First Banks Inc. in St. Louis is set to have a new chief executive.

The $5.9 billion-asset company said in a press release Monday that Terrance McCarthy will retire as president and CEO on Feb. 13. McCarthy will also step down from the board.

Timothy Lathe, president and CEO of banking unit First Bank, will succeed McCarthy, who will remain a senior adviser to the company through July 1.

The Treasury Department last year auctioned most of the $295 million in preferred stock it held in First Banks under the Troubled Asset Relief Program to private investors at steep discounts.

The company's third-quarter earnings were relatively flat from a year earlier, at $6 million.

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