First Bank System

First Bank System
First Bank
Formerly called
 First Bank Stock Corporation (1929–1968)
public
Traded as NYSE: FBS
Industry Banking
Fate Changed name to U.S. Bancorp after acquiring U.S. Bancorp of Oregon
Successor U.S. Bancorp
Founded August 22, 1929 (1929-08-22) in Minneapolis, Minnesota as First Bank Stock Corporation
Defunct August 1, 1997 (1997-08-01)
Headquarters Minneapolis, Minnesota
Area served
 Minnesota, Montana, North Dakota, South Dakota, Wisconsin, Colorado, Illinois, Nebraska, Iowa, Kansas, and Wyoming
Key people
 John Grundhofer

First Bank System was a Minneapolis, Minnesota-based regional bank holding company that later became U.S. Bancorp, a nationwide bank corporation in the United States. In 1997, First Bank System acquired U.S. Bancorp and assumed its name, while maintaining its officers and its headquarters in Minneapolis.

History

The former First Bank Place

On August 23, 1929, the First Bank Stock Corporation was formed through the merger of the First National Bank of Minneapolis and First National Banks of St. Paul. The two banks jointly acquired the stock in 32 other banks in Minnesota, North and South Dakota and Montana.[1][2][3]

In February 1956, First Bank Stock Corporation announced the pending acquisition of six banks in Minnesota and one bank in La Crosse, Wisconsin.[4][5] This transaction is significant for the holding company since it marks its first entry into the state of Wisconsin and would also mark its last acquisition outside of Minnesota due to the passage of the Bank Holding Company Act of 1956 a few months later which would forbid new interstate acquisitions until provisions of this act was gradually weaken during the mid-1980s and later removed the following decade.

In April 1968, the First Bank Stock Corporation changed its name to First Bank System Inc.[6]

In the 1992, the company moved into its new 53-story headquarters building called First Bank Place.[7] At the time of its completion, the building was one of the tallest building in Minneapolis.

Expansion in Minnesota

In May 1989, First Bank System announced the pending acquisition of the Anoka-based Northern Cities Bancorp. Inc. with its Northern Bank of Anoka and Northern National Bank of Forest Lake subsidiaries for an undisclosed amount.[8]

In January 1992, First Bank System announced the pending acquisition of Carl Pohlad's Minneapolis-based Bank Shares Inc. with its Marquette Bank Minneapolis and Marquette Bank Rochester subsidiary for $230 million in stock.[9] After hearing that Federal and state regulators had plan to block the acquisition on the grounds that the acquisition as planned would result in capturing a too large of the percentage of the banking market in the Rochester area, the acquisition was modified in October to exclude the purchase of the Rochester bank so that the new deal was only for the 22-office Marquette Bank Minneapolis for $200 million in stock.[10] The acquisition was completed in December 1992.[11] Three First Bank and seven Marquette Minneapolis offices were closed as a result of the acquisition.

In April 1993, First Bank System announced the pending acquisition of the Mankato-based American Bancshares and its American Bank subsidiary for an undisclosed amount.[12] The acquisition was completed in March 1994.[13]

In July 1994, First Bank System announced the pending acquisition of the Minneapolis-based Metropolitan Financial Corporation with its Metropolitan Federal Savings Bank subsidiary for approximately $877 million in stock.[14] At the time of the announcement, Metropolitan Financial had 211 offices in Minnesota, Nebraska, Iowa, Kansas, Wisconsin, Wyoming and the Dakotas while First Bank had 215 offices in Minnesota, Colorado, Illinois, Montana, Wisconsin and the Dakotas. The acquisition was completed in January 1995 for $800 million in stock.[15] This acquisition gave First Bank System first time entry into the states of Nebraska, Iowa, Kansas and Wyoming. First Bank sold off 63 Metropolitan Financial locations in eight states to 28 different banks since First Bank believed that those locations had lacked the potential for growth.[16]

Expansion in North Dakota

In December 1991, First Bank System announced the pending acquisition of the Fargo-based Siouxland Bank Holding Co. with its Dakota Bank and Trust of Fargo and First National Bank of Hettinger subsidiaries for an undisclosed amount.[17] The acquisition was completed in July 1992.[18] As required by North Dakota state regulators, First Bank sold First National Bank of Hettinger to Rolla-based Rolla Holding Co. in the following year.[19]

