MARCH 4-10, 2024 SPRINGFIELD BUSINESS JOURNAL · 1 MARCH 4-10, 2024 · VOL. 44, NO. 34 $2.50 · SBJ.NET YOUR BUSINESS AUTHORITY SINCE 1980 BUSINESS SPOTLIGHT Owner says 7th on Walnut brings a taste of Chicago to downtown. PAGE 6 Ongoing airport investments top $50M, officials say by Mike Cullinan · mcullinan@sbj.net A multimillion-dollar grant awarded last month to Springfield-Branson National Airport is triggering activity on the latest of its several projects – equating to nearly $53 million in either the construction or design phase, according to airport officials. The $5.4 million award for the Springfield airport from the Federal Aviation Administration was part of nearly $1 billion the agency approved nationally for 114 airports via the Bipartisan Infrastructure Law. The local facility was one of just two airports in the state to receive grant funding, joining Kirksville Regional Airport, which received $3.2 million to construct a replacement terminal. Springfield airport officials say the federal grant will replace five aging jet bridges that passengers use to board airplanes. The grant is expected to cover around 90% of the cost for the new jet bridges. “It’s hard to get somebody excited about a jet bridge, but these five jet bridges were right around 30 years old, and we were really starting to have problems with those,” said Brian Weiler, aviation director for the Springfield airport. “If we did not get this grant, we would’ve had to figure out a way to pay for that with our own airport funds. That would’ve been a problem and that would’ve been a challenge. “The fact that we got this federal grant really relieves some pressure on us and allows us to make investments in other areas.” Paige Oxendine, chair of the Airport Board, said staff began pursuing the grant around a year ago. “It’s not like it’s nice to have or a luxury See AIRPORT on page 18 Paige Oxendine: The 20-year master plan is a living and breathing document. CID proposed for city’s 2nd Target store See CITY on page 24 Taxing district would fund improvements to shopping center’s interior and exterior roads CITY BEAT by Karen Craigo · kcraigo@sbj.net Springfield City Council on Feb. 26 heard a proposal for a community improvement district for Sunshine Towne Center, the future home of Springfield’s second Target store. The shopping center is under development on the southeast corner of the West Sunshine Street and West Bypass intersection. A cooperative agreement among the city, developer Springfield West Partners LLC and the new CID would reimburse the developer for up to $2.2 million in improvements to internal streets within the 23-acre development site. It would do so by imposing a 1-cent sales and use tax on goods within the district, which would encompass the entire site except for the Target store itself. Another incentive, an infrastructure reimbursement agreement approved by council on June 26, 2023, is contingent upon passage of the CID. That agreement would reimburse developers up to $4 million for improvements to West Sunshine Street, West Bypass and South Moore Road. TERMINAL WORK Construction at the general aviation terminal owned by the Springfield-Branson National Airport is in full swing on a $6.7 million remodel and expansion project. REBECCA GREEN General aviation terminal expansion is set to wrap by August
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MARCH 4-10, 2024 SPRINGFIELD BUSINESS JOURNAL · 3 NEWS CONTENTS Banking officials say the industry likely will remain conservative this year amid uncertain economic factors. page 9 Banking & Finance Open for Business Craft cocktails are the center of attention at a new lounge in Republic. page 4 No Ceiling Christina Ford shares the story of starting a nonprofit to support survivors of domestic violence alongside her own healing journey in this women leadership podcast. page 7 Men of the Year SBJ announces the 2024 class of honorees. page 8 Opinion Page Digital Editor Geoff Pickle researches what it would take for Springfield to get a Trader Joe’s. page 29 TAWNIE WILSON BUSINESS BOOMING Angie Teel, general manager of the Branson Convention Center, says the facility has something happening on 85% of days of the year, on average. Legislation would expand doctoral programs beyond University of Missouri See BILL on page 30 Senate bill proposes top degrees from other public universities Lincoln Hough: Legislation opens options for students who don’t live close to MU campus. by Karen Craigo · kcraigo@sbj.net A bill proposed by Missouri Sen. Lincoln Hough, R-Springfield, would allow more public universities to offer doctoral programs. Senate Bill 749 proposes to repeal a state law that names the University of Missouri the exclusive grantor of research doctorates and certain professional degrees, including dentistry, law, medicine, optometry, pharmacy and veterinary medicine. The bill also would eliminate a provision limiting chiropractic and osteopathic medicine and engineering degrees to Mizzou alone. As a result, public institutions like Missouri State University would be able to expand its offerings of doctoral and professional degree programs. The measure would apply to all 13 of the state’s public four-year universities. Programs would have to be approved by the state’s Coordinating Board for Higher Education, Hough said. “It’s a big state, and a lot of folks aren’t close to a University of Missouri campus,” Hough said. “This would just open up those programs.” As an example, passage of the bill would mean that a student in the Missouri Bootheel would have easier access to an advanced degree in engineering. “It’s giving students in that area the option to utilize a program they may not have had access to,” he said. Hough said the intention of his legislation is not to grab programs from Mizzou, though he noted MU has offered the most concerted opposition to the measure. “There’s still a process for the coordinating A Tale of Two Convention Centers Officials say Branson’s convention picture is bright, but Springfield’s needs work by Karen Craigo · kcraigo@sbj.net For national organizations and industries looking to host a