-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sid4tdcVZpky1PgGkS/BKxVL4gURgH5PL0gO7yv0Gvdyx+NNM4kTFVHSd9tYfccH I1kQKSlMeiHimbZdWoxFCw== 0001445116-09-000001.txt : 20090130 0001445116-09-000001.hdr.sgml : 20090130 20090130171951 ACCESSION NUMBER: 0001445116-09-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090130 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090130 DATE AS OF CHANGE: 20090130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANKS, INC CENTRAL INDEX KEY: 0000710507 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 431175538 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31610 FILM NUMBER: 09559304 BUSINESS ADDRESS: STREET 1: 135 N MERAMEC CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3148544600 MAIL ADDRESS: STREET 1: 135 N MERAMEC CITY: ST LOUIS STATE: MO ZIP: 63105 FORMER COMPANY: FORMER CONFORMED NAME: FIRST BANKS INC DATE OF NAME CHANGE: 19940805 8-K 1 fbi8k013009.txt FORM 8-K 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 January 30, 2009 (January 30, 2009) 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 ---- ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION ............ 1 ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS......................... 1 SIGNATURE .......................................................... 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On January 30, 2009, First Banks, Inc. issued a press release announcing its financial results for the three months and year ended December 31, 2008. A copy of the press release is attached hereto as Exhibit 99. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (d) Exhibits. Exhibit Number Description -------------- ----------- 99 Press release dated as of January 30, 2009 - filed herewith. 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: January 30, 2009 By: /s/ Terrance M. McCarthy ----------------------------------------- Terrance M. McCarthy President and Chief Executive Officer EX-99 2 fbi013009x99.txt EXHIBIT 99 Exhibit 99 First Banks, Inc. St. Louis, Missouri Contacts: Terrance M. McCarthy Lisa K. Vansickle President and Senior Vice President and Chief Executive Officer Chief Financial Officer First Banks, Inc. First Banks, Inc. (314) 854-5404 (314) 592-5000 Traded: NYSE Symbol: FBSPrA - (First Preferred Capital Trust IV, an affiliated trust of First Banks, Inc.) FOR IMMEDIATE RELEASE: First Banks, Inc. Announces Fourth Quarter And Year-End 2008 Results St. Louis, Missouri, January 30, 2009. First Banks, Inc. ("First Banks" or the "Company") reported a net loss of $202.3 million and $272.0 million for the three months and year ended December 31, 2008, respectively. The financial results for the three months and year ended December 31, 2008 were adversely impacted by a provision for loan losses of $139.0 million and $368.0 million for the three months and year ended December 31, 2008, respectively, and the recognition of a deferred tax asset valuation allowance of approximately $131.4 million during the fourth quarter of 2008. Terrance M. McCarthy, President and Chief Executive Officer of First Banks, said, "Being an active lender with a concentration in real estate loans, particularly in California and Florida, we, like others in our industry, incurred significant loan losses in 2008. We are proactively addressing this risk, however, by charging nonperforming loans down to current appraised values and substantially increasing our allowance for loan losses to $220.2 million at December 31, 2008, compared to $168.4 million at December 31, 2007. Primarily as a result of these loan losses, we were required to establish a deferred tax asset valuation allowance in accordance with U.S. generally accepted accounting principles. We believe this will be a temporary, non-cash charge to our earnings until the Company's financial performance returns to sustained profitability." The Company has a nearly 100-year history of profitability until the severe decline in economic conditions occurred in many of our markets throughout 2007 and 2008. During 2008, the Company raised a total of $420.4 million in new capital. The Company received a $125.0 million additional investment from its existing shareholders and issued $295.4 million of preferred stock in December as a participant in the U.S. Treasury's Capital Purchase Program. As a result, the Company's total risk-based and tier 1 capital ratios were 12.26% and 9.08%, respectively, at December 31, 2008, both well in excess of the regulatory "well capitalized" guidelines of 10.00% and 6.00%, respectively. Additionally, First Banks currently has a strong liquidity position with total borrowing capacity and cash and short-term investments in excess of $3.0 billion as of December 31, 2008. Mr. McCarthy said "Despite the many significant events of 2008 that adversely impacted us, we are in an excellent position to succeed in the long term because of our strong liquidity and capital position. We look forward to continuing to lend this money to consumers as well as small and mid-size businesses which should positively impact our future financial results once the current credit crisis subsides and economic conditions begin to stabilize." First Banks had assets of $10.80 billion at December 31, 2008 and currently operates 216 branch banking offices in California, Florida, Illinois, Missouri and Texas. Through its subsidiary bank, First Bank, the Company offers a broad range of financial products and services to consumers, businesses and institutions. Visit First Banks on the web at www.firstbanks.com. # # # 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: increased competition and its effect on pricing, spending, third-party relationships and revenues; changes in interest rates and overall economic conditions; 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' Annual Report on Form 10-K and subsequently filed Amendment No. 1 to the Annual Report on Form 10-K and 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. -----END PRIVACY-ENHANCED MESSAGE-----