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FIRST BANK SYSTEM COMPLETES COLORADO NATIONAL BANKSHARES ACQUISITION

MINNEAPOLIS, May 28, /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) said today that is has completed its previously announced acquisition of Colorado National Bankshares, Inc. (NASDAQ: COLC). FBS shareholders approved the acquisition today at a special shareholders meeting in Minneapolis. Colorado National shareholders approved the acquisition at a meeting yesterday in Denver. Federal Reserve Board approval was received on March 29.
 Colorado National is the largest independent commercial bank in Colorado with $2.9 billion in assets, $2.5 billion in deposits and $270 million in common equity as of the first quarter of 1993. First Bank System will have the largest banking presence in Colorado, with approximately $8 billion in assets. In addition, FBS will have complete ownership of Rocky Mountain BankCard System which, when combined with FBS card business, will be one of the nation's largest commercial banks in merchant processing with approximately $9 billion of annual transaction volume. FBS had owned half of Rocky Mountain as part of its 1988 acquisition of Central Bancorporation of Colorado.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $25 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- 5/28/93
 /CONTACT: John Danielson, investor relations, 612-973-2261, or Wendy Raway media relations, 612-973-2429, both of First Bank System/
 (FBS COLC)


CO: First Bank System, Inc.; Colorado National Bankshares, Inc. ST: Minnesota, Colorado IN: FIN SU: TNM

DB -- MN009 -- 3531 05/28/93 16:45 EDT
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Publication:PR Newswire
Date:May 28, 1993
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