First National marks 100th birthday of charter

Business Today

The Sikeston-based First National Bank, which has a branch in Cape Girardeau, celebrated its charter's 100th birthday with a reception at the Cape branch on Feb. 26.

More than 200 area business owners attended the event held at 2027 Broadway.

"Every business anniversary carries excitement and importance, but the 100-year milestone stands out as a true rarity in American business," bank CEO Troy Wilson told the crowd. "We wanted tonight to be a serious reflection on and a well-planned observance of this century-old partnership of employees, directors, customers and communities."

First National Bank's charter originated in 1903 in Doniphan, Mo., when local businessman Thomas Lyon "T.L." Wright opened the first bank in his hometown, which he called the T.L. Wright Private Bank and later Doniphan State Bank.

It was owned by the Wright family until 1955. A group of Sikeston businessmen, led by area entrepreneur and businessman Tom Baker, bought the bank and moved it to Sikeston, naming it Planters Bank. They did that rather than start their own because the state of Missouri was not willing to grant new bank charters.

The new Planters Bank was operated in Sikeston only two years before controlling interest was bought by businessman Joel A. Montgomery Sr., then a young, 36-year-old Memphis, Tenn., developer with Sikeston ties.

The original bank was in a small brick building in downtown Sikeston with 10 employees and assets of $600,000. The bank has grown to assets of more than $600 million with 200 employees, six Southeast Missouri locations and six suburban St. Louis locations.

In Cape Girardeau, the bank opened a branch in September 1991 in the former Colonial Freedom Savings and Loan building at 2027 Broadway.

The evening's events culminated with remarks by Jim Limbaugh, president of the Cape Girardeau and Jackson branches.

"We have achieved phenomenal success in the Cape Girardeau market and that would not have been possible if not for the incredible staff and wonderful customers that we have," Limbaugh said. "The entire bank has seen incredible growth and we believe that growth in large part is due to the success that has been realized in Cape Girardeau and a few years later in Jackson."