Printer Friendly

FIRST BANKS, INC., ACQUIRES FIRST FEDERAL SAVINGS BANK OF PROVISO TOWNSHIP

 CHICAGO, Jan. 3 /PRNewswire/ -- First Banks, Inc., and First Federal Savings Bank of Proviso Township announced the consummation of a merger. First Banks, Inc. paid First Federal's shareholders $39.16 per share as part of the merger representing a purchase price of over $23 million.
 First Federal Savings Bank of Proviso Township was organized in 1957 and went public in 1984 and is headquartered in Hillside, Ill., with a branch in Maywood, Ill. At Sept. 30, 1993, it had assets of $193.1 million. Stockholder equity at Sept. 30, 1993, was approximately $21.4 million, or approximately $36.22 per share. Commenting on the transaction, Irving M. Braun, chairman of the board, stated, "We are very pleased to become part of First Banks, Inc. We believe the transaction is in the best interests of First Federal, its stockholders, customers and employees and the communities it serves and there will be no material change in the management of First Federal, including Mr. Braun as president and chairman of the board and Gary Policky as executive vice president. First Banks, Inc., is a well capitalized multibillion dollar company with a tradition of providing quality service and products to customers in the communities it serves."
 As of Sept. 30, 1993, First Banks had assets of approximately $2 billion. Its net income for the nine months ended September 30, 1993, was $17 million. First Banks is headquartered in St. Louis County, Mo., of its 80 locations, 34 are located in the St. Louis metropolitan area, 11 in rural Eastern Missouri and 35 in Central and Southern Illinois. First Federal's acquisition is its first in the Chicago metropolitan area.
 James F. Dierberg, chairman and chief executive officer of First Banks, stated that he is pleased to have this opportunity to work with the shareholders, officers and employees of First Federal and excited about the prospects of serving the Chicago area. He added that since Chicago is a new market for First Banks, the knowledge and experience of the officers and employees of First Federal are an important part in continuing to provide the same high-quality service to its community and customers. While First Banks has no other Chicago area locations, it plans to expand its presence there in the future.
 -0- 1/3/94
 /CONTACT: Gary Policky of First Federal Savings Bank of Proviso Township, 708-449-3100/


CO: First Banks, Inc.; First Federal Savings Bank of Proviso Township ST: Illinois IN: FIN SU: TNM

WB-TW -- NY051 -- 8577 01/03/94 15:13 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 3, 1994
Words:417
Previous Article:HEALTH MANAGEMENT SYSTEMS, INC. REPORTS RECORD REVENUE AND EARNINGS FOR FOURTH QUARTER AND FISCAL YEAR 1993
Next Article:BALCHEM CORPORATION REVISES DIVIDEND PAYABLE DATE
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters