Exhibit 99.1
QCR Holdings, Inc.
3551 7th Street, Suite 204
Moline, Illinois 61265



                     QCR HOLDINGS, INC. ANNOUNCES REDEMPTION
                          OF TRUST PREFERRED SECURITIES



MOLINE,  IL, MAY 17, 2004 - QCR Holdings,  Inc.  (Nasdaq:  QCRH) (the "Company")
announced  today that QCR Capital Trust I (the "Trust"),  a trust  subsidiary of
the  Company,  will redeem on June 30, 2004 (the  "Redemption  Date") all of its
9.20% Trust  Preferred  Securities  (the "Trust  Preferred  Securities")  (Amex:
CQP.PR.A) and its 9.20% Common  Securities (the "Trust Common  Securities") at a
redemption  price equal to the $10.00  liquidation  amount of each security plus
all  accrued  and unpaid  interest  per  security to the  Redemption  Date.  All
interest  accruing  on the  Trust  Preferred  Securities  and the  Trust  Common
Securities will cease to accrue  effective the Redemption  Date.  Wachovia Trust
Company,  property  trustee of the Trust Preferred  Securities,  will notify the
holders of the redemption.


The  Trust is taking  such  action in connection with the concurrent redemption
by the Company of all of its $12,380,000 9.20% Debentures due September 30, 2029
(the  "Debentures")  which are held exclusively by the Trust. The Debentures are
to be redeemed on the Redemption  Date at a redemption  price equal to the
principal  outstanding  amount  of the  Debentures  plus  interest accrued on
the Debentures up to the Redemption Date.

Special Note Concerning Forward-Looking Statements

This press release contains,  and future oral and written statements of QCR
Holdings,   Inc.  (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,"  "plan," "intend," "estimate,"
"may,"  "will,"  "would,"  "could,"  "should"  or  other  similar   expressions.
Additionally,  all statements in this press release,  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.   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.