Citizens Union State Bank to open new branch in Branson

Paul Schreiber

SBJ Reporter

pschreiber@sbj.net

An increase in Branson area economic development is the impetus for a new bank to join the Branson market.

Clinton-based Citizens Union State Bank and Trust is to begin construction this summer on a $2 million to $4 million facility at 4675 Gretna Road in Branson, its second facility in southwest Missouri. A temporary modular structure will be in place by June to begin bank operations in the area, said Jim Riggins, president of the bank's southwest Missouri region.

While Citizens Union State Bank already has about $5 million in loans and deposits originating from the Branson area, its decision to establish a facility there is to secure much more, Riggins said.

He expects the Branson location to reach $30 million in total deposits and loans within two years.

Citizens Union State Bank's new building will be an 11,000-square-foot, two-story structure. The bank will occupy the entire first floor. The second floor will have a community room with space for future bank expansion, said Geoffrey Butler, principal of Butler, Rosenbury & Partners Inc., the architect on the project.

Getting started

Following a bid for a general contractor, construction should begin in the next 45 days and be complete by the start of 2005.

The new branch will employ about 10 people, Riggins said.

While Citizens Union State Bank's handles all types of loans, its portfolio is predominantly commercial loans in the Springfield area, Riggins said. Branson's small, closely held corporations and family-owned businesses will be the bank's primary target, he said. "We're going to focus on the lake region. Period."

Securing new area customers will be the task of Pam Yancey. As senior vice president, she will be targeting both residential and retail customers, with a focus on Branson's downtown area, she said.

History

Citizens Union State Bank & Trust is a subsidiary of Exchange National Bancshares Inc. of Jefferson City with assets of about $280 million, Riggins said. It has locations in Springfield, Clinton, Osceola and Collins.

A new branch is being planned in Lee's Summit, as well, he said.

Exchange National Bancshares is an $875 million multibank holding company headquartered in Jefferson City. The holding company also owns Exchange National Bank of Jefferson City, with facilities in Tipton, St. Robert, and California, Mo.; and Osage Valley Bank of Warsaw.