Qcr Holdings Inc 8-K/A, filed Aug 21, 2020
Qcr Holdings Inc (QCRH)
About this 8-K/A
Qcr Holdings Inc filed this 8-K/A on August 21, 2020, reporting on events of August 20, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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CURRENT REPORT
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Explanatory Note
On August 19, 2020, upon the recommendation of the Nomination and Governance Committee, the board of directors (the “Board”) of QCR Holdings, Inc. (“QCR Holdings”) increased the number of directors constituting the Board from 11 to 12 and appointed Brent R. Cobb as a Class II director to fill the resultant vacancy, with such appointment effective August 19, 2020. As with other Class II directors, Mr. Cobb’s initial term will expire at the 2022 annual meeting of shareholders. Mr. Cobb is appointed to the Audit and Risk Oversight Committees of the Board.
Mr. Cobb will be entitled to receive compensation consistent with the previously disclosed arrangements for non-employee directors as described in QCR Holdings’ proxy statement for its 2020 annual meeting of stockholders filed on April 8, 2020. Mr. Cobb is not a party to any transaction, or series of transactions, with QCR Holdings required to be disclosed pursuant to Item 404(a) of Regulation S-K. There is no arrangement or understanding between Mr. Cobb and any other person pursuant to which Mr. Cobb was selected as a director.
On August 20, 2020, QCR Holdings issued a press release announcing the appointment, a copy of which is attached hereto as Exhibit 99.1 and incorporated by reference herein.
On August 20, 2020, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
(d) Exhibits
| Exhibit Number | Description | |
| 99.1 | Press Release, dated August 20, 2020. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QCR Holdings, Inc. | ||
| Date: August 21, 2020 | By: | /s/ Todd A. Gipple |
| Todd A. Gipple | ||
| President, Chief Operating Officer and Chief Financial Officer | ||
EXHIBIT 99.1
QCR Holdings, Inc. Welcomes New Director Brent Cobb and Announces a Cash Dividend of $0.06 Per Share
MOLINE, Ill., Aug. 20, 2020 (GLOBE NEWSWIRE) -- QCR Holdings, Inc. (NASDAQ: QCRH) today announced the appointment of Brent R. Cobb, as a new independent director of the Company, effective August 19, 2020. Mr. Cobb is Chief Executive Officer of World Class Industries, a Hiawatha-based supply chain and value-added manufacturing services company, serving original equipment manufacturers through assembly and supplier consolidation programs.
“Brent is a proven leader with deep expertise in manufacturing and supply chain optimization,” said Larry Helling, Chief Executive Officer. “He will bring additional perspective to our board room and his professional experience will be quite valuable as we continue to grow the company and provide financial solutions that meet the needs of our clients and communities.”
Mr. Cobb currently serves on the board of Cedar Rapids Bank & Trust, a wholly owned QCR Holding subsidiary based in Cedar Rapids, Iowa. Cobb joined World Class Industries in May 2002 as Vice President, subsequently being named President in 2005 and Chief Executive Officer in 2019. Concurrently, Cobb is Chairman of Morton Industries, a global leader in tube fabrication for global equipment manufacturers. Active in the community, he is a past chair of the Greater Cedar Rapids Community Foundation and the founding board chair of the Hiawatha Economic Development Corporation. Additionally, Cobb is involved in YPO Iowa and is a former Chapter Chair. Currently he sits on John Deere’s Direct Material Supplier Council.
Additionally, on August 19, 2020 the Company’s board of directors declared a cash dividend of $0.06 per share payable on October 7, 2020, to holders of common stock of the Company of record on September 18, 2020.
About Us
QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, and Springfield communities through its wholly-owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994, Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001, Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016, and Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company engages in commercial leasing through its wholly-owned subsidiary, m2 Lease Funds, LLC, based in Milwaukee, Wisconsin, and also provides correspondent banking services. The Company has 25 locations in Illinois, Iowa, Wisconsin and Missouri. As of June 30, 2020, the Company had approximately $5.6 billion in assets, $4.1 billion in loans and $4.3 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.
| Contacts: | |
| Todd A. Gipple | Kim K. Garrett |
| President | Vice President, Corporate Communications |
| Chief Operating Officer | Investor Relations Manager |
| Chief Financial Officer | (319) 743-7006 |
| (309) 743-7745 | kgarrett@qcrh.com |
| tgipple@qcrh.com | |