Banterra makes its Missouri debut in Cape

Despite an economic recession and a housing downturn, Illinois-based Banterra Bank found the Southeast Missouri market lucrative enough to open its first full-service bank in the state.

Banterra earlier opened a loan production office in Cape Girardeau, and on May 27 opened its new full-service banking location at Regent's Parc on North Kingshighway. In keeping with its being first in Missouri, the bank is also Regent's Parc's first tenants, said Mel Bower, marketing manager for Banterra.

"There is a lot of growth in Cape Girardeau," Bower said of the decision to locate here, adding that Cape is a "logical extension for the growth market based in Southern Illinois. Our market research shows there is definitely room for another bank."

The new Cape location joins 27 other locations and 37 ATMs in Illinois, Kentucky and Indiana.

Banterra began in July 1975 in Ridgeway Ill., when the Ridgeway Bank with assets of $11 million was acquired by a group of investors. Soon banks in West Frankfort and Vienna were acquired by a similar group and in 1982 merged into Ridgeway Bancorp.

Ridgeway Bancorp was renamed Banterra in 1983. The name means "Bank of the Earth" and "the concepts inherent in that symbolism are found throughout the company," according to the company's Web site.

Later banks in Marion, Norris City and McLeansboro in Illinois were added and in 1989 services were expanded by establishing Banterra Insurance Service, according to the company's Web site. Branches were opened in Paducah, Ky., and other locations in Illinois. By 1998 Banterra merged five independent bank charters into a single bank, and continued its acquisition of other locations and its measured growth. The company continues to acquire locations in several states with the Cape Girardeau location its most recent, bringing its total assets to nearly $1 billion.

Bower said the company has long-range but unspecified plans to grow the Cape location. Currently, five people are employed at the local branch, Bower said.

Ed Carroll is head of the office and senior commercial lender. Branch manager is Lee Ann Tally; loan officer is Brian Rivenburgh; community banking representative is Debra Brown and deposit support representative is Sara Biri.

Personalized service is key at Banterra Bank, Bower said. At this new location there is no drive-through.

"You come into the bank, and sit down with a bank representative," Bower said. "It's a different approach; a lot of cities are moving toward that more personalized service."

A grand opening will be held at a later date when everything is running smoothly, Bower said.