First Banks, Inc. and Pittsfield Community Bancorp, Inc. Announce Signing of Agreement for Acquisition of Pittsfield Community Bancorp, Inc.
Following the completion of First Banks' acquisition of Bancorp, First Bank will sell the banking office in Mount Sterling, Illinois to Beardstown Savings, s.b. ("Beardstown") under the terms of a Purchase and Assumption Agreement signed on March 7, 2006 between First Bank and Beardstown. First Bank's existing branch in Pittsfield, Illinois will be consolidated into the Pittsfield banking office in Pittsfield, Illinois.
Terrance M. McCarthy, Senior Executive Vice President and Chief Operating Officer of First Banks, said, "First Bank will provide the customers of Pittsfield with an extensive line of financial services offered by a larger organization, including expanded commercial and consumer product lines, telephone and internet banking, debit cards, mortgage banking, small business lending, brokerage services, private banking and institutional money management services."
Douglas R. Distler, First Bank's President of Community Banking, said, "We are pleased to welcome the customers of Community Bank of Pittsfield to First Bank. We are committed to providing our new customers with the highest level of personalized customer service and look forward to our continued involvement in the growth of the local community."
Dan Borrowman, President of Community Bank of Pittsfield, said, "We are pleased that the bank started by Kenneth Stark will continue in Pittsfield under the strong organization of First Bank and believe that our customers will find the banking relationship with First Bank to be very beneficial with the expanded products First Bank will offer them."
Michael E. Murphy, President of Beardstown Savings, s.b., said, "Beardstown Savings has an established commitment to the Mount Sterling area with our banking office in the Mount Sterling Savings Center at 201 W. Main. We look forward to and welcome the Community Bank of Pittsfield, Mount Sterling banking office into our family of customers."
The transactions, including the sale of the banking office in Mount Sterling, Illinois, which are subject to regulatory approvals and the approval of the Bancorp shareholders, are expected to be completed during the second quarter of 2006. Management of First Banks, Bancorp and Beardstown expect a smooth transition in this process.
At December 31, 2005, Pittsfield reported assets of $17.0 million, loans, net of unearned discount, of $10.7 million, deposits of $13.7 million and stockholders' equity of $2.7 million. At December 31, 2005, First Banks reported consolidated assets of $9.17 billion, loans, net of unearned discount, of $7.02 billion, deposits of $7.54 billion and stockholders' equity of $678.9 million. First Banks currently operates 179 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 and subsequent 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.
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 17, 2006|
|Previous Article:||Arbor Networks to Speak on Managed Security Services at TelecomNEXT.|
|Next Article:||NCI Increases Its Borrowing Capacity to $60 Million.|