ST. LOUIS — Despite the pandemic and related economic turmoil, St. Louis area banks increased profits, expanded geographically, continued to buy competitors, and selected a new generation of leaders.
Higher profits
Net income at the 62 St. Louis-based banks totaled $569 million through Sept. 30, up from $544 million at 66 banks in the first three quarters of 2019. Mortgage and Paycheck Protection Program (PPP) lending drove the strong financial performance.
As people saved more and spent less during the pandemic, deposits at banks of all sizes in St. Louis are up sharply — 21% year over year.
Expansions
Banks and credit unions also continued to expand geographically in the year of the pandemic. At Bank of Belleville, a three-county expansion is underway, with the addition of full-service banks in in Clinton, Monroe and Madison counties, as well as its St. Clair County headquarters.
Bank Star is growing to three branches with the addition of a branch in Sunset Hills. Bank of Hillsboro chose a permanent location for its Staunton branch, next to the temporary office it opened there a year ago. Midwest BankCentre made its first foray into Illinois with a loan production office in O'Fallon. Saint Louis Bank entered Edwardsville with a division called Edwardsville Bank.
At credit unions, Peoria-based Citizens Equity First Credit Union entered the St. Louis-area market with the purchase of four branches in Metro East from Simmons Bank. Illinois-based Scott Credit Union added branches at Ballpark Village and in Affton.
Even a financial services giant announced plans for a bank. Edward Jones is launching Edward Jones Bank, slated to open in 2021.
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