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 April 23, 2007 (April 22, 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 ---- ITEM 8.01 OTHER EVENTS................................................... 1 SIGNATURE................................................................. 2 ITEM 8.01 OTHER EVENTS. Pursuant to a Notice of Redemption distributed by Wilmington Trust Company, as Trustee, to holders of the First Bank Capital Trust variable rate cumulative trust preferred securities ("FBCT Preferred Securities"), First Banks, Inc. ("First Banks" or the "Company") redeemed in full the outstanding FBCT Preferred Securities on April 22, 2007 (the "Redemption Date") at the liquidation value of $1,000 per security, together with distributions accumulated and unpaid to the Redemption Date. The FBCT Preferred Securities were issued in a private placement in April 2002. In conjunction with this transaction, First Banks repaid in full the $25.8 million of variable rate subordinated debentures that were issued by First Banks to FBCT, thereby providing funds for the redemption of the FBCT Preferred Securities. From and after April 22, 2007, distributions on the FBCT Preferred Securities ceased to accrue and the FBCT Preferred Securities ceased to be entitled to any lien, benefit or security under the governing documents. 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: April 23, 2007 By: /s/ Terrance M. McCarthy -------------------------------- Terrance M. McCarthy President and Chief Executive Officer