First Missouri State Bank to Open New Cape Branch

800 N. Kingshighway, Cape Girardeau, Missouri

First Missouri State Bank of Cape County has purchased property for a branch location at 800 North Kingshighway in Cape Girardeau, most recently home to Bank of America. Tom Kelsey, commercial broker with Lorimont Place, Ltd. handled the sale and represented the local buyer in the transaction.

Steve Taylor, President of First Missouri State Bank of Cape County verified that the bank has secured the proper approvals from the Missouri Division of Finance and the FDIC to proceed with opening a branch in this high traffic and visibility location.

Vice President executive Jay Knudtson said "We know that a site with this much history in the community will allow us to continue providing our customers with the level of service that they have come to expect from us,". The property is the former location of Wimpy's, Farmers and Merchants Bank, Boatmen's Bank and for the past several years, Bank of America.

Kelsey said it was his understanding that First Missouri State Bank plans to completely remodel the 2,079 square foot brick building before opening the branch. An opening date has not yet been set. Kelsey said the sale included one of the highest visibility locations in Southeast Missouri area with no doubt one of the highest traffic counts to match.  Bank of America ceased operations at the branch facility back in 2010 and combined all of their operations into their main bank located on William Street.   Kelsey said the seller solicited offers from interested buyers and his client was the obviously the successful bidder.  It was his understanding there were several interested parties in purchasing the property.

The buyer is one of two locally chartered banks in Cape Girardeau County. It has assets in excess of $105 million and have 28 employees. It currently has locations at 2 South Mount Auburn Road in Cape Girardeau, 1846 East Jackson Blvd. in Jackson and inside the Chateau Girardeau Retirement Community at 3120 Independence Street in Cape Girardeau. No sales price was disclosed.