NEW PRESIDENT: PROUGH LEADS CAPE EXCHANGE BANK

A new president and chief executive officer has been named for the First Exchange Bank of Cape Girardeau. David L. Prough began work last week.

The president and CEO of the Jackson Exchange Bank and Trust, David Beasley, has resigned his post. The new president for that bank is expected to be announced this week.

Both First Exchange Bank of Cape Girardeau and the Jackson Exchange Bank and Trust are subsidiaries of the First Exchange Corp., headquartered in Cape Girardeau.

Prough has 22 years of experience in banking, including experience in senior executive level positions with banks and the holding companies that own them.

He was most recently president and chief operating officer of First Midwest Bank of Moline, Ill.

"We are pleased we were able to attract an individual of his caliber to assume the duties of president," said Leo Kohlfeld, chairman of the board of First Exchange Corp. "His in-depth knowledge and management experience will be an invaluable asset to our organization."

Prough said, "Primarily it was the opportunity to work with the First Exchange Corporation and First Exchange Bank" that brought him to Cape Girardeau.

"I'm just the kind of person who likes to get involved in banking and I like the community banking atmosphere much better than the big megabanks.

"We have got some challenges that have to be met and I like that challenge as well," he said.

Prough succeeds Bill M. Stanfield as president of the Cape Girardeau bank. Stanfield announced his resignation in November.

The First Exchange Bank of Cape Girardeau is owned by the First Exchange Corp., a multi-bank holding company based in Cape Girardeau.

In addition to Jackson Exchange Bank and Trust Co. of Jackson and First Exchange Bank of Cape Girardeau, other subsidiary banks of the corporation are First Exchange Bank of Madison County at Fredericktown; First Exchange Bank of St. Louis at St. Louis; and First Exchange Bank of North St. Louis County at Florissant.

The First Exchange Corp.'s five subsidiary banks currently ope~rate under a "cease and desist" order from federal bank regulators. In September 1991, First Exchange was ordered to halt insider loans, to halt dividends, clean up its bad loans and boost its capital from 4.5 percent to 7 percent.

Prough said before he accepted the position, he came to Cape Girardeau to evaluate the bank.

"I had an opportunity to come down and meet with many officers and directors and look at the situation for myself," he said. "I think underneath it all, there is a very good, viable community bank to be had.

"Yes, they have some problems now, but not insurmountable kinds of problems, and I think there are things I can do a lot to cure those problems."

Prough said his first priorities are to get acquainted with the bank staff and people in the community.

"I am enthusiastic about working with the many fine individuals associated with the First Exchange Bank," said Prough. "Everyone has just been great."