SIKESTON -- A family-owned institution with roots in Sikeston is branching out in St. Louis.
The Montgomery family has recently acquired five Clayton properties where it plans to build a $100-million 25- to 30-story tower with office, retail and possible residential or hotel space. Family members emphasized while the building will provide 4,000 square feet for a Montgomery Bank location on the ground floor, the bank's headquarters will remain in Sikeston.
"Our family continues to seek opportunities for real estate development," said Joel Montgomery Jr., Montgomery Bank vice chairman and also its general counsel. "We're delighted that in the not-so-distant future one of our developments will become a significant part of the Clayton skyline."
While planning is still in the preliminary stages, company officials said construction could start in 18 months.
Last August, the Montgomery family acquired the World News and Bella Yoga building. In recent weeks, the building at 10 S. Central, which houses the St. Louis Bread Co., was purchased.
This week, final acquisition was completed of the 14 S. Central and 18 S. Central properties from Missouri Real Estate and Insurance Agency. Current tenants at these addresses include Wasabi, Pasta Plus and Jerome E. Glick Real Estate. A final building, 8720 Forsyth, is under contract and will close in the next 30 to 60 days.
All properties will be razed for the construction of the tower, Montgomery said.
"Our decision to build in Clayton reflects our commitment to becoming a more significant competitor in the banking landscape in St. Louis," he said. "With all the mergers and acquisitions already occurring the past several years, opportunity exists for a community bank to do business in St. Louis."
One of the largest privately-held financial institutions in the region, Montgomery Bank has 13 branches in Missouri. In addition to the Sikeston bank and bank headquarters, banks are located at Cape Girardeau, Miner, Chaffee, Jackson and Dexter, and there are six branches located in the St. Louis area including Affton, Bridgeton, St. Louis Hills, Chesterfield, South County and Crestwood. The newest Montgomery Bank location opens June 1 in Des Peres on property developed by the family.