New bank coming to De Soto
De Soto's third bank is the next development slated for De Soto's increasingly in-demand Lexington Avenue corridor.
First Community Bancshares announced this week that it has purchased the former Dew Drop Inn property and the restaurant property to the south as a site for a future bank.
FCB is working with various federal and Kansas regulatory agencies to receive approval to operate a full-service FCB Bank in De Soto. The FCB group operates 13 full-service locations under the First Community Bank name in west-central Missouri and the Overland Park-based FCB Financial, which offers investment and insurance services as well as commercial financing.
"We're ecstatic," said Dustin Baker, vice president with FCB Financial. "I can't wait to get in the community and start transacting some business."
Baker and Mike Drennon will act as "point" people for the De Soto operation, which they said would open as a loan-production office. Preliminary plans shared with the city of De Soto indicate the facility will open with a mobile unit and possibly an ATM. No formal site plan application has been submitted to the city.
Consulting on the buildings design and construction will be planner and landscape architect Warren Oblinger and Corporate Design Group, both of Kansas City.
Many of the details of the project are still being developed, said Mike Drennon, who along with FCB vice-president Dustin Baker will serve as point person for the De Soto branch. But a two-story 6,000-square-foot building with a walkout lower level is envisioned, he said. There is a possibility office space would be available for other tenants, but that too had not been decided, he said.
The FCB project could allow the city to proceed with the extension of Golden Lane from De Meadows to Lexington Avenue.
City engineer Mike Brungardt said the city had plans drawn for the project, which was of the suggested projects on the city's capital improvement project list. In preparation for that extension, the city acquired the east part of the needed right-of-way but not that on the Dew Drop Inn property.
Although it would require the De Soto City Council's approval, it appeared FCB could apply the $30,000 in excise tax it would owe on the development to the Golden Lane project.
"All our criteria would be met," Brungardt said.
A three-year-old ballpark estimate put the Golden Lane extension at $150,000. Brungardt said roughly estimated that would be $200,000 now.
Both Baker and Drennon have De Soto ties. Baker graduated from De Soto High School in 1994 before attending Kansas State University. He is now enrolled in the Colorado Graduate School of Banking. He was president of the De Soto Chamber of Commerce in 2004.
"I just bought a home in De Soto yesterday," he said.
Drennon, who is presently vice president of the De Soto Chamber and was nominated last week to be president of that organization in 2006, lives in De Soto, the hometown his wife.
FCB was attracted to De Soto both because of its history of locating in communities that size-- it has banks in the Missouri communities of Clinton, Higginsville, Knob Noster, Lee's Summit, Sedalia, Sweet Springs, Warrensburg, Warsaw and Windsor -- and because of its De Soto's growth potential that will come with the opening of a new sewer plant in 2007 and progress at the Sunflower Army Ammunition Plant.
Those developments will fuel home mortgage activity and commercial loans, Baker said.
"I had multiple conversations with individuals about De Soto or the K-10 corridor," he said. "It is on the radar screen. Engineers and architects looking are looking at the K-10 corridor to do something.
"In the next five years, we'll see double or triple the commercial activity in and around De Soto than you do right now. We want to make our investment in De Soto's future now. We want to show we believe in its future."