Bank may locate downtown

Rockford Bank and Trust expected to initially employ 14

Quad-City Bank and Trust plans to open a downtown Rockford branch within the next two months. Shawn Way, executive vice president of the newly formed Rockford Bank and Trust, said, “We’re contemplating it,” in response to whether plans are to locate the bank in the Morrissey Building at 127 N. Wyman St. Rockford Bank is expected to initially employ 14 people.

Parent company of Quad-City Bank and Trust, QRC Holdings, Inc., announced last week plans to expand into the Rockford market. Todd Gipple, QCR Holdings’ chief financial officer and executive vice president, told the Quad-City Times, “We want to make a real commitment to the downtown.” Gipple compared Rockford’s efforts to attract businesses downtown to similar endeavors in Davenport, Iowa.

Way was formerly with AMCORE Bank. Thomas Budd, who used to work for Bank One, will be Rockford Bank’s chief executive officer and president. Gipple said the Rockford market was targeted because AMCORE and Bank One control 40 percent of the area’s $6 million deposit market, and “we’ve got key people from those banks.”

According to Gipple, AMCORE is focused on markets other than Rockford. Bank One may form the nation’s largest bank if government regulators approve Bank One’s proposed merger with J.P. Morgan Chase.

Doug Hultquist, QCR Holdings’ president and chief executive officer, said, “We believe that the Rockford market provides a significant opportunity for our company to create our third bank charter.”

Enjoy The Rock River Times? Help spread the word!