FDIC REFUSES $2.3 MILLION OFFER ON AREA WAREHOUSES

CHICAGO -- The Federal Deposit Insurance Corp. has rejected the $2.3 million offer for two warehouses north of Cape Girardeau.

"We did not accept the bid," said Jerry Rounds of the Chicago FDIC office. "It did not meet our reserve price."

The $2.3 million offer came Monday during an auction of FDIC property at Kansas City.

The warehouses were appraised a number of times for the FDIC. Although appraisal figures were not immediately available, the offer reportedly was well under the appraisal price.

The property at 14916 State Highway 177 includes two 216,400-square-foot corrugated metal buildings. They were for sale as part of the final disposition of First Exchange Corp., a defunct bank-holding company that owned banking operations in Cape Girardeau, Jackson, Fredericktown and St. Louis.

Sheldon Good & Co. of Kansas City and the Resolution Trust Corp. reported Tuesday that the property had been sold, but the FDIC has the right to refuse all offers.

Meanwhile, another property in the same area, a truck stop-convenience store at 14840 Highway 177, did sell.

"We have accepted a contract on that facility," Rounds said.

The warehouses will be placed on the market again.