|
Archives:
Missouri Bank Hosts 25 Under 25® Pre-Gala Dinner
‘S Corp’ Status a Long-term Move for Missouri Bank
Architects are turning something old new again with an environmental twist in renovating two side-by-side industrial buildings into Missouri Bank’s new 7,500 square-foot branch location in the Crossroads Arts District.
The buildings on Southwest Boulevard formerly housed an auto shop and have always been used for light industrial businesses. The architects estimate the structures were built in the 1920s, according to Jay Tomlinson, a principal with Helix Architecture + Design. With nearly 300 customers in the Crossroads area – many of them entrepreneurs and artists – Missouri Bank officials want the building to be authentic, environmentally friendly and artistic.
Tomlinson and his team took up the challenge of maintaining integrity with the community and connecting with a strong element in the bank’s culture – respect for Kansas City.
“I told (Missouri Bank president and CEO) Grant Burcham that it would be more cost effective to push this building over and build a new one,” Tomlinson said. “Grant understood the importance of remaining authentic to the Crossroads area by renovating the existing building.”
The architects used photos from the 1940s to create an updated look for the original building. The renovation work included removing stucco and other materials added over the years. Because the building is publicly visible from four sides, architects designed four front facades.
The branch, which will be completed this summer, will be Leadership in Energy and Environmentally Designed (LEED) Silver certified. The architects used every opportunity to conserve energy through design, insulation and adding a skylight to capture natural light and heat. The renovation includes reclaimed timber for the flooring and window frames from wooden vats used at a vinegar factory.
Banks traditionally use materials such as granite and marble to reflect strength and longevity. The Crossroads branch’s contemporary design expresses that longevity through maintaining and enhancing the original structure and masonry.
“We’ve designed the building to be durable and solid for the next 100 years,” Tomlinson said.
Art will also be a big part of the branch’s style. The Helix team is working with local artist Jesse Small to create a pair of pieces that will be integrated into the building, including an 11-foot by 18-foot CorTen steel screen with shapes cut out as an abstract representation of the arts district.
With the branch’s grand opening planned for early fall, even the billboards above the building will become public art. Helix and the bank are working with Kate Hackman, assistant director for the Charlotte Street Foundation, to develop a plan for the overhead public art that will highlight local artists.
Missouri Bank was proud to host the “25 Under 25®” Class of 2008 at a private pre-gala dinner in the bank’s downtown location on Feb. 12. The dinner kicked off festivities for the seventh annual celebration and allowed this year's class, the judges, advisory board members and sponsors to visit with one another. The events culminate with an awards dinner and gala March 8.
The “25 Under 25” are the top 25 companies in the Kansas City metropolitan area with fewer than 25 full-time employees. Nominations are accepted from the business community, then a panel of judges reviews the applicants and selects the final 25 honorees according to financial stability, ability to overcome adversity, community service, distinguishing characteristics and company vision.
Grant Burcham, president and CEO of Missouri Bank, and Kelly Scanlon, publisher of Kansas City Small Business Monthly, welcomed the group.
“We're proud to host an event to honor these small business owners,” Burcham said. “We see, every day, how much they put on the line to build a successful small business. It’s our pleasure to work with these energetic and interesting business owners.”
Photos from the event can be seen at http://www.kcsmallbiz.com/news/missouri-bank-hosts-25-under-25-pre-gala-dinner-3.html
 Missouri Bank was one of many banks that converted to S corporation legal status in 1997 following a regulatory shift in the industry. The new legislation allowed certain banks to be taxed through Subchapter S of chapter 1 of the Internal Revenue Code.
These banks became subject to only one level of taxation; so when gains were realized by shareholders, they were taxed as partnerships and able to avoid double federal taxation at the corporate level.
Missouri Bank’s President and CEO Grant Burcham said the bank’s S corporation election was a long-term decision. “We’re trying to be a good steward for our customers and shareholders.”
Operating as an S corporation is beneficial on many levels. Because of the tax savings, the bank has more capital to work with, allowing assets to be funneled into the community.
To discourage immediate bank sales, Congress created a 10-year time period during which if a bank was sold, it would expose it to a built-in tax on any gains. As that 10-year period draws to a close, many have speculated it would spur an onslaught of bank acquisitions. However, analysts now think that concern for the national economy will keep acquisitions low this year.
We don’t have an exit strategy where having the 10 years run out would be beneficial,” Burcham said. “It’s a much longer time horizon. We didn’t look at this solely as a tax-favored investment. We see it as a way to help customers realize dreams and to provide opportunities for great folks who have a passion for their careers.”
|
