AUSTIN, MN – QCR Holdings is announcing an agreement to sell two more branches of Community National Bank.
Eastwood Bank, based in Rochester, will acquire two Austin branches in an agreement subject to regulatory approval and closing conditions.
“Eastwood Bank was looking to expand its presence into Austin before QCR’s acquisition of Community National Bank was announced,” said QCR President Douglas Hultquist. ”Community National Bank and Eastwood Bank share a similar business model and culture, making this agreement a mutually-beneficial transaction.”
Eastwood Bank will acquire deposits of an estimated $36.8 million and loans of an estimated $30.8 million in the transaction.
“This is an exciting time for our organization as Eastwood Bank expands our reach into Austin,” said Eastwood Financial Corporation President David Talen. ”We also look forward to welcoming aboard the dedicated staff from Community National Bank and the customers they have served.”
Community National Bank became a wholly-owned subsidiary of QCR Holdings on May 13, 2013. The holding company sold two Mason City branches of Community National Bank to Clear Lake Bank and Trust shortly afterward.
This transaction is expected to be complete by the end of the year.