preferred Stock will be converted into the
number of shares of common stock that results from dividing $1,000 (the
issuance price per share of the Series E Preferred Stock) by $12.15
(the conversion price per share). No fractional shares will be issued
as a result of the conversion of the Series E Preferred Stock. Instead,
holders will be entitled to receive cash in an amount equal to any
fractional shares they are entitled to multiplied by the closing price
of the Company's common stock on December 20, 2013, the trading day
immediately preceding the Conversion Date. As a result, approximately
two million shares of common stock will be issued.
"The conversion of our Series E Preferred Stock is another significant
accomplishment in our previously stated long-term capital plan for the
Company," stated Todd A. Gipple, Executive Vice President, Chief
Operating Officer and Chief Financial Officer. He continued by adding
that "this transaction will increase our tangible common equity by
approximately 100 basis points and will eliminate $1.75 million in
preferred stock dividends, annually. We also continue to be committed
to fully redeeming the remaining $30 million of our Small Business
Lending Fund ("SBLF") preferred stock, and with our recent acquisition
now fully integrated, we are turning our attention toward further
redemptions of the SBLF capital. Executing our capital plan and
avoiding an excessively dilutive common equity raise contributed to the
significant growth in shareholder value that we have experienced in
2012 and 2013."
The conversion is being conducted in reliance upon an exemption from
the registration requirements of the Securities Act of 1933, as
amended. This press release is not an offer to sell or a solicitation
of an offer to purchase any securities of the Company.
(Nasdaq:QCRH) (the "Company") today announced that its Board of
Directors has approved the conversion of all 25,000 outstanding shares
of the Company's Series E Non-Cumulative Convertible Perpetual
Preferred Stock ("Series E Preferred Stock") into shares of the
Company's common stock. Following this action by the Board of
Directors, the Company's transfer agent, on behalf of the Company,
mailed notices of the conversion to holders of the Series E Preferred
Stock by first class mail. The stock conversion will become effective
on December 23, 2013 (the "Conversion Date").
Each share of the Series E Preferred Stock will be converted into the
number of shares of common stock that results from dividing $1,000 (the
issuance price per share of the Series E Preferred Stock) by $12.15
(the conversion price per share). No fractional shares will be issued
as a result of the conversion of the Series E Preferred Stock. Instead,
holders will be entitled to receive cash in an amount equal to any
fractional shares they are entitled to multiplied by the closing price
of the Company's common stock on December 20, 2013, the trading day
immediately preceding the Conversion Date. As a result, approximately
two million shares of common stock will be issued.
"The conversion of our Series E Preferred Stock is another significant
accomplishment in our previously stated long-term capital plan for the
Company," stated Todd A. Gipple, Executive Vice President, Chief
Operating Officer and Chief Financial Officer. He continued by adding
that "this transaction will increase our tangible common equity by
approximately 100 basis points and will eliminate $1.75 million in
preferred stock dividends, annually. We also continue to be committed
to fully redeeming the remaining $30 million of our Small Business
Lending Fund ("SBLF") preferred stock, and with our recent acquisition
now fully integrated, we are turning our attention toward further
redemptions of the SBLF capital. Executing our capital plan and
avoiding an excessively dilutive common equity raise contributed to the
significant growth in shareholder value that we have experienced in
2012 and 2013."
The conversion is being conducted in reliance upon an exemption from
the registration requirements of the Securities Act of 1933, as
amended. This press release is not an offer to sell or a solicitation
of an offer to purchase any securities of the Company.
