(Source: Business Wire)First Bank, a subsidiary of First Banks, Inc. (NYSE: FBSPrA)("First Banks"), headquartered in St. Louis, Missouri, and AHM Corporation Holdings, Inc. ("AHM"), also headquartered in St. Louis, Missouri, jointly announce the completion of the sale of First Bank's wholly-owned subsidiary, Adrian N. Baker & Company ("Adrian Baker"), to AHM on September 30, 2009 under a Stock Purchase Agreement (the "Agreement"). Adrian Baker is an independent insurance brokerage company based in Clayton, Missouri that provides a comprehensive range of services to corporate and individual clients on a nationwide basis, including commercial, employee benefit and personal insurance services.

Under the terms of the Agreement, AHM acquired all of the capital stock of Adrian Baker. Adrian Baker had total revenues of $7.6 million for the year ended December 31, 2008 and $4.2 million for the six months ended June 30, 2009. Terrance M. McCarthy, President and Chief Executive Officer of First Banks, said, "The sale of Adrian Baker represents the completion of one portion of our capital optimization planning process as we continue to realign our business strategies and reallocate capital in response to the current economic downturn." On August 10, 2009, First Banks announced the possible sale of certain non-core ancillary businesses as part of its capital optimization initiatives to preserve risk-based capital. Mr. McCarthy added, "We would like to thank Adrian Baker's management team and employees for their service and dedication to the company since First Bank's acquisition of Adrian Baker. We extend our best wishes to Adrian Baker's customers and employees for much continued success in the future."

As part of the transaction, Mr. Steven F. Schepman, formerly Executive Vice President and Director of Corporate Development and Business Segments of First Banks and Chairman of Adrian Baker, has joined AHM in the capacity of Managing Director and Chief Financial Officer. Mr. McCarthy further added, "We extend our sincere gratitude to Steve for his many accomplishments during his long tenure with First Banks and wish him continued success in his new endeavors at AHM."

In 2006, Rob Vitale and Chase Butler acquired the former Anderson, Hall, Marsh & Company. AHM has been on a rapid growth trajectory since that time, and with this combination, has grown approximately 500% in the last three years. According to Rob Vitale, Managing Director of AHM, "The combination of these two firms creates one of the premier insurance firms based in the St.