First Bank Announces Repositioning of Its Florida Market

First Bank Announces Repositioning of Its Florida Market

ST. LOUIS--(BUSINESS WIRE)-- First Bank, a subsidiary of First Banks, Inc. (the "Company") (NYS: FBSPRA) , headquartered in St. Louis, Missouri, today announced changes in its Florida banking operation. As part of a strategic repositioning in the Florida market, First Bank intends to sell or close its 11 branch offices located in the Tampa and St. Petersburg communities. First Bank recently executed a Purchase and Assumption Agreement to sell its eight branches in Pinellas County to HomeBanc National Association, headquartered in Lake Mary, Florida, and will close its two branch offices in Hillsborough County and single branch office in Pasco County. These transactions are expected to be completed in the second quarter of 2013. First Bank intends to continue to hold and operate its remaining eight branch offices in Manatee County serving the communities of Bradenton, Palmetto and Longboat Key.

"We believe we can be most effective in better serving our customers by focusing our efforts and resources toward building our presence in the Bradenton, Palmetto and Longboat Key markets," said Terrance M. McCarthy, President and Chief Executive Officer of First Bank.

Upon completion of the proposed transactions, First Bank will operate eight branch offices with approximately $160.0 million in deposits in the communities of Bradenton, Palmetto and Longboat Key.

About First Banks, Inc.

The Company had assets of $6.51 billion at September 30, 2012 and currently operates 146 branch banking offices in California, Florida, Illinois and Missouri. Through its subsidiary bank, First Bank, the Company offers a broad range of financial products and services to consumers, businesses and other institutions. Visit the Company on the web at

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about the Company's plans, objectives, estimates or projections with respect to our future financial condition and earnings including the ability of the Company to remain profitable, expected or anticipated revenues with respect to our results of operations and our business, expected improvement in our net interest income and margin, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties which may cause actual results to differ materially from those contemplated in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: deterioration in the Company's loan portfolio, increased competition and its effect on pricing, spending, third-party relationships, revenues and net interest margin; changes in interest rates and overall economic conditions; and the risk of new and changing regulation. Additional factors which may cause the Company's results to differ materially from those described in the forward-looking statements may be found in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, as filed with the SEC and available at the SEC's internet site. The forward-looking statements in this press release speak only as of the date of the press release, and the Company does not assume any obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements.


First Banks, Inc.
Terrance M. McCarthy, 314-854-4600
President and Chief Executive Officer
Lisa K. Vansickle, 314-854-4600
Executive Vice President and Chief Financial Officer

KEYWORDS:   United States  North America  Florida  Missouri


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