Another First - New bank opening in Cape

A local banker told me last week that he'd counted up all the banks in the Cape Girardeau and Jackson area and the total comes to 15 different banks and 30 different branches.

"It's getting so that even we can't keep them straight," he said. "Now we say, that's Steve Taylor's bank or Roger Tolliver's bank. There's First Missouri, First National, First Commercial, it's First, First, First, First, First."

Well, here's another First.

First State Bank of Farmington has just signed a deal, pending regulatory approval, to open a branch here in Cape Girardeau that will be known as First State Community Bank. Charles Daniel, who has been a Cape Girardeau banker for 20 years, mainly at Union Planters, has signed on to be the bank president.

According to the FDIC's Web site, the bank has $485 million in total assets, which in practical terms mean they can loan about $13 million. Daniel told me the bank has locations across Southeast Missouri, including DeSoto and Hayti.

"The reason we're coming to town is because Cape Girardeau is a logical geographic expansion," Daniel said. "We think our combination of size and our emphasis on personal service is going to be very attractive to customers in Cape."

The bank has just signed a contract to purchase the property at 1602 N. Kingshighway that is just across from Ford Groves and currently is the law offices of Finch and Moss.

Daniel said the full-service bank will open in about 30 days and will offer checking, CDs, as well as commercial, consumer and home equity loans. There will be a drive-through, ATM and a local bank board, whose members are yet to be announced.

And any talk of saturation is unwarranted, Daniel said.

"I think the market is plenty good," he said. "Plus, I think the people are looking for personal service from their bank. Size and personal service: We have the best of both worlds."

Speaking of banks ...

US Bank is going back to college.

US Bank is taking over the bank branch at the University Center on the campus of Southeast Missouri State University.

Bank president Lowell Peterson tells me that the bank won the bid and will take over from Commerce Bank starting today. The branch is within the University Center bookstore. The ATM just inside the Henderson Street entrance will also be converted to a US Bank machine.

"It's a great deal," US Bank president Lowell Peterson said, adding that the student population is "a great source of customers, not just for the few years they're at college, but the next 40 years as they move around the country. We hope to keep them as customers for a long time."

The ATM is one of only two on campus, said Michele Irby, director of the University Center. Irby said students use that ATM a good deal and that most incoming students choose whichever bank is in the bookstore for convenience purposes.

Closings in Jackson

A couple of sad notes in Jackson. An alert reader told me -- and the Jackson Chamber of Commerce confirmed -- that the restaurant Reflections in Jackson has closed. I tried to reach the owners to no avail, but chef Mike Ross is a good guy. It's a shame.

Also, Cafe Mane Street isn't going to open, at least not at 131 W. Main, the building that used to be Willer Seed and Harness Shop. The Jackson chamber also confirmed that the building, built more than 100 years ago, turned out not to be compatible for a restaurant. I hear the owners Christo and Terri Chriss are doing some catering and may be looking for another site for their American cuisine eatery.

Gourmet coffee

ACT Services LLC, a local business owned and operated by Curt Greer and Carol Kitchen Greer, has recently acquired the Best Gourmet Coffee Distributorship for this area. The territory extends from St. Louis to Memphis and from Southern Illinois to Poplar Bluff and Farmington.

Greer tells me he is putting display stands for the coffee in convenience stores. He's got one in the Kidd's on Kingshighway for starters.

Briefly

American Payday, a payday loan business, is opening soon at 59 S. Plaza Way.

Scott Moyers is the business editor for the Southeast Missourian. Send your comments, business news, information or questions to Biz Buzz, 301 Broadway, Cape Girardeau, Mo., 63702-0699, e-mail smoyers@semissourian.com or call 335-6611, extension 137.