In December 1993, First Bank System announced the pending acquisition of the Bismarck-based United Bank of Bismarck in North Dakota for an undisclosed amount.[20][21] The acquisition was completed in September 1994.[22]

Expansion in South Dakota

In October 1994, First Bank System announced the pending acquisition of the Sioux Falls-based First Western Corporation with its Western Bank subsidiary for an undisclosed amount.[23] The acquisition was completed in March 1995.[24]

Expansion in Wisconsin

First Bank System first entered the state of Wisconsin by announcing in February 1956 the pending acquisition of the La Crosse-based Batavian National Bank,[5][4] later renamed National Bank of Wisconsin.

In July 1977, First Bank System announced that its Wisconsin subsidiary had purchased the ailing Midland National Bank of Milwaukee for $13 million in a transaction facilitated by the Comptroller of Currency.[25][26] After the acquisiton, La Crosse-based National Bank of Wisconsin was renamed First Bank, Lacrosse, and Midland National Bank became a branch of the La Crosse bank and was then renamed First Bank-Midland Milwaukee Division. Since First Bank System had entered Milwaukee through a loophole in the Bank Holding Company Act of 1956, the three largest Milwaukee-based banks immediately tried to get the Federal courts to reverse the Comptroller's ruling,[27][28] but were unsuccessful.[29]

Temporary Expansion in Washington

In September 1986, First Bank System announced the acquisition of the failed Omak-based Mid Valley Bank of Omak for an undisclosed amount from Washington state regulators in a Federal Deposit Insurance Corporation facilitated transaction. The acquired bank was renamed First Bank Washington.[30][31]

Seven years later, First Bank System announced the pending sale of the four-office First Bank Washington to a group of local investors for $4 million. The acquisition was completed in May 1994.[32][33]

Expansion in Colorado

First Bank System first entered the state of Colorado by announcing in June 1988 the pending acquisition of the Denver-based Central Bancorporation with its 19 Central Bank subsidiaries for $135 million for AmeriTrust's 88% interest in the company and $17.5 million to acquire the remaining 12% from the minority investors.[34] To allow First Bank to make a bid on Central, First Bank had to agree with the state of Colorado to help bail out 9,000 industrial bank depositors in 14 failed Colorado industrial banks by paying those depositors $8 million.[35] The acquisition was completed in December 1988.[36]

In July 1991, First Bank System announced the acquisition of deposits and 18 branch offices of the failed Aurora-based Capitol Federal Savings from the Resolution Trust Corporation for $12.5 million.[37] Two of the acquired offices were closed and the remaining 16 offices became branch offices of Central Bank.

In May 1992, First Bank System announced the pending acquisition of the Denver-based Western Capital Investment Corporation with its 35-location Bank Western for $150 million in stock.[38] The acquisition was completed in December 1992.[39]

In November 1992, First Bank System announced the pending acquisition of the Denver-based Colorado National Bankshares with its Colorado National Bank subsidiary for $500 million in stock.[40] The acquisition was completed in May 1993.[41]

In June 1993, Central Bank and Bank Western were merged into Colorado National Bank to form one statewide bank. Ten redundant branch offices were closed at this time.[42]

Expansion in Illinois

First Bank System first entered the state of Illinois by announcing in September 1993 the pending acquisition of the troubled Chicago-based Boulevard Bancorp with its Boulevard Bank in the Wrigley Building, National Security Bank of Chicago, First National Bank of Des Plaines and Citizens National Bank of Downers Grove subsidiaries for $200 million in stock.[43][44] The acquisition was completed in March 1994.[45][46] The four separate subsidiary banks were combined to form the statewide 10-office First Bank Illinois.

Expansion in Nebraska

First Bank System first entered Nebraska through the January 1995 acquisition of the Minnesota-based Metropolitan Financial.

