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FIRST BANK SYSTEM RECEIVES FED APPROVAL TO ACQUIRE COLORADO NATIONAL BANKSHARES

 MINNEAPOLIS, March 29 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced that the Federal Reserve Board has approved its application to acquire Colorado National Bankshares, Inc. (NASDAQ: COLC). The approval is subject to the divestiture of Colorado National's banks in Grand Junction and Glenwood Springs. Colorado National Bankshares is presently pursuing buyers for both banks. The Justice Department has indicated that it will not object to the transaction if these banks are excluded from the purchase. Colorado National is the largest independent commercial bank in Colorado with $3.1 billion in assets, $2.6 billion in deposits and $252.4 million in common equity as of year-end 1992.
 The acquisition also must be approved by Colorado National and FBS shareholders. The transaction is expected to close between April 30 and May 15, 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 $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- 3/29/93
 /CONTACT: Wendy Raway, media relations, 612-973-2429; or John Danielson, investor relations, 612-973-2261, both for First Bank System/
 (FBS COLC)


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

KH -- MN015 -- 0728 03/29/93 17:20 EST
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Publication:PR Newswire
Date:Mar 29, 1993
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