QCR Holdings redeems remaining small business lending preferreds

By Jennifer Chiou

New York, June 30 – QCR Holdings, Inc. announced in a filing with the Securities and Exchange Commission that it has redeemed its final $14.9 million of small business lending fund preferred stock, thus exiting the government program.

The company said it originally issued $40.1 million of the preferreds to the Treasury under the Small Business Lending Fund Program in September of 2011.

QCR previously redeemed $10.2 million of the securities in June 2012 and $15 million in March 2014.

"The complete redemption of all of the company's SBLF preferred stock, when combined with our December 2013 conversion of the $25 million in series E convertible preferred stock, has significantly changed our mix of capital from preferred equity to common equity," executive vice president, chief operating officer and chief financial officer Todd A. Gipple said in a press release.

“Since June of 2012, we have converted or redeemed $65.1 million of preferred equity and have now completely eliminated any ongoing preferred dividend commitment, while at the same time increasing our common equity by $40.4 million and our tangible common equity ratio from 3.94% to 5.02%.”

Moline, Ill.-based QCR Holdings is a multi-bank holding company.

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