convention in a central location, a look at the map suggests southwest Missouri as an option. The city of Branson has been able to capitalize on its geographical advantage, with the Branson Convention Center bringing in 145 events and more than 226,000 people in 2023, according to General Manager Angie Teel. Teel, who crunched the numbers with the Branson/Lakes Area Convention and Visitors Bureau Inc. officials, said the Branson Convention Center’s estimated economic impact in 2023 was $57.5 million. Teel attributed the success of the center to three factors: location, location and location. “We’re right in the heart of the Midwest, close to Oklahoma, Arkansas, southwest Missouri,” she said. “That definitely bodes well for us.” Teel said an expansion of the facility is under discussion, though officials are not ready to release details. Springfield may have a few advantages for convention planners that Branson does See CENTERS on page 20
MARCH 4-10, 2024 4 · SBJ.NET NEWS By Mike Cullinan, Reporter and Jillian Smith, Editorial Intern New business, new location, new owner? Send your info to newbusiness@sbj.net Miss Boston’s Cocktail Lounge Michele Delcoure and her son, Triston Delcoure, launched DIY Marketing Strategies for Small Business on Feb. 15. Services for the home-based marketing firm include a $350 online course to help small-business owners craft personalized marketing strategies. Delcoure said she is handling promotion and sales, while her son assists clients who need more help beyond the online course. She said her son is a freelance marketer who specializes in paid ads, adding she intends to maintain her full-time job as marketing manager at CNH Reman. Noting she and her son are DIY Marketing Strategies’ lone employees, Delcoure said startup costs were $3,000, mostly due to the software to run the online course. It’s the first joint venture for Delcoure and her son, adding she previously owned NuLine Design Inc., a mural and decorative painting business she closed over a decade ago. A pair of siblings behind a local Sno Biz franchise opened Classics Pizza Co. on Feb. 13 at 14 Mill Market in Nixa. Kyler Peace, who co-owns the business with his sister, Carrington Shockley, said startup costs were $40,000, declining to disclose their one-year lease rate with 14 Mill owners Rich and Leah Callahan. At the 203 E. Mount Vernon St. venue, Classics Pizza replaced D’Vine Delicatessen & Wine, which moved to Rogersville. Peace said they operate their new venture under Sno Biz Plus LLC. The siblings operate six locations of Sno Biz, as well as a mobile trailer of the shaved ice franchise, including one inside 14 Mill Market. At Classics Pizza, nearly a dozen specialty pizzas, such as chicken bacon ranch and Hawaiian, are on the menu, along with hot and cold sub sandwiches and baked pastas. The roster of subs includes meatball, chicken parmesan and buffalo chicken. Prices range $6-$20. Shockley said she and her brother lead a staff of 10 at the restaurant, which joins nine other vendors at the food hall. A pair of Republic natives opened Miss Boston’s Cocktail Lounge LLC on Dec. 7 at 3401 E. Old Stone Road in the 60 West mixed-use development. Owners Camry and Mesha Cowan said they named the Republic business after their dog, Miss Boston. The husband and wife agreed to a five-year lease with an additional five-year option with Canyon View Properties LLC for an undisclosed rate. The 1,800-square-foot lounge employs seven people. Camry Cowan said he formerly was a teacher in Republic and chose to leave after discovering a passion for mixology. That led him to work at The Golden Girl Rum Club in Springfield, where he said he learned a lot about craft cocktails, adding he and his wife decided their lounge concept would fit well in their hometown. Miss Boston’s offers draft beer, cocktails, mocktails, wine, shots and spirits, with prices ranging $5-$15. There are eight signature drinks, but customers can also request off-menu items. Snacks served include chips and queso, and charcuterie. The lounge also offers rental options for hosting events. ☎ 417-233-4400 MissBostons.com DIY Marketing Strategies for Small Business Classics Pizza Co. ☎ 417-861-5471 DIYMarketingStrategies.com ☎ 417-763-6500 14MillMarket.com/ClassicsPizza OPEN FOR BUSINESS Camry Cowan TAWNIE WILSON MIDWEST PREMIER COMMERCIAL CHECKING With our high-interest commercial checking account, you'll earn 2.02% APY* on balances of $50,000 or more. Stop by our new Springfield banking location today to learn more. *APY = Annual Percentage Yield. APY accurate as of 1/1/23 and may change at any time. $50.00 minimum to open account. Balances of$50,000.00 or more receive 2.02% APY. Receive 0.25% APY if account balance falls below $50,000.00 at any time during the statement cycle. For accounts opened in the Springfield, MO market only. 2540 East Sunshine St 417-350-1311
MARCH 4-10, 2024 SPRINGFIELD BUSINESS JOURNAL · 5 Send your company’s new hires, promotions, awards and achievements to newsmakers@sbj.net or click “Talk to SBJ” on our homepage. Please include job titles and relevant career and educational experiences. We’ll publish high-resolution color photos attached as space permits. LET US KNOW by Eric Olson · eolson@sbj.net Banking & Finance Ryan Hurn of New York Life and NYLife Securities LLC earned the chartered financial consultant designation from The American College of Financial Services. OMB Bank was designated a preferred lender by the U.S. Small Business Administration, giving its commercial lending team authority to make final credit decisions on SBA-guaranteed loans. Qualified financial institutions meet the SBA’s processing volume, performance, risk mitigation and policy knowledge criteria. Education Missouri’s Nursing Education Incentive Program awarded Missouri State University a $377,000 grant for its accelerated master’s in nursing program. The funds will support two new program faculty members. College of the Ozarks’ W. Alton Jones Dairy received honors from Holstein Association USA in its 2023 High Ranking Breed Age Average Lists. The school ranked No. 1 in colleges and universities, No. 2 in Missouri