Bank Midwest adds new banking center in Springfield

Bank Midwest is ready to stand on its own.

The subsidiary of Kansas City-based Dickinson Financial Corporation plans to open its first free-standing Springfield banking location in September. Bank Midwest has locations inside three of the city's Wal-Mart Supercenters.

"We have been keeping our eyes open for the opportunity to get in with a traditional banking center, and this just happens to be the first such opportunity that came along," said Mike Fielder, senior vice president and director of marketing for Bank Midwest.

He added that Bank Midwest's partnership with Wal-Mart originally provided a gateway into the Springfield market with its locations at 2021 E. Independence, 3520 W. Sunshine and 3315 S. Campbell.

New banking center

Bank Midwest's new banking center will be located at 600 W. Republic Road in the former Union Planters Bank location, which closed after Union Planters decided to consolidate its locations in Springfield.

Bart Collins, broker/salesperson for Mellinger Commercial LLC, said he recommended the available building to Bank Midwest, which signed a 10-year lease with Griswald Enterprises, the building's owner.

The bank plans to reopen after making minor repairs and modernizing the interior, Field said.

One of the biggest advantages of the banking center will be space. The main banking area comprises 3,900 square feet of space with 4,000 additional feet of space available in the basement area. The banking center will allow for more teller windows and a drive through service, something that Bank Midwest has lacked since coming to Springfield.

Fielder said the Republic Road location will employ about 10 people.

Future expansion

Opening the banking center is part of Bank Midwest's larger plans for the Springfield market.

"This particular part of Springfield is a high growth area and there's a lot of competition down there. We know that, but we think we can go in there with quality products and services, and compete with the best of them," Fielder said.

Additional banking and ATM locations are currently pending in Springfield and throughout the Midwest.

Collins said he is working with the bank on several negotiations in the area.

Bank Midwest is the largest subsidiary of Dickinson Financial Corporation. Founded in 1970 by Gary Dickinson, the company continues to be family-owned and -operated. At the end of 2002, total assets for the company were $3.26 billion.

Bank Midwest had assets of nearly $2.7 billion in 2002. As of June 30, the three locations in Springfield had $4.6 million in total deposits. Bank Midwest has 20 banks in Wal-Mart stores throughout Kansas and Missouri and 51 freestanding banking centers.