QCR Holdings in Moline, Ill., has formed a joint venture with Ruhl Mortgage in Moline.
The $2.5 billion-asset QCR said in a press release Friday that the new company will include the mortgage staff from its Quad City Bank & Trust. QCR said the partnership, which will operate as Ruhl Mortgage, should begin operations in the fourth quarter.
The mortgage venture will operate in eastern Iowa, northwestern Illinois and southwestern Wisconsin, "serving each client from application to closing," said Jane Schneider, who will serve as the company's president.
"With this new partnership, Quad City Bank & Trust will be able to expand our product offerings and capitalize on the strengths of both companies," said John Anderson, Quad City Bank's president and chief executive.
All mortgage staff from Quad City Bank & Trust and Ruhl Mortgage, which includes 10 loan officers and assistants and 12 operations and support professionals, have been offered employment with the new company. The venture's operations center will be located in Moline.