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FIRST BANK COMPLETES ACQUISITION OF REPUBLIC ACCEPTANCE CORPORATION

 MINNEAPOLIS, June 29, /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced that its lead bank, First Bank National Association, completed its previously announced acquisition of Republic Acceptance Corporation on Monday, June 28. Republic Acceptance, a Minneapolis-based commercial finance company with approximately $35 million in assets, was a subsidiary of Churchill Financial Services Company. Churchill Financial is a wholly owned subsidiary of The Churchill Companies, Minneapolis.
 Republic specializes in providing working capital loans of $100,000 to $1 million for companies with annual revenues of $1 million to $20 million. As an asset based lender, loans typically are secured by accounts receivable, inventories and other assets. Average loan size is $375,000. The company will continue to operate under the Republic Acceptance Corporation name.
 Established in 1928, Republic Acceptance Corporation has four offices located in Minneapolis, Milwaukee, Kansas City, MO and St. Louis.
 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 companies with 218 offices, primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 6/29/93
 /CONTACT: Stephen Bakke, executive vice president, 612-673-6640, or Randall Mattson, chief financial officer, 612-673-6644, both of Republic Acceptance; or 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, Republic Acceptance ST: Minnesota IN: FIN SU: TNM

DB -- MN008 -- 6822 06/29/93 15:33 EDT
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Publication:PR Newswire
Date:Jun 29, 1993
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