and No. 3 in regionally. Health Care David Argueta, president of Mercy Springfield Communities, was elected as a state delegate to the American Hospital Association’s regional policy board and appointed as a member of the Missouri Hospital Association Board of Trustees. His term with AHA, which represents hospitals and health care systems on national policies, runs through Dec. 31, 2026. MHA, which Argueta joined Jan. 1, advocates on behalf of 140 Missouri hospitals on governance and policy matters. Citizens Memorial Hospital and Bolivar Family Care Center added Nicole Davis, a licensed master social worker, and James Lowery, a licensed professional counselor, to the medical staff. Davis and Lowery are members of the school-based therapy team serving the Bolivar R-1 School District. Davis holds a bachelor’s in social work from Southwest Baptist University and a master’s in social work from Missouri State University. Lowery holds a bachelor’s in pastoral studies from Central Bible College and a master’s in counseling from the Assembly of God Theological Seminary. CMH made five director-level appointments: Courtney Boland in the intensive care unit/telemetry; Jordan Hembree in pre-hospital services; Tiffney Martin of The Birth Place; Tanya Mincks of Parkview Geriatric Wellness; and Jami Sanders in the emergency department. Boland has worked for the system since 2016 and holds an associate degree in nursing from SBU and a master’s in nursing-family nurse practitioner from Walden University in Minnesota. Hembree has worked in emergency services since 2006, most recently for CoxHealth, and holds a master’s in health care administration from Southern New Hampshire University. A CMH employee since 2015, Martin holds an associate degree in nursing from Bolivar Technical College. Mincks has eight years of behavioral health nursing experience and holds an associate degree in nursing from Cox College. With experience working in medical-surgical and ICU departments, and as a travel nurse, Sanders holds an associate degree in nursing from Bolivar Technical College. Nonprofit The Connecting Grounds church and homeless services organization appointed Shine Lee as interim executive director, succeeding former Associate Pastor Rue Lohn. Lee had served as a volunteer of the organization. NEWSMAKERS Send announcements to newsmakers@sbj.net Lowery Hembree Mincks Martin Sanders Lee Davis Hurn Boland Argueta Do What You Love. Let Abacus CPAs Handle the Rest. 25 Years of Better Guidance. Smarter Decisions. Abacus.cpa | (417) 823-7171 CORRECTION Wanda Holloway of Burrell Behavioral Health is a licensed professional counselor and a licensed clinical social worker. Her professional title was misstated in the Feb. 19 article, “Mind Matters: Practitioners and patients navigate new frontiers of mental health care.”
MARCH 4-10, 2024 6 · SBJ.NET by Jillian Smith · Editorial Intern From its origins as a breezeway to a tiny storefront built in 1905, the 550-square-foot space on Walnut Street in downtown Springfield is home to cheesesteak and burger restaurant 7th on Walnut. Owner Chris Turbov finds himself in the restaurant’s kitchen nearly every day, as his love of cooking and serving Springfield residents is at the heart of his business plan. Fresh, quality food is what continues to bring customers back, he says, noting he sources ingredients from Roma Performance Foodservice and US Foods. Vegetables for his signature sandwiches and burgers are chopped and prepared fresh, and the fries are made from potatoes cut in-house daily. Due to limited storage in the small space – the eatery is just 7-feet wide – and 7th on Walnut operates on a first-come, first-served basis, as ingredients may run out depending on the day’s traffic. “Since we are so tight on space some weeks, we will have to order multiple times a week just because we simply can’t store any more once we are full,” Turbov says. “Also, the size will cause us to have to close early on some of our busier days just because we ran out of things we had fully stocked and prepped at the beginning of the day.” Turbov is in the kitchen cooking Tuesday through Saturday alongside his staff of six, and he says the crew can make up to 720 sandwiches daily. A positive aspect of the quaint space, he says, is that he can cook and mingle with customers. “I like this little spot. I like cooking. I like hearing customers say how cool this spot is. I like having the music playing and just the fun, cool unique vibes in here,” Turbov says. He has formed bonds with regulars who come into the restaurant, and they believe the space provides a cozy feel. Springfield resident and truck driver Tod “Toad” Duncan says his friend introduced him to the restaurant when he moved back to Springfield. “My friend pointed at this little building, and I thought ‘Why would we eat there?’” says Duncan. “We walked in, and there were tiny things to go with the tiny building and it felt like the ’90s in Chicago.” He kept going back for The Phoenix, a sandwich comprising grilled steak, a chopped chicken tender, mozzarella cheese and Sriracha sauce. It’s on the secret menu, though, which insiders know to be posted behind a little door and accompanied by a magnifying glass to help customers read the ingredients printed in small type. Beyond sandwiches and burgers, the restaurant serves fries, chicken tenders, wings and fried mushrooms. Menu items range $4-$14. Beyond the kitchen Turbov spends much of his time at the restaurant forming bonds with employees and building his craft. He says this is a change in approach from when he started making burgers and cheesesteaks. He began his journey with his father, whom he reunited with the summer after his sophomore year of college while he helped with the family’s Shell Knob restaurant, Jalapeno’s. Soon after, Turbov transferred to Missouri State University and together they opened the Chicago Cheesesteak Co. in Ozark. “I kept bugging my dad saying there’s no sandwich shops like back home,” says Turbov, who spent his adolescence indulging in the typical Chicago cheesesteak comprised of peppers and Italian beef. “He had gotten rid of the restaurant he owned in Shell Knob.” After graduation, he moved back to suburban Chicago where he spent a few years working at a pharmacy. He returned to Springfield in 2009 after his father experienced a stroke. His dad had already moved the cheesesteak shop to downtown to 319 1/2 E. Walnut St. from Ozark, and they decided to open a second location on Battlefield Road called Chicago Cheesesteak Co.