DOWNTOWN BANK CLOSES OPERATIONS FOLLOWING BUYOUT

A downtown, mid-1950s banking landmark closed it doors at 6 p.m. Thursday.

Boatmen's Bank of Cape Girardeau, soon to become NationsBank, closed its branch office at 100 Broadway following the day's business.

"Lobby operations ended at 4 p.m. and drive-in service closed at 6 p.m.," said Susan Vincel, banking center manager who has worked at the 100 Broadway during her 19 years in banking.

Vincel first worked with First National Bank at that site, then joined Centerre Bank, which purchased First National in 1982. She remained at the site when Boatmen's acquired Centerre in 1989. She was later promoted to center manager.

Ten employees were at the center.

All were offered opportunities to remain with the bank, said Jim Limbaugh, president of Boatmen's. Limbaugh has been promoted to regional executive director of the Southeast Missouri/Southern Illinois Region for NationsBank.

Some employees have already accepted jobs with other employers. None elected to remain with the new bank, and the employees received a severance package.

Limbaugh was on hand for a part of closing day at the facility.

The downtown center employees have been treated to cookies and cakes throughout the week by their banking customers.

"We've had cookies, cheesecake, coffee and sodas all this week," said Vincel.

The facility has housed banks ever since it was built in 1956.

The site was the home of First National Bank, which was established on Aug. 20, 1891, in the 100 block of Main.

First National moved to 117 N. Main in 1905 and remained there until 1956, when it moved into the new building at Broadway and Main.

First National became affiliated with First Union Group in 1971. A decade later, in 1982, Centerre Bank acquired all First Union banks, and the name was changed to Centerre Bank of Cape Girardeau.

A new main Centerre Bank was built at Independence and Mount Auburn Road, but the facility at 100 N. Main remained open as a branch operation.

Merger talks concerning Centerre were reported from 1985 through 1989 when it was acquired by Boatmen's.

In 1985, Centerre and Landmark Bancshares Corp. announced an agreement for Centerre to acquire Landmark. Two months later, the two banking companies ended their merger talks.

In April 1988, Mercantile Bancorporation Inc., and Centerre Bancorporation announced merger plans for Centerre to be acquired by Mercantile. Those talks eventually ended.

But, in May of the same year, Boatmen's Bancshares Inc. proposed an agreement plan to acquire Centerre. By December, the merger was completed.

The closing of the downtown branch center is part of a company restructuring by NationsBank Corp., which signed an agreement to purchase St. Louis-based Boatmen's Bancshares Inc. last August.

The merger between the two companies became effective Jan. 7 and is being phased in slowly. Boatmen's facilities officially will become NationsBank branches later this month.

The additions of Boatmen's makes NationsBank the fourth largest U.S. banking company.

Boatmen's has also ceased operating its mini-branch in the University Center at Southeast Missouri State University. A competitor won in the bidding for the university contract.

With six remaining branches in the immediate region -- three in Cape Girardeau, two in Jackson and one in Fruitland -- and 12 ATMs, the Boatmen's-NationsBank will still have more facilities than its local competitors.