Bank of Missouri announces plans for $2.5 million facility

Plans for a new $2.5 million Bank of Missouri branch office in west Cape Girardeau are the result of the Perryville-based bank's steady growth and its desire for a stronger presence in this burgeoning market, according to president and CEO David Crader.

"Cape is an exciting market for us and we've had good growth there," Crader said. "It just makes sense for us to expand."

The 110-year-old bank has applied to the Federal Deposit Insurance Corp. to maintain a full-service facility at 3427 William St. Groundbreaking on the two-story, 12,600-square-foot building is expected to begin sometime next month, Crader said. He thought the bank would be finished early next year.

"We want to break ground as soon as we can get approval and get the plans out for bid," Crader said. "We've certainly got a strong team ready to get this done."

The new branch will be built along Route K, in an area west of McDonald's and north of Wal-Mart. The facility will be Bank of Missouri's second in Cape Girardeau, along with the branch at 1622 N. Kingshighway.

They plan to keep both banks open, Crader said. The new bank will also will feature an ATM and offer a full line of banking services, including deposit accounts and loans.

The FDIC lists the bank's total assets at $224.8 million. In addition to the Cape Girardeau branch, the bank operates three branches in Perryville, one in Jackson and one in Marble Hill. As of June 30, 2001, the total deposits added up to $158.8 million.

As big-name banks continue to merge and get bigger, Crader stressed that Bank of Missouri is an independent financial institution.

"We put a lot of emphasis on that," he said. "We're very involved in the communities we're in. Cape has its own board that deals with things that are pertinent to the community down there. That's how we do things."

Originally the Bank of Perryville, the bank received its state charter in 1891. In June 1997, the bank changed its name to the Bank of Missouri and expanded into Cape Girardeau and opened a Jackson office the following year.

smoyers@semissourian.com

335-6611, extension 137