-South. Years later, Turbov handed over the operations to both locations to former managers while retaining ownership to fulfill a lifelong dream of living in California. He later sold his ownership in the south-side location before coming back to Springfield just before the COVID-19 pandemic to run the downtown location once again, organized under Marge LLC. Soon after, he rebranded to 7th on Walnut from Chicago Cheesesteak Co. The name was derived because the storefront has the seventh door on Walnut Street and “fits the vibe of downtown.” “We wanted to be more creative,” Turbov says. “So, that was another reason for the rebranding.” Catch the vibe Upon entering the restaurant, customers can expect to be hit with different aromas of meats and ingredients. Eatery regular Duncan appreciates that he can taste the passion poured into each sandwich he is served. “This is his passion, and you can tell when you eat his food,” Duncan says about Turbov. “The place doesn’t belong in Springfield, and it’s something so special you’d be really hard pressed to duplicate it.” The inside is decorated with miniature figurines in a display case and tchotchkes playing on the small theme. There are two tables and three chairs where patrons can eat inside, and Turbov says he also offers pickup and delivery through the store website. While Turbov’s long-term business goals stray from the restaurant industry, noting his dream of opening a dog sanctuary, he says the 7th on Walnut venture has brought him more than the title of being a business owner. “It’s given me so many incredible relationships; it’s given me so many laughs, opportunities to use my creativity, and just cool and unique stories,” Turbov says. “I have been very lucky and blessed to be able to experience this and all of the people I have met and gotten to talk to and get to know.” • BUSINESS SPOTLIGHT 7th on Walnut Owner: Chris Turbov Founded: 2009; rebranded in 2022 Address: 319 1/2 E. Walnut St. Phone: 417-865-1775 Web: 7OnWalnut.com Email: chicagocheesesteak20@gmail.com Services/Products: Cheesesteaks and burgers 2023 revenue: Would not disclose Employees: 6 Chris Turbov and his team make up to 720 sandwiches daily at the 7th on Walnut eatery downtown, a small storefront built in a former breezeway. TAWNIE WILSON Illinois native Chris Turbov brings a taste of Chicago to a 7-foot-wide storefront downtown Small Space, Big Steak Small Space,
MARCH 4-10, 2024 NEWS Local women share their journey to the top of their professions and the challenges and triumphs they faced along the way. They’re rewriting the script on success and there’s no ceiling. Christina Ford is my final guest of No Ceiling, Season 4. She’s the founder of The Rebound Foundation, which provides housing and support to survivors of domestic violence, and the owner of Kids Inn Child Care Center, which provides drop-in care. Christina and her family moved to Springfield in 2018 when her husband, Dana, was hired to coach the Missouri State University men’s basketball team. She quickly planted roots in the community, opening transitional housing for women and children fleeing abuse. Her nonprofit is inspired by her own story and her family’s story of domestic violence. In this conversation, Christina talks about the uncertainty that comes with being a coach’s family, not knowing when or where their next move will come. She also shares about the death of her daughter, Promise, and what she has learned about herself in grief and motherhood. Below is an excerpt from the start of our conversation. —Christine Temple, Executive Editor Christine Temple: You’ve described yourself as a third-generation survivor of domestic violence, and that’s influenced the primary thing that you do for your mission and the community, The Rebound Foundation. Tell us about the experiences that you witnessed and then experienced as a young adult. Christina Ford: Unfortunately, that was our family story that abuse was prevalent in the home and knew that from my mom’s story and knew a little bit of my grandmother’s story, but of course not as much as my mom because I was in it in the home seeing what it looked like for her to leave and all the things that happened from that. But I normalized it and thought that that’s just what happens in relationships. It’s OK for someone to call you names, make you feel bad about yourself, I thought that was what love was and that if someone’s not doing that, then they don’t love you. So unfortunately, that ended up in me getting into an abusive relationship throughout my teen years into my early adult years. And thankfully, I was able to come out of that and finally realized that this is not OK, that abuse does not equal love, and that there was more out there for me as far as romantic relationships. Temple: What was that moment of realization for you? Ford: I don’t know if you’ve ever heard women be like, “You know what? I am done.” That moment just came for me. This is not OK. It wasn’t what you think of – this big thing that happened. Multiple abuse had happened before then, multiple big things that happened where I could have said, this is serious, this is dangerous for me, I need to leave. But it wasn’t actually that big moment, it was just a realization of I no longer want to do this. And once I made that decision, that was pretty much it. Thankfully I was done, but as we know from abuse, that person is not. So, that person did not accept that I wanted to move on with my life. And so, for years, they continued to find other ways to be abusive through social media, through my friends, through my son. And so unfortunately, it’s not just you saying I’m done and I want out because that person has that control, they don’t want to release that. They don’t want