BOATMEN'S BANK SELECTS SITE FOR NEW BUILDING IN JACKSON

JACKSON -- Boatmen's Bank has announced the site of its banking facility to be constructed in Jackson. The facility will be on the northwest intersection of West Main and Russell streets.

"No specific date has been announced for completion of the new structure," said John Thompson, president of Boatmen's in Jackson. "We're anticipating occupancy some time within the next two years."

When Boatmen's purchased deposits and some assets of the former Jackson Exchange Bank, it started exploring options, said Thompson. "Customer convenience, an uptown location, expanded parking, and a facility large enough to serve as both a deposit and loan center were some of the criteria we considered," Thompson said.

Jim Limbaugh, president of Boatmen's Bank of Cape Girardeau, said the former Exchange Bank was also under consideration. That possibility was nullified in late March when the Exchange building was purchased from the FDIC by the city of Jackson. Limbaugh announced at that time that Boatmen's would construct a main bank in Jackson.

City officials have agreed to allow Boatmen's to remain a tenant in the building until the bank is built.

Boatmen's Bank came to Jackson in 1991 with a facility on Jackson Boulevard. In May 1992, Boatmen's expanded its staff and services with the purchase of Jackson Exchange assets. Boatmen's has two Jackson facilities and one at Fruitland.

"We remain steadfast in our commitment to the Jackson community and area residents," said Thompson. "It has always been our intention to maintain a two-bank presence in Jackson. A large percentage of Boatmen's associates are Jackson area residents. The Jackson market has been receptive to us and we intend to remain attentive to their needs."

Boatmen's Banks are subsidiaries of Boatmen's Bancshares Inc., with average assets in Cape Girardeau County of $435 million.