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FIRST BANK SYSTEM TO REPURCHASE PREFERRED STOCK

 MINNEAPOLIS, Sept. 21 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) today announced board approval for the repurchase of up to $125,000,000 of the Company's preferred stock. The company will redeem the entire $100,000,000 outstanding amount of its Adjustable Rate Cumulative Preferred Stock, Series 1983A, on October 27, 1993.
 The remaining $25,000,000 of preferred stock may be shares of the 10.5 percent Preferred Stock, Series 1989A, the Adjustable Rate Cumulative Preferred Stock, Series 1989B, or the $3.5625 Cumulative Convertible Preferred Stock, Series 1991A. The shares may be repurchased from time to time in the open market, through negotiated transactions, or pursuant to redemptions permitted by the terms of the preferred stock, depending on market conditions.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $25.3 billion. The company provides complete financial services to individuals and institutions through 16 banks and other financial services companies with more than 200 offices primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 9/21/93
 /CONTACT: Sandra Haase, media relations of First Bank System, 612-973-2431/
 (FBS)


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

DB-KH -- MN015 -- 4357 09/21/93 16:43 EDT
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Publication:PR Newswire
Date:Sep 21, 1993
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