In June 1995, First Bank System announced the pending acquisitions of Southwest Bank of Omaha and also First Bank of Omaha in two separate transaction for disclosed amounts.[47][48][49] Both acquisitions was completed in November 1995.[50]

In August 1995, First Bank System announced the pending acquisition of the Omaha-based Firstier Financial Inc. for $700 million in stock.[51][52] The acquisition was completed in February 1996 for $908 million in stock.[53] After completing the acquisition, merged all of the offices in Nebraska that were formerly offices of Metropolitan Federal Savings, Southwest Bank and First Bank of Omaha to form First Bank Nebraska. 28 offices were closed while 65 were retained.[54]

U.S. Bancorp

In March 1997, the Minneapolis, Minnesota-based First Bank System announced the pending acquisition of the Portland, Oregon-based U.S. Bancorp of Oregon for $9 billion in stock.[55][56][57] At the time of the announcement, U.S. Bancorp of Oregon had banking offices in Oregon, Washington, California, Idaho and Utah while First Bank System had banking offices in Minnesota, Colorado, Nebraska, North Dakota, South Dakota, Montana, Iowa, Illinois, Wisconsin, Kansas, and Wyoming. Under the terms of the acquisition, First Bank System would be renamed U.S. Bancorp with the headquarters for the newly combined company being at First Bank's existing headquarters in Minneapolis. John F. Grundhofer, chairman and chief executive of First Bank, was appointed president and chief executive of the new company while Gerry B. Cameron, chairman and chief executive of U.S. Bancorp of Oregon, was appointed chairman of the new company, which he held until his retirement in 1998. The acquisition was completed in August 1997.[58] Approximately 4000 jobs were eliminated, mostly in Portland.[59]

References

  1. ↑ "Bank Group of Northwest in Huge Combine". Los Angeles Times. August 23, 1929. p. 15. (Subscription required (help)). Formation of a new $350,000,000 holding company, controlling thirty-four banks in the Northwest and having resources in excess of $341,000,000, was announced today. The new company, known as the First Bank Stock Corporation, will be the largest banking organization in the Northwest. Organization of the new holding company will bring about partnership affiliation of the First National banks of Minneapolis and St. Paul, four large Montana banks and one in Bismark, N.D. Included in the total of thirty-four banks directed by the new company are seventeen controlled by the First Bank Stock Investment Company, formed here last spring. Approximately $70,000,000 of stock of the First Bank Stock Corporation will be issued in exchange for stock of the banks entering the holding company and the remainder of the authorized capitalization will be held in reserve for future expansion. Alternate Link via ProQuest.
  2. ↑ "Merge 37 Banks With Resources Of $341,000,000: Minneapolis 1st National Heads Organization.". Chicago Daily Tribune. August 23, 1929. p. 7. Organization of the greatest banking corporation in the northwest, having combined resources of $341,000,000 in thirty-seven units, was announced today by the First National Banks of Minneapolis and St. Paul, which formed a $250,000,000 holding company. Known as the First Bank Stock Corporation, the holding company will weld 34 banks in Minnesota, North and South Dakota and Montana into a centralized system directed from headquarters in the twin cities. The new concern will take over control of the 17 banks in the First Bank Stock Investment company, organized last spring... C. T. Jaffray, president ot the Soo Line railroad, will head the new organization as chairman of the board, while George H. Prince, chairman of the First National of St. Paul, is president of the First Bank Stock Corporation. Directors also include the president of the seven leading railroads serving the northwest territory. Alternate Link via ProQuest.
  3. ↑ "Twin Cities Bank Merger". Wall Street Journal. August 24, 1929. p. 7. (Subscription required (help)). First National Bank of Minneapolis and First National Bank of St. Paul will merge into First Bank Stock Corp., with resources of $250,000,000. The corporation will control the above two banks, four Montana banks, one North Dakota bank, and First Bank Stock Investment Co., which controls 34 banks, 18 of which are in Minnesota. Resources will total $341,000,000. C.T. Jaffray, of Minneapolis, will be chairman of the board, and George H. Prince, of St. Paul, president. Alternate Link via ProQuest.
  4. 1 2 "6 Banks May Join Holding Company". New York Times. February 7, 1956. p. 45. (Subscription required (help)). Negotiations are under way for an exchange of stock whereby five banks in Minnesota and one in Wisconsin would affiliate themselves with First Bank Stock Corporation, holding company. The banks about to join the First Bank Stock system have aggregate resources of $119,000,000. The Minnesota banks are as follows: Northern Minnesota National Bank, Duluth; Duluth National Bank, Duluth; First National Bank of Hibbing; First National Bank of Virginia; Worthington National Bank. The Wisconsin bank is Batavian National Bank, La Crosse. First Bank Stock Corporation is a holding company system encompassing seventy-six banks in Minnesota, North Dakota, South Dakota and Montana. Alternate Link via ProQuest.
  5. 1 2 "7 Banks Merging". New York Herald Tribune. February 4, 1956. p. A3. A $119,000,000 transaction is being negotiated under which five Minnesota banks and another in Wisconsin would affiliate themselves with First Bank Stock Corp. of Minneapolis and St. Paul. Banks involved are: Northern Minnesota National Bank of Duluth with resources of $61,298,201; Duluth National Bank of Duluth with resources of $9,463,581; First National Bank of Hibbing, Minn., with resources of $14,405,080; First National Bank of Virginia, Minn., with resources of $13,344,043; Worthington National Bank of Worthington, Minn., with resources of $7,411,221; and Batavian National Bank of La Crosse, Wis., with resources of $13,412,721. Corporation officials emphasized the proposed stock exchange... Link via ProQuest.
  6. ↑ "Banking Concern Changes Name". Wall Street Journal. April 25, 1968. p. 3. (Subscription required (help)). Shareholders of First Bank Stock Corp., a bank holding company, approved a change in the name of the corporation to First Bank System Inc. at the annual meeting. Alternate Link via ProQuest.
  7. ↑ "Minneapolis / Skyscraper celebration set". Minneapolis Star-Tribune. October 17, 1992. p. 02B. (Subscription required (help)). First Bank Place officially opens with a grand celebration tonight. The 53-story skyscraper complex on 3rd Av. between 6th and 7th Sts., designed by architect James Freed of Pei, Cobb, Freed & Partners of New York, has been part of the downtown Minneapolis skyline for two years but the interior was just finished this month. The taller of its towers, on 6th St., has been occupied by First Bank System.
  8. ↑ Brook, Steve (May 19, 1989). "First Bank to Buy 2 Suburban Banks//assets Of Acquisitions Total $99 Million". St. Paul Pioneer Press. p. 1E. (Subscription required (help)). Continuing the march of Minneapolis' twin banking giants into the suburbs, First Bank System said Tuesday it plans to buy banks in Anoka and Forest Lake with assets of $99 million. First will acquire Northern Bank and Northern National Bank from Northern Cities Bancorp. Inc. Terms of the deal, in which Northern Cities' shareholders will get First stock, were not announced.
  9. ↑ St. Anthony, Neal & Kennedy, Tony (January 17, 1992). "FBS to buy Pohlad banks - Proposed First Bank-Marquette deal would be largest in Twin Cities history". Minneapolis Star-Tribune. p. 01A. (Subscription required (help)). First Bank System reached preliminary agreement Thursday to buy Carl Pohlad's Marquette Bank Minneapolis and Marquette Bank Rochester in a $230 million stock deal. The proposed merger, the biggest in Twin Cities banking history, would make Pohlad the second-largest owner of First Bank common stock. Under terms of the deal, Pohlad would get 9.4 million shares of FBS stock valued at $24.50 per share in return for all of the shares in Bank Shares Inc., the privately held holding company that owns Marquette Bank Minneapolis and Marquette Bank Rochester. Marquette Bank Minneapolis includes 22 offices; Marquette Bank Rochester operates five. The sale does not include 10 other Marquette banks in Minnesota with 17 offices. Pohlad, 76, would retain an estimated $2.1 billion in banking assets in nine states. He could not be reached for comment last night. The deal, which must be approved by regulators and Bank Shares shareholders, is expected to close next fall.
  10. ↑ St. Anthony, Neal (October 23, 1992). "First Bank System, Bank Shares Inc. to exclude Marquette Bank Rochester from merger plans - Justice Department said deal would limit competition in area". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). First Bank System and Carl Pohlad's Bank Shares Inc. will exclude Marquette Bank Rochester from their proposed merger to satisfy antitrust concerns of the U.S. Department of Justice and the Minnesota attorney general. The announcement came late Thursday, after the release of a Justice Department letter to the Federal Reserve Board that recommended it deny the acquisition of the Rochester, Minn., bank because it would inhibit competition for commercial borrowers in Olmsted County... The revised agreement for Bank Shares, essentially 22-office Marquette Bank Minneapolis and related affiliates, calls for an exchange of 8.2 million shares of FBS common stock valued at about $200 million. The previous deal, announced last January, was valued at $230 million. Marquette Bank Minneapolis has assets of about $2.1 billion.
  11. ↑ "Bank Acquisition Complete". St. Paul Pioneer Press. January 1, 1993. p. 9C. (Subscription required (help)). First Bank System said Thursday it has completed its previously announced acquisition of Bank Shares Inc. and its 22 Marquette Bank locations in the Twin Cities area with $2.1 billion in assets. Terms were not disclosed. The $22.5 billion-asset First Bank System has said it will close three First Bank and seven Marquette Minneapolis offices by mid-1993, leaving it with 58 Twin Cities offices. First Bank terminated some Marquette Minneapolis employees in December.
  12. ↑ St. Anthony, Neal (April 28, 1993). "FBS agrees to buy bank in Mankato". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). First Bank System (FBS), which runs the second-largest bank in Mankato, has agreed to buy the third-largest financial institution in the south-central Minnesota regional hub. The acquisition would further FBS's strategy of expanding its market share in six states where it has significant banking presence. FBS has agreed to buy privately held American Bancshares, which owns American Bank Mankato and Eagle Insurance Agency. American Bancshares, with $120 million in assets, also operates offices in three nearby towns. Terms were not disclosed.
  13. ↑ St. Anthony, Neal (March 1, 1994). "FBS completes Mankato acquisition". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). First Bank System has completed its previously announced acquisition of American Bancshares and Eagle Insurance Agency of Mankato, Minn. FBS paid about $15.6 million in stock, according to a recent filing with the Federal Reserve Board, to the owners of Mankato's American Bancshares. American is a $119 million-asset institution that also has offices in three nearby southern Minnesota towns... FBS plans to merge American Bank into its existing Mankato-based operation, which had assets of about $171 million last year. FBS has legally merged its several Minnesota banks into its Minneapolis-based First Bank under a statewide branch banking law enacted by the 1993 Legislature.
  14. ↑ "Bank May Offer Up to $877 Million For Metropolitan". Omaha World-Herald. July 1, 1994. p. 16. (Subscription required (help)). First Bank System Inc. said it signed a letter of intent to acquire Metropolitan Financial Corp. for as much as $877 million in stock. The acquisition of Minneapolis - based Metropolitan Financial will almost double First Bank System's branch network to 426 offices spanning 11 Midwestern and Rocky Mountain states. The purchase also will allow First Bank to enter Nebraska, Iowa, Kansas and Wyoming, where Metropolitan has branches, and give it the No. 1 market share in several cities in North Dakota and South Dakota. Metropolitan Financial has $8 billion in assets and 211 offices in Minnesota, Nebraska, Iowa, Kansas, Wisconsin, Wyoming and the Dakotas. First Bank System has $26.5 billion in assets and more than 215 offices in Minnesota, Colorado, Illinois, Montana, Wisconsin and the Dakotas.