to see you go forward in life, and so they continue to try to sabotage everything that I was a part of for years to come after. Temple: With your decision, you became a cycle breaker in your family story, and then you wanted to help other people experience that. Tell me about the idea for The Rebound Foundation and what services you guys provide. Ford: Me and my mother were searching, at the time we wanted to give back. Thankfully, she was now in a healthy relationship, and I was in a healthy relationship, and we knew what it was both like to go through abuse. We knew how normal it was. You hear so many stories about others that experienced that. So, we both wanted to give back. We just didn’t know where we start. One night, I remember very vividly having a dream and I saw my mom in a home, and she was helping people, and I was like, that’s something. I woke up, and we talk every day, and so I had to call her, and we played phone tag throughout the day. I couldn’t reach her. Finally, she’s like, “Christina, I’ve got something to tell you.” And I’m like, but I’ve got something to tell you. We are believers and so she was in prayer, and she was like, “Lord, I want to do something. I want to give back.” And he gave her an address to a home. That was the day after I had my dream, and so we just knew from there that housing for survivors was something that we were supposed to do. So, we took that dream, we took what she felt like the Lord was telling her, and then birthed The Rebound Foundation. LISTEN TO THE FULL EPISODE: SBJ.net/NoCeiling or wherever you find your podcasts CATCH UP All episodes of Season 4 are now available. PRESENTED BY CHRISTINA FORD The Rebound Foundation and Kids Inn Child Care Center LLC TAWNIE WILSON Leadership Spotlight Join leadership or industry groups where you can network. You will learn, grow, and expand your network. You can seek advice and develop great friendships. Set goals and boundaries for yourself; and remember you work to support your life outside of work. Try to leave your work in the parking lot at the end of the day, shut it down and try not to bring it home with you. Save your brightest smile for your family or those you care about most. AmericanNational.com Paula Letterman Director, Casualty Claims SPRINGFIELD BUSINESS JOURNAL · 7
MARCH 4-10, 2024 8 · SBJ.NET NEWS SBJ announces 2024 class of Men of the Year by SBJ Staff · sbj@sbj.net An independent panel of judges has chosen the 14th annual class of Springfield Business Journal’s Men of the Year. The award recognizes the professional, philanthropic and civic contributions of 20 businessmen throughout the Springfield region. The 2024 Men of the Year honorees, in alphabetical order, are: Wes Buchholz, Council of Churches of the Ozarks Inc.; Dr. Robert L. Carolla, retired; Tim Dygon, The Arc of the Ozarks; Duan Gavel, City Utilities of Springfield and All Things Diverse SGF LLC; Eric Gerke, Guaranty Bank; Jarad Giddens, Meridian Title Co. and city of Nixa; Ryan Goeden, New Life Church; Ryan Hurn, New York Life Insurance Co.; Jeff Kennedy, Nixon & Lindstrom Insurance; Johnny T. McNeil, Community Partnership of the Ozarks Inc.; Austin Miller, Wise Built Custom Homes; Matthew D. Morris, Missouri State University; Tyler Padgitt, The Courageous Church; Cristian Rath, Abacus CPAs LLC; Scott Rose, Murney Associates, Realtors; Sam Rost, city of Marshfield; Michael Smith, Next Level Solutions; Matthew B. Suarez, Central Trust Co.; Adam Toth, Toth and Associates Inc.; and Christopher Upton, Abilities First. The Men of the Year event is planned for April 18. Find more information at SBJ.net/MOTY. For this year’s event, SBJ is partnering with nonprofit Abilities First to help raise funds for its programs serving Greene County individuals with developmental disabilities and their families. • Now hiring scan or visit bit.ly/TOTHcareers 1550 E Republic Road Springfield, MO 65804 (417) 888-0645 AN EXCITING PLACE TO WORK! According to a recent independent survey. 98% EMPLOYEE SATISFACTION SCORE Electrical | Structural | Civil Land Surveying | GIS The 2024 Men of the Year honorees were chosen by an independent panel of judges. Judges are asked to recuse themselves from scoring questionnaires if they have a conflict of interest. [Editor’s note: A fifth judge did not complete scoring in time for publication.] The judges are: • Patrick Carpenter, president of GRITT Business Coaching LLC and a 2023 Men of the Year honoree. • Ursula Gorman, human resources manager for BarkerPhillips-Jackson Inc. and a 2022 Top HR Professional in the Dynamic Dozen Awards. • Nicole Holt, deputy superintendent of academics for Springfield Public Schools and a 2023 Most Influential Women honoree. • David Schaumburg, assistant director of aviation for the Springfield-Branson National Airport and a 2023 40 Under 40 honoree. Meet the Judges Gorman Schaumburg Carpenter Holt by Geoff Pickle · gpickle@sbj.net The Macy’s store in Springfield will not be shuttering as part of a nationwide store-closure plan announced by the retailer in late February. The 2825 S. Glenstone Ave., Ste. 100, store at Battlefield Mall is remaining open, according to a statement provided to Springfield Business Journal by Macy’s corporate communications. New York-based Macy’s Inc. (NYSE: M) on Feb. 27 announced it would shutter “approximately 150 underproductive locations through 2026,” leaving it with 350 stores remaining. “Our new strategy is designed to return Macy’s Inc. to profitable growth and enhance the customer experience. This allows us to focus our investments and resources on Macy’s go-forward locations,” the statement sent to SBJ reads. “We look forward to continuing to serve our customers at Macy’s Battlefield Mall.” The store closure initiative, part of a plan called A Bold New Chapter, includes 50 locations that are slated to shutter by the end of the company’s fiscal year. Macy’s additionally operates Missouri locations in the Kansas City and St. Louis areas, according to its website. • Springfield Macy’s store spared amid closure plans SBJ FILE The Macy’s store at Battlefield Mall is staying open, according to a company statement.
