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FBS TO REPURCHASE UP TO $50 MILLION OF ITS COMMON STOCK

 MINNEAPOLIS, Jan. 20 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced intentions to repurchase up to $50 million of FBS' common stock or approximately 1.7 million shares. The shares will be repurchased from time to time in the open market or through negotiated transactions, the company said. Repurchased shares will be utilized to replace a portion of the shares recently issued in connection with the consummation of the merger of FBS and Bank Shares Incorporated, the holding company for Marquette Bank Minneapolis, and to provided for the Dividend Reinvestment Plan, Employee Stock Purchase Plan and other corporate purposes. As of Dec. 31, 1992, FBS had approximately 94.0 million common shares outstanding with an approximate market value of $2.64 billion. The company on Jan. 7, 1993 previously announced the repurchase of 900,000 common shares in connection with the Bank Shares merger.
 First Bank System is a regional bank holding company headquartered in Minneapolis. The company provides 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- 1/20/93
 /CONTACT: John Danielson, investor relations, 612-973-2261 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 -- MN010 -- 6930 01/20/93 13:29 EST
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Publication:PR Newswire
Date:Jan 20, 1993
Words:229
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