  15. ↑ St. Anthony, Neal (January 25, 1995). "FBS, Metropolitan shareholders OK deal". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). The shareholders of First Bank System and Metropolitan Financial Corp. on Tuesday approved FBS' previously announced purchase of Metropolitan for about $800 million in FBS common stock. Metropolitan, one of the nation's fastest-growing thrifts for a decade, had assets of $7.9 billion and deposits of $5.5 billion as of Dec. 31. Metropolitan operates 200 offices through Metropolitan Federal Bank in North Dakota, Minnesota, Iowa, Nebraska, Kansas, Wyoming, South Dakota, Wisconsin and Arizona. It also owns Edina Realty and Equity Title. The deal gets FBS, with $26.2 billion in assets, into Kansas, Nebraska and Wyoming.
  16. ↑ Moylan, Martin J. (February 4, 1995). "FBS Sells Metropolitan Banks". St. Paul Pioneer Press. p. 1B. (Subscription required (help)). First Bank System on Friday sold 63 Metropolitan Financial banks that lacked the potential to increase their market shares and operate as profitably as FBS would like. Twenty-eight community banks bought the 63 branches, which are in eight states and had about $961 million in combined deposits as of Dec. 31. Sale prices were not disclosed... In Minnesota, FBS sold 17 Metropolitan branches with $233.6 million in deposits. The biggest customer was People's National Bank of Mora, which bought Metropolitan offices in Aitkin, Crosby and Mora with $33 million in deposits. Other Minnesota Metropolitan offices sold were in Blue Earth, Chisholm, Sleepy Eye, Elbow Lake, Wheaton, Gaylord, Granite Falls, Madison, Montevideo, Ortonville, Pelican Rapids, Perham, Sauk Centre, and Starbuck. FBS sold five branches in Barron, Bloomer, Rice Lake , and Spooner Wis., with $63.7 million in deposits to First Federal Bank of Eau Claire. It also sold two branches in Arizona with $49.6 million in deposits, ten in Iowa with $172 million in deposits, seven in Kansas with $96.2 million in deposits, 11 in North Dakota with $190 million in deposits, and two in South Dakota, $25.5 million in deposits.
  17. ↑ "First Bank Buys Fargo, Hettinger Banks". Grand Forks Herald. December 17, 1991. p. 5B. (Subscription required (help)). First Bank, System Inc. has agreed to buy Siouxland Bank Holding Co., which owns banks in Hettinger and Fargo. If the transaction is approved by federal regulator, the two banks would become part of First Bank of North Dakota, which has offices in Fargo, Bismarck, Grand Forks, Jamestwon and Minot. The two banks being bought out, Dakota Bank and Trust of Fargo and First National Bank of Hettinger, will continue to operate normally until federal approval is received, said Ray Lamb, chairman of Dakota Bank and Trust.
  18. ↑ St. Anthony, Neal (July 1, 1992). "N.D. panel approves FBS purchase". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). North Dakota's Banking Board Tuesday approved First Bank System's (FBS) $22 million stock purchase of Siouxland Bank Holding Co.... FBS will retain Dakota Bank and Trust of Fargo, which has $159 million in assets. It plans to divest the First National Bank of Hettinger, which has $21 million in assets.
  19. ↑ "FBS Institution to Be Sold". St. Paul Pioneer Press. April 24, 1993. p. 2B. (Subscription required (help)). First Bank System said Friday it has agreed to sell the First National Bank of Hettinger, N.D., to Rolla Holding Co. of Rolla, N.D... Terms were not disclosed. The $22.2 billion-asset FBS acquired the Hettinger bank last year as part of its acquisition of Siouxland Bank Holding Co., which had banks in Fargo and Hettinger. FBS agreed in June 1992 to divest the Hettinger bank as part of an agreement with North Dakota state regulators.
  20. ↑ "First Bank System Acquisition". Wall Street Journal. December 27, 1993. p. 14. (Subscription required (help)). First Bank System Inc. said it agreed to acquire closely held United Bank of Bismarck in North Dakota. Terms weren't disclosed... United Bank, which has $123 million in assets, will be consolidated with the company's First Bank of North Dakota N.A. Alternate Link via ProQuest.
  21. ↑ DePass, Dee (December 24, 1993). "First Bank Systems signs agreement to acquire United Bank of Bismarck - Deal would double First's presence in N.D. city where it has three branches". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). First Bank System Inc. has done some early Christmas shopping and selected yet another gift for itself - the United Bank of Bismarck in North Dakota. In a deal announced Thursday, First has signed a purchase agreement that would double its presence in Bismarck and allow it to gain the same local market share as competitor Norwest Bank. First and United now have three branches each in Bismarck. If the deal goes through, First will acquire a bank that had $123 million in assets and $107 million in deposits after nine months of 1993... FBS's recent acquisition activity includes the third-quarter agreement to buy Boulevard Bancorp in Chicago. In May, FBS closed on Colorado National, which added $3.1 billion in assets and 24 banking offices to the FBS operation. And in the first quarter of the year FBS closed on U.S. Bancorp Corporate Trust subsidiaries in Portland and Seattle... First has three offices in Bismarck and eight in the rest of the state. United has four offices, three in Bismarck and one in Beulah. If the two banks merge into one system, customers can bank at 14 branches seven days a week and have access to more than 1,000 Fastbank automatic teller machines. First Bank System, headquartered in Minneapolis, has $26 billion in assets and runs nine banks and other financial institutions in Minnesota, Montana, Colorado, North Dakota, South Dakota and Wisconsin.
