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First Bank Sells Texas Branches

February 9, 2010 (FinancialWire) — First Banks, Inc. (NYSE: FBSPrA), the parent company of First Bank, has signed a Purchase and Assumption Agreement providing for the sale of certain assets and the transfer of certain liabilities of its Texas franchise to Prosperity Bank, a subsidiary of Prosperity Bancshares, Inc. (NASDAQ: PRSP) of Texas.

Under the terms of the Agreement, Prosperity Bank is to assume around $500.0 million of deposits associated with First Bank’s 19 Texas retail branches, including certain commercial deposit relationships, for a premium of 5.5%.

Prosperity Bank is also expected by First to purchase around $100 million of loans as well as certain other assets at par value, including premises and equipment, associated with First Bank’s Texas operations.

The acquired deposits and loans represent around 5.7% and 1.4% of First Bank’s total deposits and loans at December 31, 2009, respectively. The transaction, which is subject to regulatory approvals and certain closing conditions, is scheduled to be completed during the second quarter of 2010.

Missouri-based First Banks operates 208 branch banking offices in California, Florida, Illinois, Missouri and Texas.

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