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FIRST BANK SYSTEM ACQUISITION OF COLORADO NATIONAL BANKSHARES PROGRESSES

 MINNEAPOLIS, April 16 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) said today that Colorado National Bankshares, Inc. (NASDAQ: COLC) has reached an agreement to sell two of its banks to Pinnacle Bancorp. of Central City, Nebraska, clearing the way for FBS to complete its acquisition of Colorado National Bankshares. The Federal Reserve Board approved the acquisition on March 29, 1993, contingent upon the divestiture of Colorado National Bank - Grand Junction and Colorado National Bank - Glenwood due to market share concentration. The acquisition, which must be approved by Colorado National and FBS shareholders, is expected to close in the second quarter of 1993.
 Colorado National is the largest independent commercial bank in Colorado with $2.9 billion in assets, $2.5 billion in deposits and $270 million in common equity as of March 31, 1993. First Bank System will have the largest banking presence in Colorado with approximately $8 billion in assets.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $22.2 billion. The company provides complete financial services to individuals and institutions through 21 banks and other financial companies with 211 offices, primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 4/16/93
 /CONTACT: Wendy Raway, Media Relations, 612-973-2429; or John Danielson, Investor Relations, 612-973-2261, both of First Bank System/
 (FBS)


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

KH -- MN013 -- 6929 04/16/93 16:29 EDT
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Publication:PR Newswire
Date:Apr 16, 1993
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