CAPE GIRARDEAU UNION PLANTERS DOWNTOWN BANK SOLD

325 Broadway - Cape Girardeau, MO

One of Cape’s most recognized downtown banking landmarks located at 325 Broadway was sold by Union Planters Bank to Merriwether Investments, a real estate investment corporation owned by Jon and Jerrianne Wyman.   Tom Kelsey, commercial broker with Lorimont Place, Ltd., represented Union Planters Bank in the sale.

  Kelsey said the sale closed in July, but the new owners did not want to make a public announcement in the change of ownership until they finalized their lease for the banking facility portion of the first floor with Security Bank & Trust.  The Scott City based bank will open it’s fifth branch banking facility in the former Union Planters facility and the downtown area will again have a full service bank.

  The unique two-story Broadway building consisting of 35,322 square feet was originally built by First Federal Savings & Loan Association in 1964 and was converted to a Union Planters Bank Branch several years ago.  UP announced in early summer their plans to close in that location leaving downtown without a banking option.   Security Bank President, Larry Uelsmann said they have plans to open in December with 5 employees. 

  Kelsey said the entire second floor is being leased as office space by the Federal Prosecutors office.  It was his understanding they would vacate when the new Federal Courthouse is completed.

The new owners, the Wyman’s have extensive real estate holdings in the downtown area that include office buildings, an antique mall and residential properties.  They also own and operate two restaurants; Royal New Orleans and Belle Italia, both fine dining establishments.