Community National Bank branches have new managementPublished 6:47am Wednesday, July 24, 2013
The two Community National Bank branches in Austin are under new management.
Rochester-based Eastwood Bank will acquire both Community National Bank branches, which includes $36.8 million in deposits and about $31 million in loans. The proposed sale is expected to close later this year, pending regulatory approval and customary closing conditions.
The Austin branches used to be Community Banks before merging with Community National Bank under QCR Holdings, Inc. in July 2012. Both banks were affiliates of the same parent company, Community National Bancorporation, which formed in 1997.
“Eastwood Bank was looking to expand its presence into Austin before QCR’s acquisition of Community National Bank was announced,” Douglas M Hultquist, president and Chief Executive Officer of QCR Holdings, Inc. “Community National Bank and Eastwood Bank share a similar business model and culture, making this agreement a mutually beneficial transaction.”