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COLORADO NATIONAL BANKSHARES REACHES AGREEMENT TO SELL GRAND JUNCTION AND GLENWOOD SPRINGS BANKS

 DENVER, April 16 /PRNewswire/ -- Colorado National Bankshares Inc., (NASDAQ: COLC) announced today that it has agreed to sell its banks in Grand Junction and Glenwood Springs, Colo. (Colorado National Bank - Grand Junction and Colorado National Bank - Glenwood), to Pinnacle Bancorp. Inc., of Central City, Neb. Pinnacle is a bank holding company that currently owns three community banks in Colorado, with locations in Yuma, Brush, Fort Lupton, Windsor and Craig.
 The sale of these two banks was a condition of the Federal Reserve Board's recent approval of the company's pending merger with First Bank System Inc. (NYSE: FBS). That merger is expected to be completed in May.
 Colorado National Bankshares is a bank holding company headquartered in Denver. The company is comprised of 8 commercial banks providing 24 banking offices throughout Colorado as well as several other bank-related subsidiaries including a mortgage banking company, a leasing company and an insurance agency. It is also manager and 50 percent owner of Rocky Mountain BankCard System Inc., a national credit card issuer and one of the largest processors of credit card transactions in the country.
 -0- 4/16/93
 /CONTACT: James L. Basey of Colorado National Bankshares, 303-629-1968; or Tom Goding of Pinnacle Bancorp., 303-686-7444/
 (COLC FBS)


CO: Colorado National Bankshares Inc.; Pinnacle Bancorp. Inc.; First
 Bank System Inc. ST: Colorado, Nebraska IN: FIN SU:


MC -- DV007 -- 0965 04/16/93 15:00 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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