New Cape bank to build second facility

Assets of $500 million

By Jim Obert

Business Today

There are quite a few banks in the region with the word "First" in their name. In fact, that word is the first word in their names. In Cape Girardeau, First State Community Bank, which opened eight months ago on North Kingshighway, will build a second facility at Broadview and Williams.

The two-story, 9,500-square-foot commercial loan center will be built on a 1.3-acre site west of Applebee's. It is expected to open within nine to 12 months.

"We're in the process of putting together initial plans and costs estimates," said Charles Daniel, bank president. "The building will be much bigger than our current facility."

First State Community Bank is headquartered in Farmington. It has branches in 15 cities and towns in Southeast Missouri. The bank is celebrating its 50th anniversary this month.

Daniel said his bank branch is not one of the biggest in Cape, but it's also not a small community bank.

"We're big enough that we can loan about $13 million to a single borrower," said Daniel, adding the bank has assets of $500 million. "But we're not so big that we don't offer good personal service. It's a pretty complete blend of high-touch service and large assets."

Daniel said the current facility will be used as a banking retail center. Most of its six employees will transfer to the new branch, which will focus on commercial loan business. Daniel expects to hire several more employees for the retail center.

Daniel said he likes the location of the two facilities. "This expansion will place us at both ends of town where there's high-traffic flow. We have a lot of customers who are excited about this."

Construction of the new facility should begin within 60 days.

Daniel has been in the banking business 30 years, 19 years in Cape where he was president of the former Capital Bank Corp., and he also worked for Union Planters Bank after it acquired Capital Bank. He left Union Planters about a year ago to open First State Community Bank.

"We've got an expansion going, we've got the right size, and we'll be a presence in this market for a long time," said Daniel.

Retta Miller, who has been in the banking business 24 years, is the bank's branch manager and assistant vice president.

A timeline of First State Community Bank

First State Community Bank opened as First State Bank of Farmington on May 9, 1954. B.H. Jennings founded the bank.

The bank grew and in 1956 it was necessary to hire an executive vice president, and Grover Jennings accepted the position.

B.H. Jennings successfully operated the bank until he passed away in 1963. At that time, his son, H.F. Jennings, was elected president and chairman of the board. He retired in 1980.

William Cooper, who had served on the board of directors since 1964, purchased control of the bank in 1980 and was elected chairman, the position he continues to hold today.

In July 1970, a second facility opened at Karsch Boulevard and Washington Street in Farmington. This facility became the site for the town's first "Time & Temperature" sign.

The main bank at 201 E. Columbia Street underwent two major expansions in 1982 and 1987.

In 1984, First State Bancshares Inc. was formed as a one-bank holding company so additional banks could be purchased. Iron County Security Bank was purchased in 1987.

The former First Federal Savings of SEMO in Bonne Terre was purchased from Capital Bank in 1991.

As Farmington's business sector grew, the bank opened a full-service facility in the Maple Valley Shopping Center in 1992.

In 1996, First State Bank of Farmington officially changed its name to First State Community Bank to set itself apart from other "First State" banks in the state.

In 1996, First State Community Bank opened a loan production office in St. Mary's. Then the bank opened a facility in Perryville.

First State Community Bank purchased Joachim Federal Savings & Loan in DeSoto in 1998, and also that year it opened its Park Hills facility. First State Bancshares continued its expansion into Southeast Missouri by purchasing three branches from Mercantile Bank of Southeast Missouri -- in Malden, Portageville and Hayti in 1998.

In 2000, First State Community Bank purchased the Malden and Ellington branches of Southern Missouri Bank and Trust.

First State Community Bank purchased the Fredericktown branch of Commerce Bank in 2000.

In 2001, First State Community Bank opened the doors at its Potosi branch.

The Cape Girardeau community was introduced to First State Community Bank when the newest bank location opened in September 2003.

First State Community Bank owns and operates banks in 15 Missouri cities and towns.