CAPAHA BANK OPENS IN CAPE GIRARDEAU

After almost two years of planning, a name change and final regulatory approval, Capaha Bank is open in Cape Girardeau.

John Abercrombie unlocked the doors to the public at 3168 William St. Monday morning.

"We're open," said Abercrombie, president of Capaha Bank, headquartered in Tamms, Ill. "We've been looking forward to our new branch since the spring of 1995."

At first, the then-Tamms State Bank considered opening a branch in E. Cape Girardeau, Ill., said Abercrombie, who has made his home in Cape Girardeau for 24 years. "But as the banking industry changed in Cape Girardeau -- Union Planters bought Capital Bank, Mercantile Bank purchased Amerifirst Bank -- we started looking at Cape Girardeau," said Abercrombie.

Since then, there have been more changes on the Cape Girardeau banking scene. NationsBank has acquired Boatmen's Bank, Mercantile and Roosevelt Bank have announced a merger agreement, Alliance Bank has filed for a new-bank charter at Cape Girardeau, People's Bank of Altenburg is locating a branch at Jackson, and First National Bank of Carbondale, Ill., has filed for a new branch at Fruitland.

"We're glad to join the Cape Girardeau banking industry," said Abercrombie, who has been in the banking business almost a quarter-century.

Tamms State Bank first applied for permission to convert from a state bank to a national charter and a new name.

"We felt `Capaha' would be a good name," said Abercrombie. "It's a familiar name to Cape Girardeau, and it's not a name that has been overused. We like it."

The Capaha Bank site had been vacant since early 1994, when Savings of America was purchased by Roosevelt Bank and moved into the facility still being used by Roosevelt Bank.

"I think we have a great location as a new player in the market," said Abercrombie, who is familiar with the business scene in Cape Girardeau. "A feasibility study indicated that the site has good visibility and accessibility."

The new bank has resulted in a number of new jobs in the community.

"I feel we have put together a great team to start operations here," said Abercrombie. "A number of our new personnel have worked together in other banks."

The bank will be a full-service operation.

Capaha Bank (Tamms State Bank) has been in operation 42 years, receiving its state charter in 1955.

J. Reid Abercrombie, John Abercrombie's father and currently a member of the bank board, was a prime mover in organizing the bank. "At the time, my father was a Tamms businessman," said Abercrombie. "Although he had nothing to do with the bank operation, he recognized the importance of a bank for Tamms."

It wasn't until 18 years later, in 1973, that J. Reid and John Abercrombie purchased the bank. Ten years later, Tamms State Bank entered the Cairo market with a branch operation.

John Abercrombie is president of Capaha Bank. Officers in the Cape Girardeau branch operation include Pam Abercrombie and David Shell, both senior vice presidents.