Last week's announcement that First National Bank of St. Louis will change its name Nov. 14 to "Central Bank of St. Louis" may just be the first step in a series of changes for some of the 13 banks owned by Jefferson City-based Central Bancompany.
"I want to be very clear - we're not collapsing any of our charters," Dan Westhues, Central's senior vice president for Retail Banking, said. "We still have 13 individual banks that are locally run."
Unlike many banks that have one ownership and multiple locations - Westhues mentioned the Commerce and UMB companies - Central Bancompany over the years has followed a "local control" philosophy.
"We've been trying all these years, to see if we could have this "family of banks,'" he explained. "We still believe that local ownership of those banks is what we like - that entrepreneurship, with each one of those markets doing their thing without any kind of "big brother' over them to run their banks.
"We believe that's the best way to run and we're definitely not moving away from that."
But the company's leaders also want to "raise the brand awareness" with the public and in the competitive world of financial institutions, Westhues said. "What we're really trying to do is, trying to figure out how to increase our franchise value - because I'm running under 13 names and, sometimes, from a marketing standpoint, that's harder, because I'm trying to market 13 names while Commerce gets to market one."
As just one example, people who listen to the local Cardinals Baseball radio broadcasts might, during the same game, hear network commercials for the First National Bank of St. Louis, and local ads for Central and Jefferson banks - all promoting "Cardinals checking" accounts and this year's offer of a replica Stan Musial jersey to new customers.
Three different bank names - all with the same promotion and all claiming to be the "official" bank of the St. Louis Cardinals. And they can say that because all three are part of the Central Bancompany holding company that was formed in 1970 when Missouri law was changed from a requirement allowing only one bank in one location.
The one thing all of the company's banks now have in common is the "dogwood flower" logo.
Except one, the Jefferson City-based Jefferson Bank of Missouri, Central's first spin-off in 1972, after state law was changed to allow banks to have ownership of other banks.
Although Jefferson Bank doesn't display the dogwood logo on its buildings, checks or advertising, many of its debit cards and ATMs do.
Although the logo may not be enough to focus attention on "one brand," Westhues said last week, the Central Bancompany changes being considered so far don't follow a one-name-fits-all approach.
"When we looked at the big metro markets - St. Louis and Kansas City - we're looking at doing this," he said. "Obviously, we've decided to go ahead and do St. Louis.
"Of course, it's still a different name - but it's obviously very similar to ours."
Westhues said a similar name change is likely in the Kansas City area in the next few weeks, where the bank currently is the Lee's Summit-based Metcalf Bank, which has branches in Missouri and Kansas.
Its new name might be Central Bank of the Midwest, or something else with a regional impact, Westhues said.
"The big question, obviously - are we going to do all the banks?" he asked. "We are certainly discussing it."
But no decisions have been made about most of the company's banks and their current names.
The Jefferson City-based company's first bank once was known as the "Central Trust Bank" and now simply goes, publicly, by Central Bank.
When the company acquired the Osage Beach-based Bank of Lake of the Ozarks in 1986, it added "Central" at the beginning of the name, but kept the rest of the name familiar to customers.
In 1977, the company acquired the First National Bank of Mexico, then later changed "Mexico" to "Audrain County" - the name still in use in 1994, when it merged with Laddonia State Bank.
Now it's known as Central Bank of Audrain County.
But other banks in the system, like Jefferson Bank, Columbia-based Boone County National Bank and Springfield's Empire Bank, may continue with their current names.
"Those banks are really strong in their communities," Westhues said. "But some of the banks aren't so strong."
Central Bancompany's "Family"
• Central Trust Bank, Jefferson City.
Serves customers in six counties.
• Central Technology Services Inc., Jefferson City.
Provides operations and technology services and support for all Central Bancompany affiliates.
• Central Trust & Investment Company, a state-wide trust services and investment management company with locations in St. Louis, Kansas City, Springfield, Columbia and Jefferson City.
• Central Mortgage Company, Jefferson City.
• Jefferson Bank of Missouri, Jefferson City.
Primary source of business is Cole County, but also draws business from Boone, Callaway, Moniteau and Miller counties.
• Boone County National Bank, Columbia.
Serves Boone and Cooper counties.
• Central Bank of Lake of the Ozarks, Osage Beach.
Serves Camden, Miller and Morgan counties, surrounding the Lake of the Ozarks.
• Central Bank of Audrain County, Mexico.
Primarily serves Audrain County, but also reaches Monroe, Ralls, Pike and Callaway counties.
• City Bank and Trust Company, Moberly.
Serves customers in Randolph, Howard, Chariton and Monroe counties.
• Empire Bank, Springfield.
Offers a comprehensive array of financial solutions to customers in Greene, Christian, Webster, Polk and Dallas counties.
• First Central Bank, Warrensburg.
Operates three full-service banking centers in Johnson and Lafayette counties.
• First National Bank of St. Louis, Clayton.
Operates offices throughout the greater St. Louis metropolitan area, serving customers in St. Louis and St. Charles counties and St. Clair County, Illinois.
• Metcalf Bank, Lee's Summit.
Serves Jackson, Lafayette, Cass, and Johnson counties, and Johnson County, Kansas, plus the Gardner and Edgerton, Kansas, communities.
• Ozark Mountain Bank, Branson
Operates six facilities in Stone and Taney counties.
• Third National Bank, Sedalia.
Serves customers in Pettis, Saline, Benton, Johnson, Morgan and Cooper counties.
• ONB Bank, Tulsa.
Operates eight full service banking facilities in the greater Tulsa metropolitan area and serves customers in Stillwater and Edmond, Oklahoma.