Union Planters Bank branch to close in downtown Cape

Thursday, February 13, 2003

Business Today

Because of years of decreasing customers, Union Planters Bank officials have decided to shut down the branch at 325 Broadway in Cape Girardeau. When it closes around May 2, there no longer will be a full-service bank downtown.

Letters were mailed to customers Jan. 31 notifying them of the closure, said Union Planters' regional president Charles Daniel.

The Broadway branch has been struggling for several years, Daniel said.

"That spot's been under the microscope for some time," he said. "Each year, we'd roll it and say let's go one more year and see what happens. Then we decided we've got to pull the trigger on it."

The five employees - three full-time and two part-time - will take positions at the bank's two other Cape Girardeau branches on Mount Auburn and North Kingshighway.

"It seemed to us that our customers have found other locations that are more convenient for them," said Daniel.

Union Planters, which owns the building, will honor the lease of the federal attorney's office, which is located on the second floor of the building. When Union Planters sells the building, Daniel said, the new owner will have to honor the lease until the offices are moved to the new federal building.

The only bank remaining downtown is Capaha Bank's training center at 1 S. Main St. No banking is done there, but there is an ATM.

Union Planters took over the Broadway location in 1990. Before that, the building had been First Federal Savings and Loan, which moved into the new office building in 1964.

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