Banks plan to expand with branches in Cape

The growth trend of new banks coming to the area isn't showing any signs of withdrawing, with plans recently announced for two new branches to open in Cape Girardeau during the next few months.

Four months after Union Planters closed the city's only downtown bank, Scott City-based Security Bank and Trust has announced its intentions to take over that space at 325 Broadway and open its first Cape Girardeau branch around Dec. 1.

Meanwhile, Bank of Missouri based in Perryville held a ceremony Tuesday to announce its plans for a third Cape Girardeau branch to occupy a building currently under construction at the northeast corner of South Kingshighway and Bloomfield Road. That branch is expected to open in February.

Both deals are subject to the approval of the Federal Deposit Insurance Corp., or FDIC, and the Missouri Division of Finance. Security Bank has assets of $63 million and Bank of Missouri has assets of $315 million.

Serving new areas

Despite several new community banks that have opened recently in the Cape Girardeau and Jackson area, both bank presidents said they were adding branches in areas of town currently not served.

"Obviously, there's a lot of new banks coming into Cape," said Security Bank president Larry Uelsmann. "But the downtown marketplace has been pretty well abandoned. All of the new banks are on Kingshighway, Mount Auburn and William. We felt like there was an opportunity being missed to serve that area."

David Crader, president and CEO of Bank of Missouri, said that there are also no banks anywhere near their South Kingshighway branch. The bank opened its second Cape Girardeau branch in July.

"The market will determine it," Crader said. "Cape Girardeau is a growing market. This end of the city is not served. This branch will give us a presence in all ends of Cape, except by the river."

With all the new banks, Cape Girardeau and Jackson have more than 15 banks and 30 different branch locations.

Uelsmann said Security Bank, which has been in existence since 1905 with several different names, was approached by the building's owners, John and Jerri Wyman, who told him about several key developments in downtown Cape Girardeau, including renovations to the Marquette Hotel, the new Bill Emerson Memorial Bridge and the new federal courthouse.

"We basically really hadn't paid much attention to it until the Wymans brought it up," Uelsmann said.

The lease calls for three three-year terms, renewable at the bank's option, Uelsmann said. Security Bank will lease 7,000-square-feet on the main floor and use portions of the basement for storage and employee restrooms. Uelsmann was in the bank Tuesday to discuss remodeling, such as new carpet and painting.

Plans call for an ATM and a drive-through. The bank plans on hiring five new employees to operate the facility and some managers from the Scott City bank will be checking in on a regular basis, Uelsmann said. Bank of Missouri will hire eight to 10 employees for its bank, which will share space in the 4,800-square-foot building with a Jackson-Hewett Tax Service owned by Steve and Catherine Mills that is relocating there.

Crader said the spot on South Kingshighway makes sense, considering it is so close to the new bridge route.

The Bank of Missouri branch will have a three-lane drive-through, an ATM as well as indoor services. Bank of Missouri has a branch in Jackson, one in Marble Hill and two in Perryville.

smoyers@semissourian.com

335-6611, extension 137