Commerce Bank officials move to Signature

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Four former Commerce Bank employees have joined the staff of Signature Bank.|ret||ret||tab|

Rob Fulp, Rod Schellack, Judi Phillips and Jan Baumgartner are now part of the community bank's team, leaving the larger Commerce facility for the comforts of a smaller, community bank.|ret||ret||tab|

"The opportunity presented itself to us to continue to serve customers but with a local flavor, and that was something that was appealing to all of us," Fulp said.|ret||ret||tab|

Schellack, former vice president-commercial real estate at Commerce, has been with Signature for about six weeks, but the other three senior Commerce officials joined Signature April 25. Commerce Bank President and Chief Executive Officer Bob Hammerschmidt Jr. said it was unusual to lose three banking officers in one day, but added that the bank has seen many of its former employees move on to use their expertise at other institutions.|ret||ret||tab|

"I call it the Commerce academy. Our bankers become highly sought after once they've worked here," Hammerschmidt said.|ret||ret||tab|

Hammerschmidt also said the employees would be missed and that Commerce had lost "three very good friends."|ret||ret||tab|

"It's been kind of like a game of Old Maid in banking, with everyone trading people. We haven't had near the fallout of some other banks, but we have seen our people moving into new banks," Hammerschmidt said.|ret||ret||tab|

Fulp, former executive vice president-commercial lending at Commerce, joined Signature as executive vice president and also serves on the board of directors and is a shareholder. |ret||ret||tab|

Phillips is now Signature's vice president of medical and private banking, the same title she held at Commerce. Phillips' experience will help Signature develop that area of banking, said Shelly Eib, Signature vice president.|ret||ret||tab|

"Both (Baumgartner and Phillips) have a level of expertise in two areas where we did not have a strong presence. We've got the products in those areas, but there was a need to place more emphasis on the marketing of those products," Eib said.|ret||ret||tab|

While Phillips works with the bank's medical banking, Baumgartner is working to develop its cash management services as Signature's senior vice president of corporate services, the same role she played for Commerce. |ret||ret||tab|

Schellack is Signature's senior vice president of commercial loans.|ret||ret||tab|

Shaun Burke is executive vice president of loan administration and a stockholder in Signature Bank. He was also recently named to its board of directors. Burke said the hiring of these four former Commerce officers is part of Signature's continuing efforts to grow in the area.|ret||ret||tab|

"Signature Bank is a growing business. We are looking for opportunities to grow. We intend to hire well-known, experienced professionals in banking, and when we see an opportunity to bring those people aboard, we pursue it," Burke said.|ret||ret||tab|

Signature's strategy is not unlike that of other small, community banks. Signature got its start not long after Boatmen's Bank announced a merger with NationsBank. That bank has since merged to become Bank of America. |ret||ret||tab|

Signature was staffed with a number of former Boatmen's officials when it got its start in 1997. Other community banks also formed during that year, including The Bank and Village Bank. Brian Williams, business partner for loans at The Bank, said the local banks offer a higher level of hands-on service, and that makes them appealing to senior officers in larger national or regional banks.|ret||ret||tab|

"Banking started out as small, grass roots institutions serving a small group of people, and in some ways we've come full circle. There will always be larger, institutional banks, and they have their place, but we feel there's a place for the smaller banks, for those people who want a more hands-on approach," Williams said.|ret||ret||tab|

Brian Fogle, a former Bank of America banker who will soon begin a career at Ozarks Technical Community College, said the movement of these four bankers was indicative of a trend that goes back to the Boatmen's-NationsBank merger.|ret||ret||tab|

"Since that time, you've seen a tremendous transfer of talent from the super-regional and national banks to the local start-ups," Fogle said.|ret||ret||tab|

Signature Bank has two locations now and plans to open a third in 2001.|ret||ret||tab|

Signature has $110 million in assets.|ret||ret||tab|

Commerce has more than 330 locations in Missouri Kansas and Illinois, and about $11.4 billion in assets. Locally, in the greater Springfield area, Commerce has 14 bank branches, Hammerschmidt said.|ret||ret||tab|

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