Printer Friendly

FIRST BANK SYSTEM TO ACQUIRE ST. LOUIS BANK FOR SAVINGS IN DULUTH

 MINNEAPOLIS, Dec. 1 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced that it has signed a purchase agreement to acquire First Financial Investors, Inc., the holding company for St. Louis Bank for Savings, FSB, in Duluth, Minn. St. Louis had assets of $200 million and deposits of $175 million at September 30, 1993. The bank, which has five locations in Duluth and residential loan production offices in Superior, Wis. and Grand Rapids, Minn., is the fourth largest savings institution headquartered in Minnesota and the largest provider of single family residential mortgages in northern Minnesota. The acquisition is contingent upon regulatory approvals and is expected to close in late first quarter or early second quarter of 1994. Terms were not disclosed.
 First Bank has 77 branches throughout Minnesota, four of which are located in Duluth. The Duluth locations had $245 million in deposits as of September 30, 1993. The combined deposits of $420 million will make First Bank the largest financial services provider in Duluth.
 FBS Chairman, President and Chief Executive Officer John F. Grundhofer said, "We're pleased to be able to expand our presence in Duluth. St. Louis Bank for Savings has done an exceptional job of providing first mortgages to homeowners in the Duluth area. We intend to build and expand upon those relationships with the wide array of additional financial services First Bank has to offer, not the least of which is the ability to bank at any of our 77 locations throughout Minnesota."
 First Financial Partners Fund I, a private limited partnership in New York, owns First Financial Investors, Inc. Its subsidiary, St. Louis Bank for Savings, is a federally chartered savings institution which was founded in Duluth in 1922.
 First Bank System is a regional bank holding company headquartered in Minneapolis with $26 billion in assets. The company provides complete financial services to individuals and institutions through 9 banks and other financial companies with more than 200 offices, primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 12/1/93
 /CONTACT: John Danielson, investor relations, 612-973-2261; or Wendy Raway, media relations, 612-973-2429, both of First Bank System/
 (FBS)


CO: First Bank Systems, Inc. ST: Minnesota IN: FIN SU: TNM

DB-CP -- MN018 -- 9233 12/01/93 11:43 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 1, 1993
Words:376
Previous Article:MTS ANNOUNCES A DIVIDEND INCREASE TO 14 CENTS PER SHARE
Next Article:ANALOG DEVICES' REVENUES RISE 17 PERCENT TO $666 MILLION; EARNINGS TRIPLE TO $44.5 MILLION
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters