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First Exchange's CEO out as sour loans mount
Problem loans hit $2.5 million at firm's south county bank
The chief executive of First Exchange Corp., a Cape Girardeau banking company with two St. Louis area banks, has resigned amid a sharp rise in troubled loans.
Among First Exchange's woes is a more than fivefold increase in problem loans in the first quarter at its south St. Louis County bank. The bank, which lost $109,000 in the first quarter, is headed by president James A. Smith.
Donald R. Chilton, chairman of the board, president and chief executive of First Exchange Corp., resigned July 30 "to devote his time and energies to a family business venture," according to a July 31 letter …