The Bank of Missouri opens in Springfield

Community Bank President Mick Nitsch opened operations Sept. 12 in Springfield in the first of two temporary locations. He said a permanent facility would open by the end of 2007.

Nitsch has been with Union Planters Bank and Regions Bank for 23 years, most recently as community bank president for Regions Bank in Springfield. He’s the only The Bank of Missouri loan officer, working from shared office space at 2772 S. Campbell Ave., Incredible Pizza Co.’s corporate office.

Nitsch said he left Regions Bank because he is able to buy as much as 5 percent ownership in The Bank of Missouri, and he now has more local autonomy.

Regions Bank hired Mark McFatridge on Sept. 1 to succeed Nitsch; McFatridge could not be reached for comment.

By November, Nitsch plans to have six employees and a second temporary location at 1602 E. Republic Road in French Quarter Plaza. That location will add savings and checking services.

Nitsch is still selecting the site for a permanent, full-service facility, but he said it would be in southern Springfield. He expects construction to begin in six to nine months.

While The Bank of Missouri has $435 million in assets, Nitsch is starting with zero.

“We have to grow everything organically,” he said, citing goals of $25 million after Year 1 and $100 million after Year 5.

David Crader, The Bank of Missouri chairman and CEO, said Springfield has been a target for a long time. Crader said Springfield’s stable economy based on education and health care make it appealing.

The Bank of Missouri is based in Perryville in eastern Missouri. It has two Perryville branches, with three in Cape Girardeau and one each in Jackson, Marble Hill and Columbia. A second branch in Jackson will open in early 2007.