Exhibit 99.1


                                  PRESS RELEASE

                                                                        Contact:
                                                                  Todd A. Gipple
                                                        Executive Vice President
FOR IMMEDIATE RELEASE                                            Chief Financial
Officer
May 8, 2003
(309) 743-7745

                               QCR Holdings, Inc.

      Announces Cash Dividend and Results From Annual Stockholders' Meeting

QCR Holdings, Inc. (NASDAQ / QCRH) announced at yesterday's Annual Stockholders'
Meeting  that the Board of Directors  has  declared a cash  dividend of $.05 per
share payable on July 3, 2003, to stockholders of record on June 16, 2003.

"We are very pleased to announce the Company's second  semi-annual cash dividend
to stockholders,"  said Michael A. Bauer,  Chairman of the Company and President
of Quad City Bank & Trust.  He added,  "While we  anticipate  an ongoing need to
retain much of the  Company's  operating  income to help provide the capital for
continued  growth,  we believe that operating results have reached a level where
we can sustain dividends to our stockholders as well."

In other events at the Company's Annual Meeting,  the  stockholders'  re-elected
Michael  A.  Bauer,  James  J.  Brownson,  and  Henry  Royer to serve as Class I
directors for three year terms.

In addition,  Chairman  Bauer,  President of the Company,  Douglas M. Hultquist,
along with Larry J. Helling,  President of Cedar Rapids Bank and Trust  Company,
reviewed  historical  financial  information for the Company and both subsidiary
banks.

President  Hultquist  added in his  remarks,  "As we recently  disclosed  in our
earnings  release for the quarter ended March 31, 2003,  residential real estate
volumes  continue to be very strong in 2003.  With  recent  further  declines in
mortgage rates, we anticipate  continued  strong results in our residential real
estate area in the current quarter."

QCR Holdings,  Inc.,  headquartered in Moline, Illinois, is a multi-bank holding
company,  which serves the Quad City and Cedar Rapids communities via its wholly
owned  subsidiary  banks.  Quad City Bank and Trust  Company,  which is based in
Bettendorf,  Iowa and commenced  operations  in 1994,  and Cedar Rapids Bank and
Trust Company,  which is based in Cedar Rapids, Iowa and commenced operations in
2001, provide  full-service  commercial and consumer banking and trust and asset
management services. The Company also engages in merchant credit card processing
through its wholly owned subsidiary,  Quad City Bancard,  Inc., based in Moline,
Illinois.

Special Note Concerning  Forward-Looking  Statements.  This document  (including
information  incorporated  by reference)  contains,  and future oral and written
statements  of the  Company  and its  management  may  contain,  forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 with respect to the  financial  condition,  results of  operations,  plans,
objectives,  future  performance  and business of the  Company.  Forward-looking
statements, which may be based upon beliefs, expectations and assumptions of the
Company's management and on information  currently available to management,  are
generally  identifiable  by the  use  of  words  such  as  "believe,"  "expect,"
"anticipate,"  "predict,"  "suggest,"  "appear," "plan,"  "intend,"  "estimate,"
"may,"  "will,"  "would,"  "could,"  "should"  or  other  similar   expressions.
Additionally,   all  statements  in  this  document,  including  forward-looking
statements,  speak only as of the date they are made, and the Company undertakes
no  obligation  to update any  statement in light of new  information  or future
events.

A number of  factors,  many of which are  beyond the  ability of the  Company to
control or predict,  could cause actual results to differ  materially from those
in its  forward-looking  statements.  These factors include,  among others,  the
following: (i) the strength of the local and national economy; (ii) the economic
impact of September 11th;  (iii) changes in state and federal laws,  regulations
and  governmental  policies  concerning  the Company's  general  business;  (iv)
changes in interest  rates and  prepayment  rates of the Company's  assets;  (v)
increased  competition  in the  financial  services  sector and the inability to
attract new customers; (vi) changes in technology and the ability to develop and
maintain  secure  and  reliable  electronic  systems;  (vii)  the  loss  of  key
executives or employees;  (viii) changes in consumer  spending;  (ix) unexpected
results of acquisitions;  (x) unexpected  outcomes of existing or new litigation
involving the Company;  and (xi) changes in accounting  policies and  practices.
These risks and uncertainties should be considered in evaluating forward-looking
statements  and  undue  reliance  should  not  be  placed  on  such  statements.
Additional  information  concerning  the  Company  and its  business,  including
additional factors that could materially affect the Company's financial results,
is  included  in  the  Company's   filings  with  the  Securities  and  Exchange
Commission.


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