UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

                          May 2, 2006 (April 27, 2006)
                Date of Report (Date of earliest event reported)


                                FIRST BANKS, INC.
             (Exact name of registrant as specified in its charter)


              MISSOURI                 0-20632                   43-1175538
    (State or other jurisdiction (Commission File Number)     (I.R.S. Employer
         of incorporation)                                   Identification No.)


                   135 NORTH MERAMEC, CLAYTON, MISSOURI   63105
               (Address of principal executive offices) (Zip code)


                                 (314) 854-4600
              (Registrant's telephone number, including area code)


                                 Not Applicable
          (Former name or former address, if changed since last report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

( ) Written communications pursuant to Rule 425 under the Securities Act (17 CFR
    230.425)

( ) Soliciting material pursuant to Rule 14a-12 under  the Exchange  Act (17 CFR
    240.14a-12)

( ) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
    Act (17 CFR 240.14d-2(b))

( ) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
    Act (17 CFR 240.13e-4(c))







                                FIRST BANKS, INC.

TABLE OF CONTENTS
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ITEM 8.01  OTHER EVENTS....................................................   1

SIGNATURE..................................................................   2








ITEM 8.01  OTHER EVENTS.

         On April 27, 2006,  First Banks,  Inc. ("First Banks" or the "Company")
entered into a Placement Agreement with FTN Financial Capital Markets and Keefe,
Bruyette & Woods,  Inc.  regarding the issuance of variable rate trust preferred
securities by First Bank Statutory  Trust V, a newly formed  Delaware  statutory
trust affiliate of the Company ("FBST V"). Subject to the terms of the Placement
Agreement, on April 28, 2006, FBST V issued 20,000 shares of variable rate trust
preferred securities at $1,000 per share in a private placement,  and issued 619
shares of common securities to First Banks at $1,000 per share. First Banks owns
all of the common  securities of FBST V. The gross proceeds of the offering were
used  by  FBST  V to  purchase  $20.6  million  of  variable  rate  subordinated
debentures from First Banks, maturing on June 15, 2036. The maturity date of the
subordinated  debentures  may be shortened,  at the option of First Banks,  to a
date not  earlier  than  June 15,  2011,  if  certain  conditions  are met.  The
subordinated  debentures  are the sole asset of FBST V. In  connection  with the
issuance of the FBST V preferred securities, First Banks made certain guarantees
and  commitments  that, in the  aggregate,  constitute a full and  unconditional
guarantee by First Banks of the obligations of FBST V under the FBST V preferred
securities.  Proceeds from the issuance of the subordinated debentures to FBST V
were $20.6 million.  The distribution rate on the FBST V preferred securities is
equivalent  to the  three-month  London  Interbank  Offering Rate plus 145 basis
points, and is payable quarterly in arrears beginning June 15, 2006.

         First  Banks  intends  to use the  proceeds  from the  issuance  of the
subordinated  debentures to FBST V to support future acquisitions as well as for
general corporate purposes.









                                    SIGNATURE


         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                               FIRST BANKS, INC.



Date:  May 2, 2006                             By: /s/ Steven F. Schepman
                                                   -----------------------------
                                                       Steven F. Schepman
                                                       Senior Vice President and
                                                       Chief Financial Officer