FDIC TO SELL 1ST EXCHANGE LAND PARCELS

Two parcels of property in Cape Girardeau County are among those that will cross the auction block in October as efforts continue toward final disposition of the First Exchange Corp.

The defunct bank holding company owned banking operations in Cape Girardeau, Jackson, Fredericktown and St. Louis.

The two properties will be auctioned at 1 p.m. Oct. 2 at the Kansas City Marriott Downtown Hotel.

One of the properties will be sold, regardless of price, said Michelle Stevens of Sheldon Good & Company. The Kansas City company and the Resolution Trust Corporation are helping dispose of the properties for the Federal Deposit Insurance Corporation.

A bid of $55,000 has been suggested for a 6,010-square-foot truck stop/convenience store at 14840 Highway 177 north of Cape Girardeau, near the Procter & Gamble Paper Products Co., but the property will be sold regardless of the bid.

Built in 1987 by Lenertz's Trucking Co. of St. Paul,. Minn., the business operated under the name of "Your Store" and featured grocery items, a deli, restaurant and truck stop. Now closed, it included showers and changing rooms for truckers, a built-in cooler, six fuel tanks and two canopies.

The second parcel in Cape Girardeau County is a 216,400-square-foot warehouse. The one-story corrugated metal building includes a 1,500-square-foot office. The property, at 14916 State Highway 177, includes 25-foot clear-stacking heights and eight overhead dock-high doors.

A suggested opening bid of $400,000 is suggested for the warehouse. The spokesperson did not reveal the amount it would take to purchase the building.

Construction on the warehouse started in mid-1986 and was completed in early 1987. Fred Lenertz of Lenertz Trucking Co. used the building as a public warehouse. It is adjacent to the Lenertz Trucking Co. terminal and was financed by Jackson Exchange Bank.

The five subsidiary banks owned by First Exchange Corp. closed more than three years ago. The state commissioner of finance ordered all the banks closed and liquidated on May 7, 1992.

But not all the banks' business has been settled.

"We're still a long way from final disposition of the First Exchange case," said Steve Hester, department head of the FDIC's division of closings, settlements and termination at the Chicago FDIC office. "It could be at least six months or more."

The date for filing claims against the company expired in November of 1993, said Steve Holmes, claims adjuster with the Chicago FDIC office's division of assessments and deposits. But anyone who thinks they still have a claim may contact Holmes at the Chicago FDIC office, 500 Monroe, Chicago, Ill. 60661.

Depositors in any of the Exchange banks were protected for up to $100,000.

Two more parcels of FDIC property, in Arcadia and Des Arc., also will be auctioned during the Oct. 2 sale.

These include a 23,570-square-foot office/manufacturing building at 118 N. Main St. in Arcadia and mixed-use buildings at Des Arc. They consist of a gymnasium and warehouse connected by covered walkways.

These building also will be sold regardless of bids. A suggested opening bid of $35,000 is suggested for the Arcadia property. A $6,000 opening bid is suggested for the gymnasium and warehouse.