Rust Communications buys former bank building downtown

A downtown Cape Girardeau property is under new ownership with the sale of the former bank building at 325 Broadway to Rust Communications Inc.

The company, which owns the Southeast Missourian newspaper, the digital agency rustmedia and a minority share of Mississippi River Radio, closed on the building Oct. 31. It previously was owned by Merriwether Investments, which is run by John and Jerriane Wyman.

The building's proximity to the Rust headquarters at 301 Broadway, along with the good condition of the building and momentum in the downtown area, prompted the company's interest, said Rex Rust, co-president of Rust Communications.

Rustmedia and the Southeast Missourian are in the 300 block of Broadway to the east of the former bank building; River Radio is across the street. Another large building that sold earlier this year and has office spaces filling with tenants, the former federal building at 339 Broadway, sits west of the Rust company's new property.

The company's plans for using the former bank building are still developing.

"We have various options that we are looking at right now, but no set plans," Rust said.

Since its construction in 1964 for First Federal Savings & Loan Association, the building has housed banks, including Union Planters Bank from 1990 to 2003, and more recently Security Bank and Trust. It has a mostly glass facade, a unique zigzag roof atop two stories and a basement. In the past, the top floor of the building held the federal prosecutor's office, and now houses the federal defender's office. The defender's office will remain there, Rust said.

Some minor work has begun on the roof and windows since closing -- though according to Rust, the previous owners kept the building in good condition and invested in new systems.

eragan@semissourian.com

388-3632

Pertinent address:

325 Broadway, Cape Girardeau, Mo.