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

                          June 19, 2006 (June 14, 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 June 14, 2006,  First Banks,  Inc.  ("First Banks" or the "Company")
entered into a Purchase  Agreement with Bear,  Stearns & Co. Inc.  regarding the
issuance of variable rate trust  preferred  securities  by First Bank  Statutory
Trust VI, a newly  formed  Delaware  statutory  trust  affiliate  of the Company
("FBST VI"). Subject to the terms of the Purchase  Agreement,  on June 16, 2006,
FBST VI issued  25,000  shares of variable  rate trust  preferred  securities at
$1,000  per  share in a  private  placement,  and  issued  774  shares of common
securities  to First  Banks at $1,000  per  share.  First  Banks owns all of the
common  securities  of FBST VI. The gross  proceeds of the offering were used by
FBST VI to purchase $25.8 million of variable rate subordinated  debentures from
First Banks,  maturing on July 7, 2036.  The maturity  date of the  subordinated
debentures may be shortened, at the option of First Banks, to a date not earlier
than July 7, 2011 if certain conditions are met. The subordinated debentures are
the sole  asset of FBST  VI.  In  connection  with the  issuance  of the FBST VI
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 VI under the FBST VI preferred  securities.  Proceeds
from the  issuance of the  subordinated  debentures  to FBST VI, net of offering
expenses,  were $25.7 million.  The  distribution  rate on the FBST VI preferred
securities is equivalent to the three-month  London Interbank Offering Rate plus
165 basis points, and is payable quarterly in arrears beginning October 7, 2006.

         First  Banks  intends  to use the  proceeds  from the  issuance  of the
subordinated debentures to FBST VI 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:  June 19, 2006                        By: /s/ Steven F. Schepman
                                                --------------------------------
                                                    Steven F. Schepman
                                                    Senior Vice President and
                                                    Chief Financial Officer