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FIRST BANK SYSTEM COMPLETES ACQUISITION OF SPECIALIZED CORPORATE TRUSTEE BUSINESS

 MINNEAPOLIS, March 24 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) said today that it has completed the acquisition of a specialized unit of U.S. Bancorp (NASDAQ: USBC) which provides bond indenture trusteeship services for approximately 400 municipal, revenue, housing and corporate clients. FBS has established two new corporate trust offices in Portland and Seattle for the acquired businesses, which will be known as First Trust Oregon and First Trust Washington, respectively.
 United States National Bank of Oregon and U.S. Bank of Washington, National Association, both subsidiaries of U.S. Bancorp, will continue to provide all main trust services to individuals and corporations in the areas of personal trust and employee benefits. The corporate trust unit which has been divested provided less than 5 percent of trust revenues for U.S. Bancorp in 1992.
 FBS trust activities are coordinated through First Trust National Association, headquartered in St. Paul, Minn. Established in 1903, First Trust provides trust services nationally and is a significant provider of trust services in the Upper Midwest with 1992 noninterest revenues for personal, institutional and corporate trust of $123 million. First Trust's bond indenture trusteeship activities rank in the top five nationally.
 The acquisition of U.S. Bancorp corporate trust unit was announced on Sept. 25, 1992. FBS has received regulatory approvals from the Office of the Comptroller of the Currency, the Oregon Department of Banking and the Washington Department of Banking.
 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- 3/24/93
 /CONTACT: Becky Malkerson, corporate relations, 612-973-2428, or John Danielson, investor relations, 612-973-2261, both of First Bank System/
 (FBS USBC)


CO: First Bank System, Inc.; U.S. Bancorp ST: Minnesota IN: FIN SU: TNM

AL -- MN011 -- 9208 03/24/93 15:06 EST
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Publication:PR Newswire
Date:Mar 24, 1993
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