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) 592-5000                         (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 Election of Two New External Directors

     St. Louis, Missouri, December 22, 2008. First Banks, Inc. ("First Banks" or
the "Company") is pleased to  announce  the  nomination  and  appointment of Mr.
Allen H. Blake and Mr. James A. Cooper to its Board of Directors, increasing the
composition of the Board to eight members effective December 16, 2008.

     Mr. Blake previously served as a Director of the Company from 1988 to March
2007, President of the Company from October 1999 to March 2007,  Chief Executive
Officer of the Company from  April  2003  to  March  2007,  and  Chief Financial
Officer of the Company from February 1984 to September 1999 and from May 2001 to
August 2005.  Mr. Blake announced  his retirement and  resigned his positions as
Director, President and  Chief Executive Officer of  the Company effective March
31, 2007.

     James F. Dierberg,  Chairman of the  Board of First Banks,   said,  "We are
excited to welcome Allen back to the Board. Allen's contributions to First Banks
throughout his 23 years  with the Company were immeasurable.  His financial  and
operational expertise in the  financial services industry will bring significant
value to the Company, especially in these historic economic times."

     Mr. Cooper  has served as   Managing Partner of   Thompson  Street  Capital
Partners since 2000. Thompson Street Capital Partners manages approximately $445
million   in  private  equity,   investing   in   middle-market   manufacturing,
distribution and service companies. First Banks expects that  Mr. Cooper will be
elected to the Audit Committee of its Board of Directors in early 2009,  subject
to the formal nomination and approval by the Company's Board of Directors.

     Terrance M. McCarthy, President and Chief Executive Officer of First Banks,
said,  "We are  equally  pleased to  welcome Jim to the Board.  Jim's investment
banking background will provide added benefit to the Company and further enhance
the  diversification  and   business  experience   of  the  Company's  Board  of
Directors."

     First Banks is privately held by the St. Louis  based Dierberg family which
controls  all of the  voting stock of the Company through various trusts created
by and for the benefit of members of the Dierberg family.  First Banks currently
operates 217 branch banking offices in California,  Florida, Illinois,  Missouri
and Texas.

                                      # # #

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.