October 12, 2009 (FinancialWire) — First Banks, Inc. (NYSE: FBSPrA) has closed the sale of First Bank’s Adrian N. Baker & Co. unit to AHM Corp. Holdings, Inc. under a stock purchase agreement.

Clayton, Missouri-based Adrian Baker is an independent insurance brokerage company that provides a range of services to corporate and individual clients on a nationwide basis, including commercial, employee benefit and personal insurance services.

Under the terms of the agreement, AHM acquired all of the capital stock of Adrian Baker. Adrian Baker posted total revenues of $7.6 million for the year ended December 31, 2008 and $4.2 million for the six months ended June 30, 2009.

On August 10, St. Louis-based First Banks said it might sell certain non-core ancillary businesses as part of its capital optimization initiatives to preserve risk-based capital.

As part of the Adrian Baker transaction, Steven F. Schepman, formerly EVP and director of corporate development and business segments of First Banks and chairman of Adrian Baker, has joined AHM in the capacity of managing director and chief financial officer.

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