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


                        October 1, 2007 (August 29, 2007)
                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

                                                                            PAGE
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ITEM 8.01  OTHER EVENTS.....................................................  1

SIGNATURE...................................................................  3










ITEM 8.01  OTHER EVENTS.

        On August 29, 2007,  First Banks,  Inc. ("First Banks" or the "Company")
entered into a Placement Agreement regarding the issuance of variable rate trust
preferred  securities by First Bank Statutory  Trust X, a newly formed  Delaware
statutory trust affiliate of the Company ("FBST X"). Subject to the terms of the
Placement  Agreement,  on August 31, 2007,  FBST X issued  15,000  variable rate
trust preferred  securities at $1,000 per security in a private  placement,  and
issued 464 common securities to First Banks at $1,000 per security.  First Banks
owns all of the common  securities of FBST X. The gross proceeds of the offering
were used by FBST X to  purchase  $15.5  million of variable  rate  subordinated
debentures  from First Banks,  maturing on September 15, 2037. The maturity date
of the subordinated  debentures may be shortened,  at the option of First Banks,
to a date not earlier than  September 15, 2012, if certain  conditions  are met.
The subordinated debentures are the sole asset of FBST X. In connection with the
issuance of the FBST X 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 X under the FBST X preferred
securities. Proceeds from the issuance of the subordinated debentures to FBST X,
net of offering expenses,  were $15.5 million. The distribution rate on the FBST
X preferred securities is equivalent to the three-month London Interbank Offered
Rate ("LIBOR") plus 230.0 basis points, and will be payable quarterly in arrears
beginning  December 15, 2007.  First Banks  intends to use the proceeds from the
issuance of the subordinated  debentures to FBST X to fund pending acquisitions,
as well as for general corporate purposes.

        On September 13, 2007,  First Banks  entered into a Placement  Agreement
regarding the issuance of variable rate trust preferred securities by First Bank
Statutory  Trust IX, a newly formed  Delaware  statutory  trust affiliate of the
Company  ("FBST  IX").  Subject  to the  terms of the  Placement  Agreement,  on
September  20,  2007,  FBST IX  issued  25,000  variable  rate  trust  preferred
securities at $1,000 per security in a private placement,  and issued 774 common
securities  to First Banks at $1,000 per  security.  First Banks owns all of the
common  securities  of FBST IX. The gross  proceeds of the offering were used by
FBST IX to purchase $25.8 million of variable rate subordinated  debentures from
First  Banks,   maturing  on  December  15,  2037.  The  maturity  date  of  the
subordinated  debentures  may be shortened,  at the option of First Banks,  to a
date not earlier  than  December 15, 2012,  if certain  conditions  are met. The
subordinated  debentures  are the sole asset of FBST IX. In connection  with the
issuance  of  the  FBST  IX  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 IX under the
FBST IX preferred  securities.  Proceeds  from the issuance of the  subordinated
debentures  to FBST IX,  net of  offering  expenses,  were  $25.8  million.  The
distribution  rate on the FBST IX  preferred  securities  is  equivalent  to the
three-month  LIBOR plus 225.0 basis  points,  and will be payable  quarterly  in
arrears  beginning  December 15, 2007.  First Banks  intends to use the proceeds
from  the  issuance  of the  subordinated  debentures  to  FBST  IX for  general
corporate purposes.

        On September 27, 2007,  First Banks  entered into a Placement  Agreement
regarding the issuance of variable rate trust preferred securities by First Bank
Statutory  Trust XI, a newly formed  Delaware  statutory  trust affiliate of the
Company  ("FBST  XI").  Subject  to the  terms of the  Placement  Agreement,  on
September  28,  2007,  FBST XI  issued  10,000  variable  rate  trust  preferred
securities at $1,000 per security in a private placement,  and issued 310 common
securities  to First Banks at $1,000 per  security.  First Banks owns all of the
common  securities  of FBST XI. The gross  proceeds of the offering were used by
FBST XI to purchase $10.3 million of variable rate subordinated  debentures from
First  Banks,   maturing  on  December  15,  2037.  The  maturity  date  of  the
subordinated  debentures  may be shortened,  at the option of First Banks,  to a
date not earlier  than  December 15, 2012,  if certain  conditions  are met. The
subordinated  debentures  are the sole asset of FBST XI. In connection  with the
issuance  of  the  FBST  XI  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 XI under the
FBST XI preferred  securities.  Proceeds  from the issuance of the  subordinated
debentures  to FBST XI,  net of  offering  expenses,  were  $10.3  million.  The
distribution  rate on the FBST XI  preferred  securities  is  equivalent  to the
three-month  LIBOR plus 285.0 basis  points,  and will be payable  quarterly  in
arrears  beginning  December 15, 2007.  First Banks  intends to use the proceeds
from  the  issuance  of the  subordinated  debentures  to  FBST  XI 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:  October 1, 2007             By: /s/ Terrance M. McCarthy
                                      ------------------------------------------
                                           Terrance M. McCarthy,
                                           President and Chief Executive Officer