QCR Holdings (QCRH) in Moline, Ill., has exited the Small Business Lending Fund.
The $2.4 billion-asset company also filed a registration statement to raise up to $75 million by selling securities that could include common stock, preferred stock, debt securities and warrants. QCR has no immediate plans to issue securities.
The filing follows QCR's redemption of the final $14.9 million in SBLF preferred stock it held.
The company issued $40.1 million in preferred stock to the Treasury Department in 2011 as part of the SBLF. QCR redeemed $10.2 million of the stock in June 2012 and $15 million in March. "Our goal had been to completely redeem our SBLF Preferred Stock during 2014," Douglas Hultquist, QCR's president and chief executive, said in a press release.
The complete redemption of the SBLF stock, along with the December conversion of $25 million in preferred stock, "has significantly changed our mix of capital from preferred equity to common equity," Todd Gipple, QCR's chief operating officer and chief financial officer, said in the release. The moves will enable QCR to reach its target of a 6.5% tangible common equity ratio, he added.
The shelf registration will allow QCR to "take advantage of future opportunities for growth and potential acquisitions," Gipple said.