First Banks, Inc. and International Bank of California Announce Signing of Agreement for Acquisition of International Bank Of California.

ST. LOUIS -- First Banks, Inc. (NASDAQ: FBNKN) (NASDAQ: FBNKM) (NYSE: FBSPRA) ("First Banks") and International Bank of California ("IBOC") jointly announce the signing of an Agreement and Plan of Reorganization that provides for First Banks to acquire IBOC. IBOC, a California state chartered bank, is headquartered in Los Angeles, California, and operates seven branch offices, including one branch in downtown Los Angeles, four branches in Los Angeles County, in Alhambra, Arcadia, Artesia and Rowland Heights, one branch west of downtown Los Angeles, and one branch in downtown San Francisco.

Allen H. Blake, President and Chief Executive Officer of First Banks, said, "IBOC's management and staff have built an outstanding organization dedicated to providing friendly and efficient financial services to the communities they serve. Together we believe the employees of IBOC and First Banks can continue the high standards of services that IBOC has set through a combined banking network of 38 banking offices in Southern California." He added that "We are excited about the opportunity to meet the customers of IBOC, and, together with the employees of IBOC, continuing to address their financial services needs."

Terrance M. McCarthy, Senior Executive Vice President and Chief Operating Officer of First Banks, said, "IBOC has predominantly focused its efforts on serving the commercial banking business, specifically small and medium sized organizations, in the underlying communities that it serves. We look forward to the opportunity to grow the consumer banking business while continuing the expansion of the commercial business established by IBOC. First Banks is committed to providing the customers of IBOC with an extensive line of consumer and commercial products in addition to other financial services that include an extended ATM and branch banking network, telephone and internet banking, mortgage banking, brokerage services and private banking and institutional money management services."

Joseph S. Cheng, Chairman of the Board of Directors of International Bank of California, said, "The transaction between First Banks and International Bank of California will provide our current and potential customers with wider and more competitive resources and services. This is also an exciting opportunity for bank management to continue to grow in their banking careers. We look forward to a prosperous new venture for all parties."

Frank C.L. Tu, President and Chief Executive Officer of International Bank of California, said, "On behalf of the Executive Management and Staff, I wish to convey our expectations that First Banks, a prestigious financial institution, would continue to provide excellent services to all clients of International Bank of California through its modern banking system. I view this transaction as an opportunity for the valued customers of International Bank of California and to have access to an array of additional banking products as well as excellent services."

The transaction, which is subject to regulatory approvals and the approval of the IBOC shareholders, is expected to be completed during the third or fourth quarter of 2005. Management of First Banks and IBOC expect a smooth transition in this process.

At March 31, 2005, IBOC reported consolidated assets of $171.0 million, loans, net of unearned discount, of $125.7 million, deposits of $151.8 million and stockholders' equity of $18.0 million. At March 31, 2005, First Banks reported consolidated assets of $8.60 billion, loans, net of unearned discount, of $6.16 billion, deposits of $7.05 billion and stockholders' equity of $605.2 million. First Banks currently operates 170 branch banking offices in Missouri, Illinois, California 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: the risk the acquisition will not be integrated successfully; increased competition and its effect on pricing, spending, third-party relationships and revenues; 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' most recent Annual Report on Form 10-K 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.