MARCH 4-10, 2024 SPRINGFIELD BUSINESS JOURNAL · 9 BANKING & FINANCE KATELYN EGGER Uncertain economic factors keep banking industry cautious by Mike Cullinan · mcullinan@sbj.net While banking officials say the industry has largely been on stable ground since last year’s high-profile bank failures in California and New York, the uncertainty of factors such as higher interest rates and the presidential election will continue to keep banks on a conservative path. After Santa Clara, California-based SVB Financial Group (Nasdaq: SIVB), dba Silicon Valley Bank, and New York-based Signature Bank collapsed and subsequently were taken over by the federal government last March, the industry was a bit on edge, said Jackson Hataway, Missouri Bankers Association president and CEO. “A lot of them were looking at things really conservatively after those bank failures with interest rates going up and all the commotion out there. Are we going to recession? Is it going to be a hard landing, a soft landing?” he said of the Federal Reserve’s attempts to curb inflation. “Everybody just kind of buckled down. Deposits got pricier, so you had to kind of control your lending carefully to make sure you weren’t lending above and beyond what your deposits could support.” According to the Federal Deposit Insurance Corp.’s. most recent quarterly report, banks and savings institutions insured by the agency had net income of $68.4 billion in third-quarter 2023, down $2.4 billion, or 3.4%, from the prior quarter. Lower noninterest income and higher realized losses on securities drove down the net income, according to the report. While the FDIC hadn’t released its fourth-quarter report as of press time, several area banks with Springfield branches did so in late January, showing mixed results. Jefferson City-based Hawthorn Bancshares Inc. (Nasdaq: HWBK), Pine Bluff, Arkansas-based Simmons First National Corp. (Nasdaq: SFNC), Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) and Springfield-based Great Southern Bancorp Inc. (Nasdaq: GSBC) all reported a quarterly drop in profits, ranging 29%-388%. However, Moline, Illinois-based QCR Holdings Inc. (Nasdaq: QCRH), the publicly traded parent company of Springfield-based Guaranty Bank, reported fourth-quarter and fullyear profits that officials say were the best in company history. Net income rose 14.6% to $113.6 million during 2023, compared with profits of $99.1 million in 2022. Challenging environment Despite a strong 2023 at Guaranty Bank, CEO Monte McNew said all banks continue to be challenged by the current interest rate environment. At its most recent meeting in February, the Fed kept interest rates unchanged amid improving consumer confidence and a declining inflation rate. The federal funds target rate has remained at 5.25% to 5.5% since last summer, following 11 rate increases that began in March 2022. “With those rates going up, it makes deposits far more competitive than they’ve been in many years,” McNew said. “That competition is coupled with a lot of the cash from post-COVID that has kind of dried up or been used. That means you have less cash out there and rates in a raising environment where it’s really difficult and competitive to get those deposits. The loans are a little slower to move because oftentimes those rates are fixed for a long period of time.” Jeff Jones, the finance, economics and risk management department head at Missouri State University, said the higher interest rates mean a dampening of lending activity at financial institutions. “Banks are not making as many loans, and so there’s less profit to be had. The other piece of that is not only is there less loan activity, but now in competing for available deposits, banks are having to pay higher rates,” he said. “Even though they may be able to charge higher rates on loans, they’re also having to pay more for deposits to fund Foggy Conditions See FOGGY on page 14 Jackson Hataway: Bank merger and acquisition activity should remain slow in 2024. Jeff Jones: Interest rate cuts from the Fed might not come this year.
10 · SBJ.NET MARCH 4-10, 2024 FOCUS BANKING & FINANCE You started in December with Phelps County Bank after a three-year stint as community president at Simmons Bank. Why did you want to make this transition to lead the bank’s Springfield entry? I have enjoyed community banking, and this opportunity really is community banking, local decision, local management. My thoughts and the thoughts of our employee owners are heard by management, and that’s just something you get with an organization this size. The bank is 100% employee owned, so every employee has ownership and benefits from the profits of the bank. It drives better customer service, and they financially benefit from the success of their own work versus third-party shareholders. What’s the latest on the progress of the renovation of the former downtown YMCA into the bank branch? The building is gutted and environmental remediation is going on right now and will be done in the next couple of weeks. And then the 30,000-foot nonhistoric renovations will be removed, and that’ll eventually become parking. We’re temporarily working out of this space, (334 E. Walnut St.) We’ll have a temporary branch set up by June 1, if not sooner, and offer all of our banking services at that time here in this site until we move into there probably the first quarter of 2026. We’re a little delayed because this building is in an area identified as a Forward SGF catalyst area for future growth downtown, and we have been in negotiations to do some other things with the space that have delayed all of the plans for starting our remodel. We weren’t able to get all the partners on board to make that happen. Tell me about your approach to talent recruitment ahead of your opening. The bank chose to come to (Springfield) to expand their (employee stock ownership plan) and the profitability that they can provide for the employee ownership plan. They also like the employment pool in Springfield. I’ve been meeting with acquaintances of mine. The phones have been really ringing off the hook with people interested in the bank coming to town and the employee ownership model, the community bank feel that we offer will be faster and more flexible than some more rigid, larger banks. We’ve hired five and have two more committed – that’s been in the last 90 days. Rolla moved two employees down here when the bank bought the building, so there are eight of us in this space right now and two committed. We’ll probably have 10 more in the next 12 months in this temporary site. Are there positions that you are struggling to fill? I wouldn’t say struggling, but it’s been a challenge to get mortgage originators. A lot of mortgage originators, like almost entirely in this market, are commissioned. That is really good for them when the market is good. Our desire is to salary all positions that are loan