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FBS TO SELL INSURANCE ACCOUNTS BUYER IS A ST. PAUL-BASED AGENCY

 MINNEAPOLIS, Feb. 3 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) has sold the book of business of its Hopkins-based insurance agency to Rothschild, Bell & Walseth, Inc. in St. Paul, an insurance agency established in 1885. Terms of the agreement were not disclosed.
 "We are pleased to be able to sell the accounts to such a quality firm with a long history of customer service," said William F. Farley, vice chairman of First Bank System. The sale includes the personal and commercial insurance accounts of the Twin Cities agency but does not include the employer-endorsed programs. FBS said that it was selling the Twin Cities agency because it did not meet the company's minimum risk-adjusted return hurdle rate.
 FBS continues to operate 14 insurance agencies in outstate Minnesota and North Dakota, FBS Life Insurance, a reinsurance company, and offers annuity and credit life insurance products through its banks and by direct mail.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $23.5 billion.
 -0- 2/3/93
 /CONTACT: (Investor Relations) John Danielson, 612-973-2261, or (Media Relations) Wendy Raway, 612-973-2429/
 (FBS)


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

KH -- MN012 -- 2524 02/03/93 15:12 EST
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Date:Feb 3, 1993
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