QCR records impairment charge tied to planned advisory group sale

QCR Holdings in Moline, Ill., is planning to sell a financial planning firm less than two years after buying it.

The $5.2 billion-asset company disclosed last week that it will sell Bates Cos. QCR did not disclose the buyer or the price associated with the sale.

QCR did disclose that it recorded a $500,000 goodwill impairment charge in the first quarter tied to the pending sale. The company recorded a $3 million goodwill impairment charge in the fourth quarter associated with the sale and its decision to sell Rockford Bank and Trust.

The company agreed in August to sell the $523 million-asset Rockford to Heartland Financial in Dubuque, Iowa, for $59.2 million in cash.

QCR bought to buy Bates Cos. in October 2018. The group, which offers securities, wealth management services and investment advice, had $700 million in assets under management when QCR agreed to buy it in early 2018.