MERGER OF BANKS FINISHED

The Boatmen's Bank name will be around the Cape Girardeau area until some time this summer, but officially it no longer exists.

Boatmen's, which has been a part of Cape Girardeau banking scene since 1982, became history last week as NationsBank completed its purchase of one of the biggest banks in the state of Missouri.

"We'll remain Boatmen's Bank until sometimes this summer," said Jim Limbaugh, who has taken on new duties with the new bank.

NationsBank doesn't plan to change the signs on Boatmen's branches until June.

"This applies to Cape Girardeau as well as other areas," said Limbaugh, who is now regional executive director of the Southeast Missouri/Southern Illinois Region. "Customers will not notice any differences. They will continue to enjoy the same conveniences they have had in the past."

Under the new format, Boatmen's Banks in Missouri and Illinois communities have been divided into five regions.

Limbaugh's region includes banks in Cape Girardeau, Jackson and Kennett, Mo., and banking centers in Mt. Vernon, Salem, Centralia, West Frankfort, Ziegler and Marion, Ill.

The new Southeast Missouri/Southern Illinois region includes banking centers in 20 locations with more than 440 employees.

Limbaugh will also maintain his duties as head of the banking center at Cape Girardeau.

Boatmen's Banshares Inc., was the third-largest bank in the state when it acquired Farmers and Merchants Bank of Cape Girardeau in July of 1982.

Boatmen's, the oldest bank west of the Mississippi, founded Boatmen's Bancshares in 1967. Farmers & Merchants, which had operated here since the turn of the century, was the 17th bank acquired by Boatmen's Bancshares, which had banks in St. Louis, Kansas City and Springfield areas, with assets of more than $2 billion.

It wasn't until 1984, when Boatmen's purchased CharterCorp of Kansas City, that Boatmen's became the largest bank in the state. When the CharterCorps transaction was approved in January of 1985, it left Boatmen's with 45 subsidiary banks in 100 locations, with assets of more than $6.3 billion.

Boatmen's customers will be able to use NationsBank ATMs without charge and cash checks at NationsBank branches from Maryland to Florida.

NationsBank will also keep Boatmen's account rules and fees until June. The bank says it hasn't decided what changes it will make in customer charges and interest rates.

NationsBank, headquartered in North Carolina, closed its deal to buy Boatmen's Bank for $9.8 billion in cash and stock. The purchase creates the nation's fourth-largest bank, with $225 billion in assets and branches from Maryland to New Mexico.

NationsBank has said it will not cut more than 4,700 of the combined banks' 84,000 jobs.

It has not been discussed where cuts will be made, but NationsBank has already replaced 14 senior Boatmen's managers, including the presidents of six regional banks. NationsBank has also announced some job cuts in Memphis, Tenn. About 625 jobs will go as a Boatmen's mortgage processing center is closed.

Limbaugh said no plans have been announced for any changes in the Southeast Missouri/Southern Illinois Region.

Limbaugh, who was named Boatmen's president in 1987, has been with the bank since 1983.

Few if any Boatmen's branches are expected to close here, as NationsBank had no branches in this area.

The NationsBank/Boatmen's merger result is a bonanza for Boatmen's stockholders, who will reap a 47 percent premium over the stock price on Aug. 29, the day before the deal was announced.

NationsBank was treating the closing as a non-event, with no public champagne-popping planned.

NationsBank plans to integrate Boatmen's into its system in phases said David Darnell, who is in charge of NationsBank's new Midwest operations. Darnell had run NationsBank commercial operations in Florida.

The job, said Darnell, won't be completed until late this year or early next year.

Customers here will have to wait until then before signing on to NationsBank's personal computer banking system. In the meantime, they can still use the Boatmen's system.

Darnell said he expected some consolidations in employment in St. Louis, although he said he could give no estimate of layoffs. He said he expected the number of jobs here to grow over time.

NationsBank plans to make St. Louis its headquarters for operations west of the Mississippi. Regions in Missouri and Illinois include the Southeast Missouri/Southern Illinois Region; Southwest Region; Mid-Missouri Region; South Central Region and Central Illinois Region.