FBS COMPLETES NORTH DAKOTA ACQUISITION
FBS COMPLETES NORTH DAKOTA ACQUISITION MINNEAPOLIS, June 30 /PRNewswire/ -- First Bank System, Inc.
(NYSE: FBS) said today that it has completed its previously announced acquisition of Siouxland Bank Holding Company with banks in Fargo and Hettinger, N.D. Dakota Bank and Trust in Fargo and the First National Bank of Hettinger have combined assets of $180 million.
FBS received North Dakota state regulatory approval today after the company assured regulators that they would add $1 million in capital to Dakota Bank and Trust, provide approximately $50 million in loans over the next three years and ensure that its' percentage of loans in developmental categories in North Dakota would not fall below 42.2 percent. First Bank of North Dakota currently has 43 percent of its commercial loan portfolio in developmental categories. In addition, FBS agreed to divest the First National Bank of Hettinger which has approximately $21 million in assets. The company said that they had already received inquiries from interested buyers. FBS received Federal Reserve Board and Justice Department approvals earlier this year. The acquisition was announced in Decemeber 1991. "First Bank of North Dakota has an exemplary record of serving the state," said N. Thomas Wiedebush, division manager of First Bank of North Dakota and president of First Bank Fargo. "And we're pleased that the assurances we've given the state regulators have resolved any issues they may have had." First Bank of North Dakota has been rated 'Outstanding' in community reinvestment, the highest Community Reinvestment Act rating given to a bank by the U.S. Comptroller of the Currency. -0- 6/30/92 /CONTACT: Wendy Raway of First Bank System, 612-370-5154/ (FBS) CO: First Bank System, Inc.; Siouxland Bank Holding Company ST: Minnesota; North Dakota IN: FIN SU: TNM
AL -- MN010 -- 5405 06/30/92 18:14 EDT
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|Date:||Jun 30, 1992|
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