New bank to open in Cape

Business Today

Steve Taylor and Jay Knudtson have left their top executive positions at Bank of America to help start a new bank in Cape Girardeau, a move they say will enable them to get away from the specialized world of mega-banking and back to their roots of community-style finance.

The men have agreed with the owners of First Missouri State Bank, which has four banks including one in Southeast Missouri, to open a branch here.

Taylor will assume the title of local bank president, and Knudtson will be executive vice president.

Taylor and Knudtson are now in the position of having to compete for business against their soon-to-be-former employer. Taylor points out that 60 percent of the entire Cape Girardeau banking market is in the three big banks - Bank of America, Union Planters and US Bank, roughly about $600 million.

He believes some of those customers are yearning for more personal, one-on-one banking.

Taylor said he expects the bank to open by early to mid-November. First Missouri State Bank has signed a letter of intent to lease the existing Bank of America location at the corner of Independence Street and Mount Auburn Road.

Bank of America had planned to close that branch by Sept. 30. The property is owned by the Zimmer Radio Group.