ST. LOUIS--(BUSINESS WIRE)--First Bank, an indirect subsidiary of First Banks, Inc. (“First Banks”) (NASDAQ:FBNKM) (NYSE:FBSPRA), headquartered in St. Louis, Missouri, announces the completion of the acquisition of MidAmerica National Bank’s three banking offices located in Peoria and Bloomington, Illinois (“MidAmerica Offices”). MidAmerica National Bank, a subsidiary of MidAmerica National Bancshares, Inc., is headquartered in Canton, Illinois. Under the terms of the agreement, First Bank purchased certain assets and assumed certain deposit and other liabilities of the MidAmerica Offices located at 7535 North Knoxville Avenue and 230 S.W. Adams Street in Peoria, and 201 North Prospect in Bloomington. At the time of the acquisition, the MidAmerica Offices reported, on an aggregate basis, assets of approximately $210.3 million, loans, net of unearned discount, of approximately $153.5 million and deposits of approximately $52.4 million.
Terrance M. McCarthy, Senior Executive Vice President and Chief Operating Officer, said, “We are delighted to welcome our new customers to First Bank. We are dedicated to providing the highest level of personalized customer service coupled with an extensive array of financial products and services to our customers, continuing the strong financial services relationships the management and employees of MidAmerica National Bank have built with their customers. The MidAmerica Offices nicely complement our existing banking network in central Illinois, which includes four banking offices in the Peoria area. This transaction marks First Bank’s entrance into the Bloomington market and significantly expands our market share in the Peoria market. It also provides First Bank with an excellent opportunity to extend our services to a larger customer base throughout these vibrant communities, and offers significant additional resources with an expanded branch banking network that will greatly benefit our customers.”
Mr. McCarthy added, “We are very pleased to announce the appointment of James C. Fassino, former President and Chief Executive Officer of MidAmerica National Bank, as President of First Bank’s Northern Illinois region. As President of our Northern Illinois region, Jim will oversee the Peoria, Bloomington, Springfield, Quincy and Galesburg markets. Jim’s strong leadership and banking experience, in addition to the highly talented management teams of the MidAmerica Offices, will enhance our banking organization and our ability to serve the business needs of our customers and their communities. Jim’s leadership, along with First Bank’s existing outstanding team of experienced commercial banking officers in the region, will allow us to build a more substantial local infrastructure in line with our expanded market presence, provide our customers with access to a broader lending team, and strengthen our foundation to continue to build an expanded customer base throughout central Illinois.”
James C. Fassino, President of First Bank’s Northern Illinois Region, said, “The transition will be seamless to our existing and new customers – our customers will continue to work with the same highly qualified and seasoned teams that currently operate in Peoria and Bloomington. Under the leadership of Andrew Herrera, President – Peoria, and Lawrence Horvath, President – Bloomington, our experienced commercial lending and consumer banking teams will further enhance our ability to provide the highest level of personalized customer service and will propel First Bank’s momentum for significant expansion in central Illinois and strengthened investment in our customers and in the local communities.” Mr. Fassino added, “We will continue to operate with the feel of a community bank, with a level of local decision-making to provide the ability to promptly respond to the needs of our customers, while providing the added benefit of significantly greater resources and support of the First Banks organization.”
First Bank offers a complete line of commercial and consumer loan and deposit products as well as expanded financial services, including telephone and internet banking, debit cards, automated teller machines, mortgage banking, small business lending, insurance premium financing, credit-related insurance, brokerage services, employee benefit and commercial and personal insurance services, trust, private banking and institutional money management services.
Concurrent with this transaction, First Bank closed and merged the former MidAmerica banking office located at 7535 North Knoxville Avenue into the existing First Bank banking office located at 1021 West Bird Street in Peoria. In addition, First Bank closed and merged its existing banking office located at 240 S.W. Jefferson in Peoria into the former MidAmerica banking office located at 230 S.W. Adams Street.
At September 30, 2006, First Banks reported assets of $9.76 billion, loans, net of unearned discount, of $7.72 billion, deposits of $8.10 billion and stockholders’ equity of $763.9 million. First Banks currently operates 188 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. 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. 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 and subsequent Quarterly Reports on Form 10-Q, 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.