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BANK SHARES AND FIRST BANK SYSTEM SIGN PURCHASE AGREEMENT

 BANK SHARES AND FIRST BANK SYSTEM SIGN PURCHASE AGREEMENT
 MINNEAPOLIS, April 23 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) and Bank Shares Incorporated (BSI) today announced that they had signed a definitive purchase agreement whereby Bank Shares would be acquired by First Bank System. The two companies previously announced that they had signed a letter of intent.
 BSI is a privately-held bank holding company composed of Marquette Bank Minneapolis and Marquette Bank Rochester.
 As previously announced, terms of the agreement call for an exchange of 9.4 million shares of FBS common stock in a stock-for-stock exchange for all of the outstanding shares of BSI.
 Bank Shares has consolidated assets of $2.5 billion and shareholders equity of $156 million as of Dec. 31, 1991.
 Marquette Bank Minneapolis has $2.3 billion in assets and 22 offices in the Twin Cities area. Marquette Bank Rochester, with $194.66 million in assets, has five offices.
 First Bank has 41 Twin Cities offices with assets of $10.5 billion. First Bank Rochester is part of the First Bank Southeast legal entity with $534 million in assets.
 The acquisition is subject to approvals from regulatory agencies.
 Eleven other Marquette banks in Minnesota and South Dakota that are also owned by the Carl Pohlad family are not included in the acquisition. Those banks will continue to operate as community banks and will retain their Marquette names.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $18 billion. The company provides complete financial services to individuals and institutions through 25 banks and trust companies with more than 152 offices located in Minnesota, Colorado, Montana, North Dakota, South Dakota, Washington and Wisconsin.
 -0- 4/23/92
 /CONTACT: Wendy Raway (Media), 612-370-5154; or Thomas Rice (Investor) 612-370-3596, both of First Bank System; or Lisa Billingham of Bank Shares, 612-341-7891/
 (FBS) CO: First Bank System ST: Minnesota IN: FIN SU: TNM


MA -- MN009 -- 2043 04/23/92 15:30 EDT
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Publication:PR Newswire
Date:Apr 23, 1992
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