First Banks, Inc. and First Independent National Bank Announce Completion of Acquisition of First Independent National Bank

Business Wire, May 1, 2006

ST. LOUIS -- First Banks, Inc. ("First Banks") (NASDAQ:FBNKM) (NYSE:FBSPRA) and First Independent National Bank ("First Independent") jointly announce completion today of the previously announced acquisition of First Independent by First Banks. First Banks acquired First Independent for approximately $19.2 million in cash. First Independent operated two banking offices in Plano, Texas, and was in the process of opening a de novo branch banking office located in the Preston Forest Shopping Center in Dallas, which is expected to be open for business in June 2006. At March 31, 2006, First Independent reported assets of $70.0 million, loans, net of unearned discount, of $63.0 million, deposits of $56.6 million, and stockholders' equity of $8.1 million. First Independent will be merged with and into First Bank, a Missouri state chartered bank and wholly owned subsidiary of First Banks, on May 16, 2006.

Terrance M. McCarthy, Senior Executive Vice President and Chief Operating Officer of First Banks, said, "We are delighted to welcome our new customers to First Banks. First Independent's attractive banking franchise complements First Banks' footprint in the highly desirable and rapidly growing Dallas metropolitan market." Mr. McCarthy added, "First Banks is committed to providing the highest level of personalized customer service and quality financial products through an expanded branch network distribution base."

David F. Weaver, President of First Bank's Texas Region, said, "Our new and existing customers in Texas will greatly benefit from an expanded branch and ATM banking network. With the completion of the acquisition of First Independent, including the planned completion of the Preston Forest banking office, First Banks will have 15 banking locations in Texas, including 11 in the Dallas metropolitan area." Mr. Weaver added, "We look forward to serving our new and existing customers with a complete line of consumer and commercial loan and deposit products as well as expanded financial services, including telephone and internet banking, debit cards, mortgage banking, small business lending, brokerage services, credit-related insurance, employee benefits, commercial and personal insurance services, trust, private banking and institutional money management services."

Mitchell Rasansky, Chairman of the Board of First Independent and Dallas City Councilman, said, "We feel this deal was in the best interests of our shareholders. While we entertained several offers, we ultimately chose First Banks because we felt it was the best fit with our company."

This transaction is the third Texas expansion transaction recently completed by First Banks. First Banks acquired First National Bank of Sachse, with one banking office in northeast Dallas, on January 3, 2006, and completed its acquisition of the branch office of Dallas National Bank, located in Richardson, Texas, on January 20, 2006. These two transactions coupled with the acquisition of First Independent, provided combined assets and deposits of approximately $147.0 million and $124.0 million, respectively.

At March 31, 2006, First Banks reported consolidated assets of $9.40 billion, loans, net of unearned discount, of $7.17 billion, deposits of $7.89 billion and stockholders' equity of $705.4 million. First Banks currently operates 182 banking offices in California, Illinois, Missouri and Texas.

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 First Banks' plans, objectives, estimates or projections with respect to our future financial condition, expected or anticipated revenues with respect to our results of operations and our business, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of First Banks' 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: the risk the acquisition will not be integrated successfully; increased competition and its effect on pricing, spending, third-party relationships and revenues; and the risk of new and changing regulation. Additional factors which may cause First Banks' results to differ materially from those described in the forward-looking statements may be found in First Banks' most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission ("SEC") and available at the SEC's internet site (http://www.sec.gov). The forward-looking statements in this press release speak only as of the date of the press release, and First Banks 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.