The Signature Bank opens

|tab|

by Eric Olson|ret||ret||tab|

SBJ News Editor|ret||ret||tab|

eolson@sbj.net|ret||ret||tab|

|ret||ret||tab|

Jim D. Morris can't help but smile.|ret||ret||tab|

The man instrumental in starting Signature Bank in 1997 has seen the Springfield banking institution grow by leaps and bounds.|ret||ret||tab|

On July 31, Signature Bank and The Bank opened as The Signature Bank, culminating a merger nine months in the making, and uniting competitors in Springfield's fierce community banking market. Both Signature Bank and The Bank started in the mega-bank merger era of the late 1990s, and have since experienced similar growth. They got started in 1997, along with another Springfield community startup, Village Bank.|ret||ret||tab|

According to The Signature Bank officials, the new entity has seven Springfield locations, 140 associates and more than $650 million in assets, making it the 13th largest bank in the state hence Morris' smile. He said the growth of Signature Bank's asset volume to more than $320 million in seven years wasn't expected.|ret||ret||tab|

"How would anyone envision growth of $1 million a week since we started?" Morris said. "I just didn't know that we could build one so big."|ret||ret||tab|

When Morris says "build," he means it. Morris, a self-made businessman who owns Morris Oil Co. Inc. in Springfield and Morris Group Hotels in Branson, envisioned Signature Bank before it opened its doors in 1997. In 1995, Morris assembled a team of local investors ready to pony up $5.75 million, with the largest contribution $500,000 coming from Morris. He even acquired a former Mercantile Bank at Campbell and Primrose.|ret||ret||tab|

"My goal was to start a local bank with local investors," he said.|ret||ret||tab|

Morris had an inkling that banking in Springfield was about to change, and that a local startup could succeed despite Boatmen's Bank's 44 percent deposit market share at the time.|ret||ret||tab|

"(Boatmen's was) getting ready to merge with NationsBank. With all the mergers, I thought the customer out here was maybe getting fed up with mergers and big banks. I thought the timing was just perfect for starting a new bank," he said.|ret||ret||tab|

All Morris needed was an experienced banker to run it.|ret||ret||tab|

The meeting|ret||ret||tab|

David Kunze and Morris met in 1978 when Kunze was named operations officer for the Bank of Springfield. Morris was on the board of directors there, one of several banks he served over more than 30 years, including Bank of Greene County, Centerre Bank and First City National Bank. The two also shared time at Boatmen's Bank; Kunze as vice president and Morris as a board member.|ret||ret||tab|

"I knew that Dave Kunze was the man to run this bank," Morris said. "Not knowing if I was the man that he would want to join in this venture, I called him up."|ret||ret||tab|

Morris invited Kunze to lunch. They met in December 1995 at Panera Bread, then called St. Louis Bread Co., at National and Elm to discuss Morris' intention of starting a local bank.|ret||ret||tab|

"He shared the same vision I did although we had never talked about it before," Morris said of Kunze.|ret||ret||tab|

Morris extended an offer for Kunze to run the bank and be part owner.|ret||ret||tab|

Kunze declined.|ret||ret||tab|

"At that time, I had a good job with Boatmen's. The Nation's merger had not even been announced. I said, Jim, I've got a good job, I think I'll pass.' I knew I was in line to advance up the ranks, and I was making decent money. Even though I wanted to start a new bank and own a piece of the rock, the timing just wasn't right for me."|ret||ret||tab|

The two went their separate ways, until late 1996, after Boatmen's and NationsBank had merged.|ret||ret||tab|

"I could just see that their model of banking wasn't the type of banking that Springfieldians were used to," Kunze said, referring to extensive service fees and new products such as Internet banking and ATMs. "Springfield was a drive-through community. They didn't want that."|ret||ret||tab|

A year after their lunch meeting, Kunze placed a call to Morris.|ret||ret||tab|

"Fortunately, he hadn't hired anyone yet," Kunze said. He accepted and Signature Bank had its foundation.|ret||ret||tab|

"When Dave agreed to come on board, it was the best thing that ever happened," Morris said.|ret||ret||tab|

Kunze quickly assembled a team, recruiting personnel from Springfield's top banks. Signature Bank opened with 14 associates and $5.75 million in capital.|ret||ret||tab|

Looking back, Kunze said that if he had accepted Jim's offer that day in 1995, instead of a year later when startups The Bank and Village Bank already had a jump on the market, "Then we would be $200 million bigger than we are today. He doesn't let me forget that." |ret||ret||tab|

|ret||ret||tab|

$1 billion future|ret||ret||tab|

Morris and Kunze say mergers were not part of the original plans.|ret||ret||tab|

"We were just going to hire a team of experienced bankers and build the bank that way," Kunze said.|ret||ret||tab|

But Morris said he wouldn't have it any other way. He continues as the largest shareholder, having invested more than $2 million in seven years.|ret||ret||tab|

"I'm so proud of this bank and what's happened. I put a lot of time into it," Morris said. "I feel that this venture is a turning point for where we want to be in today's market. We are joining forces with a great entity. As a team, I think we will achieve to be a billion dollar bank."|ret||ret||tab|

[[In-content Ad]]