Former Union Planters Bank building sold in Cape

New bank to open on Broadway downtown

Business Today

One of Cape Girardeau's most recognized downtown banking landmarks, located at 325 Broadway, has been sold by Union Planters Bank to Merriwether Investments, a Cape Girardeau real estate investment corporation owned by Jon and Jerrianne Wyman. Tom Kelsey, commercial broker with Lorimont Place Ltd., represented Union Planters Bank in the sale.

Kelsey said the sale closed in July, but the new owners did not want to make an ownership announcement until they finalized their lease for the banking facility portion of the first floor with Security Bank & Trust. The Scott City-based bank will open its fifth branch facility in the former Union Planters facility, and the downtown area will again have a full-service bank.

The two-story building has 35,322 square feet and was originally built by First Federal Savings & Loan Association in 1964. It was converted to a Union Planters Bank branch several years ago. Union Planters announced in early summer it would close in that location, leaving downtown without a banking option. Security Bank & Trust president Larry Uelsmann said he has plans to open in December with five employees.

Kelsey said the entire second floor is being leased as office space by the Federal Prosecutor's Office. That office is expected to relocate to the new Federal Courthouse when it is built.