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NORWEST COMPLETES ACQUISITION OF FIRST UNITED BANK GROUP

 MINNEAPOLIS, Jan. 17 /PRNewswire/ -- Norwest Corporation (NYSE: NOB) said today it has completed the acquisition of First United Bank Group, Inc. (NASDAQ-NMS: BNKS), effective Jan. 14, 1994, subject to confirmation of the filing of the certificate of merger with the Delaware Secretary of State's office.
 The addition of New Mexico and Texas to Norwest, which has the nation's largest contiguous banking system, brings to 577 the total number of Norwest banking locations in 15 states from Ohio to Arizona.
 "The combination of Norwest and First United gives customers throughout New Mexico and west Texas greater access than ever before to a broad array of banking, insurance and other financial services," said Ken Murray, Norwest's
executive vice president for Western community banking. "We're a home town community bank with a nationwide presence and we're eager to serve all the financial needs of consumers, farmers, ranchers, professionals, small businesses and middle market companies. Decisions on lending, customer service and community involvement will continue to be made in each of our markets by our local bank presidents who know their markets better than anyone else." Norwest Corporation and First United announced a definitive agreement on July 27, 1993.
 Norwest acquires assets of $3.9 billion through the purchase of First United, which owned United New Mexico Financial Corporation, based in Albuquerque, with 60 banking locations throughout New Mexico, and Ford Bank Group, Inc., based in Lubbock, Texas, with 20 banking locations throughout west Texas.
 With the acquisition, Norwest has $2.0 billion in assets in Texas and ranks first or second in share of deposits in nine of its 10 west Texas markets, including first in Lubbock. In New Mexico, Norwest ranks second in assets with $1.9 billion and is first or second in share of deposits in 21 of its 30 markets.
 Customers of First United's two systems, United New Mexico Financial Corporation and the Ford Bank Group, will continue to use their existing checks, deposit slips, loan payment coupons and other First United banking materials.
 Gerald J. Ford, former chairman and chief executive officer of First United Bank Group, has been elected to the board of directors of Norwest Corporation.
 In addition to its banking operations in neighboring Colorado and Arizona, Norwest has 20 Norwest Financial locations and nine Norwest Mortgage locations in New Mexico. In Texas, it has 49 Norwest Financial locations, 56 Norwest Mortgage locations and two Norwest Insurance locations.
 Norwest Corporation is a $50.4 billion company providing banking, insurance, investments and other financial services through 2,518 locations in all 50 states, all 10 Canadian provinces and internationally.
 -0- 01/17/94
 /CONTACT: (News media) Larry Haeg, 612-667-7043, or (investors) Robert S. Strickland, 612-667-7919, both of Norwest/
 (NOB BNKS)


CO: Norwest Corporation; First United Bank Group, Inc. ST: Minnesota, Texas, New Mexico IN: FIN SU: TNM

CP-DB -- MN004 -- 2387 01/17/94 08:37 EST
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Publication:PR Newswire
Date:Jan 17, 1994
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