officers, including mortgage originators. That’s one reason I’ve had a challenge is that our pay is unconventional for the Springfield market. So, maybe they won’t cap out really high earnings when years are great, but also the earnings are better for them now. What’s your total employee count that you’re looking to have once your permanent branch is up and running? I’ll say 40 is the number for this building in the next three years. We’ve also been looking at other facilities in Springfield for a second location, so that’s flexible. If we acquire an existing branch facility that a bank has vacated, whether it’s in Springfield or Christian County, that could expand. Phelps County is joining 37 banks in the Springfield metro area with roughly $15.5 billion in local deposits, according to the Federal Deposit Insurance Corp. Do you have a sense of what percentage of the market share you are after or what types of customers? Not necessarily a goal market share that we expect to attain, but we will be able to get our fair share of business with our hires that we’re getting. We’re getting people that are good calling officers, we’re getting very diverse backgrounds. We offer free commercial and business checking accounts, which is something competitors rarely offer. We have one of the lowest cost of funds of any bank in the state, so we can price loans accordingly and affect our profits by gathering low-cost deposits. Is a community banking model at a disadvantage when it comes to technological advancements? Technology is expensive, so that is a challenge. But something interesting about Phelps County Bank is the intelligence of the staff that we currently have in Rolla. A lot of people came out of Missouri S&T with engineering backgrounds and degrees, and they have developed a lot of their own processes utilizing Microsoft products to workflow things cheaply and efficiently. It hasn’t been a disadvantage. casey pyle Market Executive and Senior Vice President, Phelps County Bank A CONVERSATION WITH ... TAWNIE WILSON Excerpts from an interview by Executive Editor Christine Temple, ctemple@sbj.net LOCALLY OWNED AND OPERATED BY DOUG & ANDREA WINDSOR © 2023 Five Star Painting SPV LLC. All rights Reserved. Commercial & Residential Painting 417.720.2376 FiveStarPainting.com
SPRINGFIELD BUSINESS JOURNAL · 11 MARCH 4-10, 2024 FOCUS BANKING & FINANCE 7 tips to protect finances after divorce Like many aspects of divorce, managing your finances after splitting up with your spouse can feel complicated and overwhelming. This is true whether the separation is amicable or acrimonious. Because every divorce is different, it’s wise to consult with your attorney and financial adviser for guidance, but here is a basic primer to help you navigate your finances independently from your ex-spouse. 1. Adjust your budget to match your current lifestyle. Start by calculating your new monthly income, including spousal or child support if applicable, and estimate what you expect to earn over the next year. If you are a stay-at-home parent or spouse, you may decide to reenter the workforce to bolster your income. Or the time may be right to switch careers or seek a side hustle. Next, look at your spending to see if you need to adjust your patterns. Whether you’ve decided to remain in your home or seek new living arrangements, crunch the numbers to see how much house you can realistically afford. Also, evaluate your lifestyle spending, including entertainment, dining out and vacations, to see if it’s necessary to trim your expenses. If possible, avoid making any major purchases until you feel comfortable with your updated budget. 2. Consider your children’s future. If you have children, they will understandably take center stage in your planning. It’s important to start thinking about how you’ll handle future financial milestones. Those may include paying for private grade school, college tuition, the down payment on a home or a wedding. If you’d like to help your children with such expenses, consider these questions: Will you receive financial support from your former spouse? Do you expect your kids to contribute? As each event approaches, be up front with your kids about what you can afford so they can set realistic expectations. 3. Prioritize saving for retirement. No matter how close or far away you are to retirement, make it a priority to update your retirement goals and continue building your nest egg. You are responsible for your own savings. In fact, the biggest challenge most Americans face financially is having enough money to cover what could be several decades of expenses in retirement. While retirement saving can feel overwhelming as you balance competing financial priorities, having a plan can help you feel more in control. 4. Ensure you’re protected. An important step following divorce is to maintain, replace or establish insurance that will help secure your financial future. All forms of insurance should be reviewed and considered, and your beneficiaries should be updated if needed. Make sure you understand the specific benefits that you and your former spouse are entitled to through your employers, as well as applicable life, health and disability insurance policies. If you have children, whose health insurance plan will be used to cover them? Work quickly to establish an insurance plan to avoid the financial risk of being uninsured. 5. Consider the tax implications of your new marital status. Review your situation with a tax professional to see if you need to revise your tax strategy. Divorce can affect your tax situation in several ways. Impacts may include entering a different income tax bracket, providing or receiving child or spousal support, and changes to your investment strategy and your process for handling future tax returns. 6. Dream and plan for the future. Once you have a handle on your new day-today finances and retirement goals, allow yourself to dream and plan for other milestones that are important to you. Do you wish to visit every continent? Pay off your mortgage before retirement? Open a small business? Whatever your dreams, determine the cost of each one so you know how much you’ll need to save. Save what you can each month, and keep in mind that even small amounts will add up over time. If you’re tempted to spend the money elsewhere, consider establishing a separate savings account. 7. Don’t go it alone. Professional guidance from an attorney, tax professional, estate planner and financial adviser can help you make empowered choices that match your new priorities. Financial advisers routinely work with clients to navigate the complex decisions that arise during a divorce and offer strategies designed to help you meet new financial goals. Paula Dougherty is a certified financial planner and private wealth adviser with Achieve Private Wealth, Ameriprise Financial Services LLC in Springfield. She can be reached at paula.j.dougherty@ampf.com. INDUSTRY INSIGHT Paula Dougherty After the Split
