Bank of Ste. Genevieve eyed by First Banks

ST. LOUIS - The Bank of Ste. Genevieve will soon have a new owner, if regulatory agencies give their approval, according to a news release from First Banks in St. Louis.

Thomas Daiber, executive vice president and CEO of Allegiant Bancorp Inc., and James Dierberg, chairman and CEO of First Banks Inc., jointly announced Sept. 18 the signing of a definitive exchange agreement that provides for First Banks to acquire Allegiant's wholly-owned banking subsidiary, Bank of Ste. Genevieve (BSG).

BSG operates two locations in Ste. Genevieve and reported total assets of $110.8 million and total deposits of $91.3 million on June 30. First Banks currently operates 94 banking locations throughout the metropolitan St. Louis area, eastern Missouri, Chicago, and central and Southern Illinois.

Under the terms of the agreement, First Banks will acquire BSG in exchange for approximately 974,150 shares of Allegiant common stock that is currently held by First Banks. The transaction, which is subject to regulatory approvals, is expected to be completed during the fourth quarter of 2002.

Management of First Banks, Allegiant and BSG expect a smooth transition in this process.

On June 30, Allegiant reported consolidated assets of $2.2 billion and operated 39 full service branches in the St. Louis metropolitan area.

On June 30, First Banks reported consolidated assets of $7.01 billion and operated 154 offices in Missouri, Illinois, California and Texas.