BANK OFFICIALS HAPPY WITH EARLY TRANSITION

Officials of Boatmen's Bank of Cape Girardeau and Commerce Bank of Poplar Bluff say they are pleased with transition operations during the first two days following their acquisitions of First Exchange Corp. facilities in Cape Girardeau County.

"We have looked at the results of the first two days since the purchase Friday," said Roger Tolliver, chairman and chief executive officer of Commerce Bank of Poplar Bluff. "We're pleased."

Commerce acquired the insured deposits of First Exchange Bank of Cape Girardeau Thursday afternoon and opened as Commerce Bank Friday morning at 160 S. Broadview.

"It was business as usual at the site of Jackson Exchange Bank and Trust Co.," said Jim Limbaugh, president and CEO of Boatmen's Bank of Cape Girardeau, which acquired that facility and its two branches Thursday afternoon.

"We told everyone at the bank to report to work as usual Friday, and they did," said Limbaugh. "We continue to serve customers at the main bank at 101 Court Street and the Fruitland branch.

"We did close the Highway 61 East branch, but it was located just across the highway from a branch we already had in Jackson," said Limbaugh. "The people who worked at the previous Jackson Exchange branch there were moved across the street."

A total of five First Exchange Corp. banks were sold Thursday. Commerce Bank of St. Francois County, Farmington, purchased the Exchange Bank of Madison County; Magna Bank of Clayton acquired First Exchange Bank of St. Louis and First Bank; and Savings Bank of Clayton acquired First Exchange Bank of North St. Louis County.

Officials here expressed optimism about the transition.

"Jackson is a great community," said Limbaugh. "We're just tickled to death with this acquisition, and customers and employees we have talked with seem pleased that we have assumed operations."

Jackson Exchange employed about 75 persons.

"We told the employees that we will make temporary arrangements until we determine our personnel requirements," said Limbaugh. "We don't see any drastic personnel changes. This bank was built with good, confident people."

Customers have been great, said Limbaugh.

"We talked with many customers Friday and Saturday and many of them are already aware of our services and most are conducting their business as usual."

One customer who wanted to remain anonymous said he had a number of accounts with Jackson Exchange. "We had moved a couple of them," said the customer. "But, we still had some accounts left there and we will continue to leave them with Boatmen's."

Another consumer said her situation was ironic, and probably fit a number of customers.

"I had withdrawn an account at Jackson Exchange and opened an account with Boatmen's," she said.

Both Limbaugh and Tolliver stressed that deposits of former Exchange customers were safe, sound and accessible.

"Deposits continue to be protected up to $100,000," said Limbaugh. "Since Boatmen's is so strong financially, any concern that these customers may have had about the health of their former bank should be relieved."

Boatmen's Bank of Cape Girardeau is familiar to area residents.

Prior to acquiring Jackson Exchange, the bank here had a total of six facilities in Cape County, including one at Jackson. The local bank operation is affiliated with Boatmen's Bancshares Inc., the largest banking institution in Missouri and the central Midwest. Boatmen's Bancshares, with assets of $18.6 billion, is the 34th largest bank holding company in the U.S. It has operations in more than 300 locations, including Missouri, Illinois, Tennessee, Oklahoma, Arkansas and Iowa.

Commerce Bank of Poplar Bluff is an affiliate of Commerce Bancshares Inc., a bank holding company with more than 125 locations and $6.7 billion in assets.

"Most customers we talked to during the past two days are pleased and have accepted Commerce Bank very well," said Tolliver. "We couldn't be more pleased so far.

"We were recently ranked the safest bank in the nation for an unprecedented fifth consecutive year," said Tolliver. "This ranking is conducted by U.S. Banker, a prominent banking journal. We have also earned the national distinction from U.S. Banker as the nation's best overall performer for a second straight year."

First Exchange of Cape Girardeau employed 29 people who were released by the Federal Deposit Insurance Corporation, which sold the banks late Thursday.

"We have asked these people to fill out applications, and have already started the interviewing process," said Tolliver. "We hope to be making some decisions within the next few days on our staffing requirements."

Cord Polen of Cape Girardeau, who had been serving as senior vice president and senior loan officer at Commerce Bank of Poplar Bluff, has been assigned as president of the new bank here.