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FIRST BANK SYSTEM BOARD AMENDS SHAREHOLDER RIGHTS PLAN AND ADOPTS CONFIDENTIAL BALLOTING

 MINNEAPOLIS, March 2 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced that its board of directors adopted an amendment to its Shareholder Rights Plan so that the plan would automatically terminate two years after reciprocal interstate banking exists between Minnesota and 15 of the 20 leading banking states as measured by bank deposits as of Sept. 30, 1992.
 First Bank System chairman, president and chief executive officer John F. Grundhofer said, "The Shareholder Rights Plan was adopted at a difficult time in our company's history. We are now a strong and healthy institution and we view this as the right time to take this step which also is responsive to shareholder concerns regarding the plan. However, we structured the amendment to assure shareholders a fair market environment."
 The company's proxy statements for the years 1990 through 1992 included proposals from individual shareholders working in combination with United Shareholders Association asking shareholders to vote in support of eliminating the plan.
 The board also adopted a resolution to maintain the confidentiality of all proxies, ballots and voting tabulations that identify stockholders.
 The company said that shareholders have agreed to withdraw similar proposals from this year's proxy statements in light of the board's actions.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $23.5 billion. The company provides complete financial services to individuals and institutions through 21 banks and other financial services companies with 218 offices primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 3/2/93
 /CONTACT: John Danielson, investor relations, 612- 73-2261, or Wendy Raway, media relations, 612-973-2429, both of First Bank System/
 (FBS)


CO: First Bank System, Inc. ST: Minnesota IN: FIN SU:

AL -- MN007 -- 1913 03/02/93 11:38 EST
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Publication:PR Newswire
Date:Mar 2, 1993
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