First Missouri State Bank steered clear of mortgage crisis

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First Missouri began in 2002 with 12 employees. It now has 28 employees.

First Missouri State Bank of Cape County has survived the recent financial crisis by thinking of the long-term rather than the short-term. According to Steve Taylor, President and CEO of First Missouri State Bank, "The banking industry as a whole is in the situation that we are in because of greed, pure and simple."

First Missouri State Bank has avoided the financial crisis by staying in markets where it had expertise, which were the places where its employees live and raise their children. While mortgage loans continue to play a major role in the bank's business; they steered clear of sub-prime and negative amortization loans. "We never lowered our lending standards just so everybody could buy a home. We lend to businesses that we have the expertise to lend to," said Taylor. "You have my personal pledge to continue making decisions based on the betterment of the bank and not the betterment of the bottom line," said Taylor.

First Missouri State Bank is a locally chartered bank with headquarters in Cape Girardeau. "That means that all the decisions are made right here in our hometown," says Jay Knudtson, Executive Vice President. "Our customers can have their questions answered quickly. They don't have to call an 800 number that's answered by a switchboard operator located in Timbuktu. They can call us directly and talk to someone that has the knowledge to help them."

Jackson (First Missouri State Bank)

First Missouri State Bank opened in 2002 with 12 employees and now employs 028. In 2002, First Missouri State Bank was aided by a knowledgeable base of well-practiced bankers, many of whom came from larger national banks.

"Everybody here wears many, many hats," said Janet Esicar, Senior Vice President. "That's great for the customers because we are empowered to help them."

First Missouri provides consumer, commercial, construction and residential loans as well as traditional depository services. For more information about First Missouri State Bank, call 573-334-9000 or 573-243-9000 or visit its website at www.wherefirstmeansmore.com.