FBS AND CENTENNIAL TERMINATE ACQUISITION DISCUSSIONS
FBS AND CENTENNIAL TERMINATE ACQUISITION DISCUSSIONS MINNEAPOLIS, Aug. 6 /PRNewswire/ -- First Bank System, Inc.
(NYSE: FBS) and Centennial Savings Banks, F.S.B. (NASDAQ: CNSB), Durango, Colo., today announced that they had terminated discussions with respect to FBS' acquisition of Centennial.
FBS and Centennial had previously announced that they had signed a letter of intent on April 23, 1992, whereby FBS would acquire all of the outstanding stock of Centennial. First Bank System, a regional bank holding company that owns Central Banks with 35 Colorado locations, is headquartered in Minneapolis with assets of $17.8 billion. The company provides complete financial services to individuals and institutions through 29 banks and trust companies with more than 159 offices located in Minnesota, Colorado, Montana, North Dakota, South Dakota, Washington, Wisconsin and California. Centennial is headquartered in Western Colorado with six offices located in Durango, Cortez, Pagosa Springs, Dolores, Grand Junction, Montrose, Colo. and a loan production office in Farmington, N.M. At March 31, 1992, Centennial had total assets, deposits and stockholders' equity of $171,600,000, $152,400,000, $12,800,000, respectively. -0- 8/6/92 /CONTACT: Wendy Raway, 612-370-5154, or Thomas Rice, 612-370-3596, both of First Bank System/ (FBS CNSB) CO: First Bank System, Inc.; Centennial Savings Bank, F.S.B ST: Minnesota, Colorado IN: FIN SU: TNM
AL -- MN009 -- 7730 08/06/92 16:31 EDT
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|Date:||Aug 6, 1992|
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