Clear Lake Bank & Trust Company will acquire certain assets and liabilities of the two Mason City branches of Community National Bank.
QCR Holdings, Inc. announced the signing of a definitive agreement whereby Clear Lake Bank & Trust will acquire deposits of approximately $62 million and loans of $26 million from Community National Bank. The proposed transaction, which is subject to regulatory approval and customary closing conditions, is expected to be completed in the fourth quarter of 2013.
“Clear Lake Bank & Trust has been a downstream correspondent banking partner of QCR Holdings for years, and was looking into expanding its presence into Mason City before our transaction with Community National Bank was announced. It was this existing relationship that led to a mutually beneficial agreement,” stated Douglas M. Hultquist, president and chief executive officer of QCR Holdings, Inc.
“This is an exciting time for our organization, as Clear Lake Bank & Trust expands our reach into downtown Mason City,” said Mark C. Hewitt, president and chief executive officer, Clear Lake Bank & Trust. “For nearly 80 years, we have been privileged to serve our friends and neighbors throughout the Highway 18 corridor. This transaction will allow us to further expand our delivery channels in Mason City for both our retail and business customers. We look forward to welcoming aboard our colleagues from Community National Bank and the customers they have served.”
Clear Lake Bank & Trust is a locally owned, financial services institution with offices in Clear Lake, Garner and Mason City, Iowa. Founded in 1934 in Clear Lake, Iowa, Clear Lake Bank & Trust extended its reach into Hancock County with the addition of a Garner office in 1992. In 2007, Clear Lake Bank & Trust opened its third office, located on Mason City’s west side.
QCR Holdings, Inc., headquartered in Moline, Ill., serves the Quad City, Cedar Rapids, Rockford, Waterloo, Cedar Falls, Mason City and Austin, Minn. communities through its wholly owned subsidiary banks.
Community National Bank, headquartered in Waterloo, Iowa, currently has six Iowa locations – two in Waterloo, two in Cedar Falls and two in Mason City. Community Bank, Austin joined in 2004 serving the southern Minnesota region with two locations. In 2012, Community Bank, Austin merged with Community National Bank. Community National Bancorporation and Community National Bank became a wholly owned subsidiary of QCR Holdings, Inc. on May 13, 2013.