12 · SBJ.NET MARCH 4-10, 2024 FOCUS BANKING & FINANCE AREA'S LARGEST CERTIFIED FINANCIAL PLANNERS Rank Name Address Telephone • Website Email Certified Financial Planners (Local) Financial Planning Staff (Local) Assets Under Management (Companywide) Services Top Local Executive(s), Title(s) Year Founded Locally 1 (2) FORVIS WEALTH ADVISORS LLC1 910 St Louis St, Ste 200, Springfield 65806 417-865-8701 • ForvisPrivateClient.com privateclient.wealth@forvis.com 8 15 $7,888,121,845 Financial & retirement planning, investment management, estate planning, benefit plan consulting Steve Toomey, managing partner & Jeff Layman, partner/chief investment officer 1998 2 (1) MERCER GLOBAL ADVISORS INC 1256 E Kingsley St, Springfield 65804 417-882-7283 • MercerAdvisors.com plan@heimyoung.com 7 14 $50,000,000,000 Financial & retirement planning, education & estate planning, investment & portfolio management Holly Gray, Mike Sharp, Jeff Bilberry & Brent Singleton, senior wealth advisers 1995 3 (3) NEW YORK LIFE INSURANCE CO 3250 E Sunshine St, Ste 300, Springfield 65804 417-831-5230 dcangell@newyorklife.com 6 9 $716,000,000,0002 Mutual funds, annuities, stocks & bonds, feebased planning, life & health insurance, long-term care insurance Don Angell, senior partner 1942 4 (6) CENTRAL TRUST CO. 3333 S National Ave, Springfield 65807 417-883-3838 • CentralTrust.net customer.service@centraltrust.net 6 33 $8,900,000,000 Wealth & retirement planning, investment management, trust & estate services Diane Homan, executive vice president/Springfield market executive & Jason Flores, chief investment officer 1970 5 (5) CENTRAL INVESTMENT ADVISORS 3212 S Glenstone Ave, Springfield 65804 417-841-4386 • CentralInvestment.net jwerner@centralinvestment.net 5 7 $3,619,000,000 Financial planning & investment services Jeff Werner, senior vice president 1991 6 (4) PENNEY, MURRAY & ASSOCIATES3 1342 E Kingsley St, Ste E, Springfield 65802 417-881-9200 • AmeripriseAdvisors.com ron.c.penney@ampf.com 5 36 $2,616,858,810 Financial planning, investment management, retirement & business planning Seth Murray & Ron Penney, owners/partners 1998 7 (7) EDWARD JONES Various offices, Southwest Missouri 800-335-6637 • EdwardJones.com 4 67 $1,760,000,000,0004 Investment banking & management, individual & business retirement plans, education savings plans, life insurance, annuities, long-term care insurance, estate & trust services Varies 5 1984 8 (8) MORGAN STANLEY WEALTH MANAGEMENT 1535 E Primrose St, Springfield 65804 417-882-7150 • MorganStanleyBranch.com/springfield.mo anita.oplotnik@morganstanley.com 4 20 $2,300,000,000 Investment management, financial planning, IRA rollovers, corporate pensions, 401(k) plans, trust services, foundation investment management, life insurance Anita Oplotnik, SVP/branch manager 1952 9 (9) COMMERCE TRUST 1345 E Battlefield Road, Springfield 65804 417-837-5269 • CommerceTrustCompany.com chris.sweet@commercebank.com 2 16 $41,200,000,000 Investment management, financial planning, trust & private banking Chris Sweet, executive vice president/trust market manager 1967 10 (10) PRIME CAPITAL INVESTMENT ADVISORS LLC 1835 E Republic Road, Ste 104, Springfield 65804 417-720-4255 • PCIAOzarks.com tconner@pciawealth.com 2 6 $23,000,000,000 Financial planning, tax strategies, estate planning review, social security maximization, private equity, wealth management, investments Terry Conner, managing director & Christian Conner, partner 1994 11 SIMMONS BANK PRIVATE WEALTH 4625 S National Ave, Springfield 65810 417-890-7770 • SimmonsBank.com steven.kamienski@simmonsbank.com 2 2 $1,357,400,000 Investment management, financial planning Steven Kamienski, SVP/market director & Christian Lewis, regional community president 1998 12 (13) VINEYARD ASSET MANAGEMENT LLC 3812 S Fremont Ave, Springfield 65804 417-881-7100 • VineyardAsset.com info@vineyardasset.com 2 4 $500,000,000 Investment advisory & wealth management, estate & tax planning, investment risk management, asset protection & Section 1031 tax-deferred exchanges Benjamin Newhouse, CEO 2007 13 ACHIEVE PRIVATE WEALTH3 1525 W Republic Road, Ste B115, Springfield 65804 417-877-0252 • AmeripriseAdvisors.com paula.j.dougherty.ampf.com 2 5 WND Financial planning, investment management, retirement & business planning, long-term care, life & disability insurance Paula Dougherty, CEO/owner 2007 14 KFB WEALTH GROUP LLC 3828 S Fremont Ave, Springfield 65804 417-882-0020 • KFBWealthGroup.com contact@kfbwealth.com 1 4 $300,000,000 Wealth management, retirement, education, insurance, tax & estate planning, corporate pension Austin Kurth, CFP/partner; Eric Kurth; Tim Franck & Bryan Bowles, partners 2019 15 (11) MCCULLOUGH AND ASSOCIATES LLC 820 E Primrose St, Springfield 65807 417-883-1212 • McCulloughAndAssociatesInv.com mccullough@ceterafs.com 1 5 WND Wealth management, financial planning, estate & insurance planning, tax planning Terry McCullough, financial adviser/managing partner & Karla McCullough, financial adviser 1992 16 (12) KPM WEALTH ADVISORS6 1445 E Republic Road, Springfield 65804 417-882-4300 • KPMWealthAdvisors.com info@kpmwealthadvisors.com 1 5 WND Investment, insurance, income tax, retirement & estate planning planning Jay McIntyre & Skylar Smith, partners/wealth advisers 2001 17 STRATEGIC FINANCIAL 3809 S Greystone Court, Ste A, Springfield 65804 417-823-3810 • TheStrategicFinancial.com cwright@thestrategicfinancial.com 1 5 WND Investments, financial planning, insurance, business planning, tax management, estate planning, capital accumulation Craig Wright, financial adviser 2009 Ranked by the number of local certified financial planners, then by assets under management, then by year founded locally. Local is defined as Springfield and its 50-mile radius. The previous year's rankings are in parenthesis. Springfield Business Journal relies on individual businesses to be truthful and accurate in their representation of the information listed. To be considered for future lists, email lists@sbj.net. WND: Would not disclose. 1 FORVIS formed a global partnership with Paris, France-based company, Mazars Group, and will be renamed Forvis Mazars on June 1, 2024. 2As of Dec. 31, 2023, according to company investor reports. 3A financial advisory practice of Ameriprise Financial Services. 4As of third-quarter 2023, per Securities and Exchange Commission filings. 5Offices are managed individually. 6Registered representatives offering securities through Cetera Financials Specialists LLC, member FINRA/SIPC. Advisory services offered through Cetera Investment Advisers LLC. Cetera entities are under separate ownership from any other named entity. Researched by Karen Bliss Karen Bliss © Copyright 2024 SBJ. All rights reserved. This material may not be republished, rebroadcast, rewritten or redistributed.
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