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FIRST BANK SYSTEM INCREASES QUARTERLY DIVIDEND 10 PERCENT

 FIRST BANK SYSTEM INCREASES QUARTERLY DIVIDEND 10 PERCENT
 MINNEAPOLIS, May 20 /PRNewswire/ -- Directors of First Bank System, Inc. (NYSE: FBS) today declared an increase of 2 cents or 10 percent in the regular quarterly dividend to 22.5 cents per share of common stock. The dividend is payable June 15, 1992, to shareholders of record at the close of business June 3, 1992. This is the first change in the company's dividend since the beginning of the strategic restructuring which was announced in late 1989.
 First Bank System's Chairman, President and Chief Executive Officer John F. Grundhofer said, "The financial performance resulting from our two-year turnaround has matured to the point where a return to an annual dividend increase can be justified. We remain committed to both a strong capital base and attractive returns to our shareholders. Our dividend levels will continue to be based upon the company's financial results."
 At the increased dividend rate, the annual dividend is equivalent to 90 cents per share. There are approximately 78.7 million shares of common stock outstanding at this date.
 The directors also declared dividends on four series of the company's preferred stock. The dividends for each series are payable June 30, to shareholders of record at the close of business June 8, as follows:
 Preferred Stock Dividend Per Current Par
 Series Share Value Yield (percent)
 1983A Adjustable Rate $1.625 6.5
 1989A Fixed Rate $0.65625 10.5
 1989B Adjustable Rate $1.05625 8.45
 1991A Convertible $0.55417 7.125
 -0- 5/20/92
 /NOTE: In November 1989, FBS reduced the quarterly dividend by 50 percent to 20.5 cents per share. The last dividend increase declared by the company was in February 1988./
 /CONTACT: Wendy Raway, 612-370-5154, or Thomas Rice, 612-370-3596, both of First Bank System/
 (FBS) CO: First Bank System, Inc. ST: Minnesota IN: FIN SU: DIV


KH -- MN009 -- 2311 05/20/92 13:08 EDT
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Publication:PR Newswire
Date:May 20, 1992
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