New bank opening in Poplar Bluff

Sterling Bank owned by 30 local shareholders

Business Today

POPLAR BLUFF -- When the founders of Sterling Bank went to work a year ago to start the process of opening a new bank, they did so knowing the positive impact the bank could have on the community.

Sterling Bank is a de novo bank, which means it's a newly-chartered bank that was developed and started from the ground up. President and CEO Ken Poteet said it is owned by a group of 30 shareholders, all of whom have strong ties to the Poplar Bluff area.

"We'll be a true community bank, owned and managed by people who are committed to serving the banking needs of our area," Poteet said.

Poteet will be joined on the management team by senior vice president and chief operating officer Steve Shock. The two have been friends since childhood, and both have nearly two decades of experience in the banking business.

"We've both been in the banking industry since 1986 in this market," Shock said.

On Oct. 14, 2003, the founders started planning and working to make the bank a reality. A year later, the planning and development has paid off, with the bank scheduled to open Oct. 1 in its temporary building on Highway PP behind Burger King.

Construction will soon begin on a $3 million, 20,000-square-foot facility that should be completed by the end of 2005. It will be located next to the temporary bank building. The new bank building was designed by the local architectural firm Dille & Traxel.

Sterling Bank's organizers are all local business people. Besides Poteet and Shock, the bank was organized by Dan Coffman, Ken Maddox, Slug Hefner, Steve Holden, Jerry Murphy and Dr. Ken McVey.

The bank will have $8.7 million in capital.