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FIRST BANK SYSTEM AND IDS FINANCIAL SERVICES TEAM UP TO PROVIDE FINANCIAL PLANNING TO FBS CUSTOMERS

 MINNEAPOLIS, April 5 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) and IDS Financial Services, Inc. (IDS) today announced that they will jointly test the concept of providing financial planning services and products through the First Banks. Pilot tests will begin in April at First Banks in Albert Lea and Owatonna, Minn.
 According to Jeffrey E. Stiefler, IDS president and CEO, the alliance between IDS and First Bank represents a key element of IDS' plan to develop strategic alliances with financial institutions that are strong market leaders.
 John F. Grundhofer, FBS chairman, president and CEO said, "IDS has been helping people manage money for 100 years and is recognized nationally as the nation's top financial planning firm. Increasing the products and services customers can get from a First Bank by aligning ourselves with IDS is important to us in deepening our customer relationships. The pilots will help us further develop our sales culture which will, in turn, create the potential for increased revenue."
 Noted Stiefler, "This alliance with FBS is the first step in a nationwide program we plan to develop. We are very excited because we believe the marriage between IDS' financial planning capabilities and its broad range of products and services is an excellent fit with banks that hope to further deepen their relationships with their customers."
 IDS' plan is to eventually select banking partners for each state. "We are pleased to start with First Bank, given their market leadership and their commitment to customer satisfaction," added Stiefler.
 At First Bank Albert Lea, an IDS financial planner will be on bank premises to offer IDS financial planning and products, including mutual funds, insurance and annuities. A planner who is a licensed representative from FBS Investment Services, a First Bank subsidiary, will be employed by the bank and will offer the same full range of IDS products at First Bank Owatonna. The two approaches will help determine if one is more effective. IDS and First Banks said that the Albert Lea and Owatonna locations were selected because those cities have similar demographics and because the banks are of a sufficient size and have the transaction volume to provide a reasonable test.
 Many large First Bank branches currently offer the FBS' proprietary mutual fund family, the First American Funds. In addition, all the banks except the test locations will continue to offer existing insurance and annuity products. Grundhofer said the ability to provide customers with an even broader range of options would help First Bank respond to customers' needs.
 Minneapolis-based IDS Financial Services, a subsidiary of American Express Company, has 7,300 financial planners nationwide serving all 50 states. While personal financial planning is IDS' major business, the company offers products and services to implement those plans, including mutual funds, life insurance and annuities, investment certificates, limited partnerships, securities and brokerage services and lending products. The company owns or manages approximately $84 billion in assets.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $23.5 billion. The company provides complete 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- 4/5/93
 /CONTACT: Lynn Closway of IDS Financial Services, 612-671-3090; 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.; IDS Financial Services ST: Minnesota IN: FIN SU: JVN

AL -- MN004 -- 2997 04/05/93 11:33 EDT
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Date:Apr 5, 1993
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