Quad City B&T marks anniversary

Northwestern Financial Review, Feb 1-Feb 14, 2004

Quad City Bank & Trust Company of Bettendorf, Iowa, commemorated its 10th anniversary on Jan. 7. The $560 million bank was one of two banks to open in the Quad Cities in 1994, Iowa's first new state bank charters in 15 years.

"In 10 years, we have created 180 new jobs in the Quad Cities, while many other institutions are scaling down their local staff," commented Michael Bauer, president of Quad City Bank and Trust. "We have assembled a very talented group of experienced bankers, which enables us to serve our clientele exceptionally. This has been the driving force of our rapid growth."

The bank opened with 18 employees and $4 million in assets. Today the bank has more than 180 employees and four locations, with a fifth office under construction.

Bauer worked at Davenport Bank & Trust for 21 years, serving as the head of correspondent banking when, in 1992, the bank was purchased by Norwest Corp., today Wells Fargo & Co. Bauer was named president of the bank upon completion of the acquisition. He remained for a year, before leaving to join CPA Doug Hultquist in an effort to start a new community bank in the area. Hultquist had been with McGladrey & Pullen. Today, Hultquist is the chairman of Quad City Bank & Trust Company.

Among the strongest contributing departments within the bank are commercial, trust, residential real estate and private banking, the bank reports in a press release.

"As the recognized leader in commercial banking throughout the Quad Cities, the bank has nearly $400 million in outstanding loans to local businesses," said Bauer. "The trust department continues to exceed the size of the bank with more than $650 million under administration. Residential real estate has also been a strong producer. In 2003, the real estate group originated more than 2,000 loans, helping thousands of Quad Cities residents realize their dreams of home ownership. The private banking department has built a strong reputation for outstanding service."

"As we look toward our eleventh year of operation, we want to thank our customers and stockholders for their support and loyalty," said Hultquist. "We remain confident that our community bank will continue to enjoy success."