The Bank of Missouri has received approval to open a full-service bank in Cape Girardeau.

The new Bank of Missouri is the former Bank of Perryville, which already has a loan production office in Cape Girardeau.

"The loan production office has met with such success that we have moved our timetable forward for a full-service facility," said R. David Crader, president and chief executive of the Bank of Missouri.

Construction for a new building will start in mid-August at 1622 N. Kingshighway -- across from the Osage Community Center.

The permanent building is scheduled for completion Jan. 1, 1998, but bank operations will start here Aug. 11 in a modular facility to be used during construction of the permanent building.

The bank, founded as the Bank of Perryville about 106 years ago, is also moving its headquarters at Perryville, from a downtown location to a new building at the intersection of Highways 51/61 in Perryville.

Douglas M. Watson is president of the new Cape Girardeau facility.

Watson, a graduate of Cape Central High School and Southeast Missouri State University, has been in the area banking market 20 years. He served as president and chief executive officer of a Sikeston bank before joining Bank of Perryville.

Narvol Randol Jr. has joined the Bank of Missouri and will be vice president at the new facility. Barbara Burnett has joined the Cape Girardeau staff as loan secretary.

"We have already formed solid banking relationships with many business and consumer customers who prefer banking with an independent community bank," said Watson. "With the approval of the full-service Cape branch, our clients will have an opportunity to do all their banking in one place."

Cape Girardeau is a growing market, said Watson. "Given the banking conditions that presently exist, the time for the Bank of Missouri is right. We are committed to remain independent."

A board of community directors for the Cape Girardeau branch has been formed, and will be announced soon.

Current directors for the Bank of Missouri include Crader, Paul Dillard, Bill Bailey, John "Skip" Lottes III; Bill Phillips Sr., Karl Klaus, Tom Tomlinson, Frank Robinson, Henry "Sonny" Romann Jr., and F. E. "Gene" Rhodes.