  22. ↑ "First Bank Buy Complete". St. Paul Pioneer Press. September 13, 1994. p. 2F. (Subscription required (help)). First Bank System said it has completed the purchase of United Bank of Bismarck, a North Dakota bank that has assets of $123 million. United Bank, which has three locations in Bismarck and one in Beulah, will be consolidated with First Bank of North Dakota.
  23. ↑ DePass, Dee (October 19, 1994). "First Bank System signs agreement to buy S.D. bank holding company with 9 branches - First Western Corp. includes 3rd-largest bank in Sioux Falls". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). First Bank System Inc. said Tuesday it has signed an agreement to buy First Western Corp., a South Dakota bank holding company with nine bank branches and $323 million in bank assets as of Sept. 30... First Western owns Western Bank in Sioux Falls, S.D., which is the third-largest bank in town. Norwest and Citibank are the largest players there. However, FBS currently operates four branches there. With the acquisition of Western Bank, it will have $480 million in combined deposits in Sioux Falls, said FBS spokeswoman Wendy Raway. Western Bank has six branches in Sioux Falls and branches in Colton, Hartford and Humboldt, S.D. The bank boasted 1993 earnings of $4.1 million and a 1.36 percent return on assets... First Bank of South Dakota has eight banking offices in Aberdeen, Rapid City and Sioux Falls and about $1.2 billion in assets in that state... Minneapolis-based FBS is a regional bank holding company with $26.3 billion in assets. The company provides financial services to individuals and institutions through 9 banks and 225 offices located primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota, Wisconsin and Illinois.
  24. ↑ "First Bank Buys S. Dakota Firm". Omaha World-Herald. March 17, 1995. p. 18. (Subscription required (help)). First Bank System Inc. said Friday it has completed its acquisition of First Western Corp., parent company of Western Bank in Sioux Falls, S.D. Western Bank had assets of $317 million and deposits of $267 million, with six branch offices. First Bank has 12 offices in South Dakota and also operates in Minnesota, Colorado, Montana, North Dakota, Wisconsin, Illinois, Iowa, Kansas, Nebraska and Wyoming.
  25. ↑ "Ailing Midland National Is Sold For $13 Million". Wall Street Journal. July 25, 1977. p. 12. (Subscription required (help)). Customers of ailing Midland National Bank will notice that the bank has a new name today--First Bank-Midland Milwaukee Division. Alternate Link via ProQuest.
  26. ↑ "Fourth Largest Bank In Wisconsin Sold". New York Times. July 25, 1977. p. 36. (Subscription required (help)). The Midland National Bank of Milwaukee, Wisconsin's fourth largest bank, has been sold to a member bank of the First Bank System Inc. of Minneapolis-St. Paul, company officials announced today. The National Bank of Wisconsin in La Crosse, a wholly owned affiliate of the Minneapolis-based holding company, paid Midland $13 million, or $9.50 per share. First Bank officials said. The sale follows instructions from the Comptroller of Currency several months ago to increase Midland's equity capital by $10 million. Alternate Link via ProQuest.
  27. ↑ "U.S. Comptroller Sued By 3 Milwaukee Banks Because of Acquisition". Wall Street Journal. January 23, 1978. p. 13. (Subscription required (help)). Three Milwaukee banks and their parent holding companies filed suit in federal court in Madison, Wis., alleging that the Comptroller of the Currency violated national banking laws in permitting a First Bank System Inc. unit to acquire the former Midland National Bank. Plaintiffs are Marshall & Ilsley Corp., its M&I Marshall & Ilsley Bank unit; Marine Corp. and its subsidiary, Marine National Exchange Bank of Milwaukee, and Inland Heritage Corp., parent of Heritage Bank of Milwaukee. Alternate Link via ProQuest.
  28. ↑ "Bank takeover in Wisconsin prompts lawsuit". Chicago Tribune. January 21, 1978. p. G8. (Subscription required (help)). hree Milwaukee banks have filed suit in United States District Court against the U.S. comptroller of the currency and the First Bank System, Inc., of Minnesota, challenging the takeover of the former Midland National Bank by a La Crosse subsidiary of the Minnesota firm. Alternate Link via ProQuest.
  29. ↑ "First Bank System Inc. Wins Dismissal of Suit On Milwaukee Merger". Wall Street Journal. July 9, 1980. p. 29. (Subscription required (help)). Federal Judge Hubert Will dismissed the claim of three bank holding companies that First Bank System Inc. acted illegally three years ago when it acquired Midland National Bank. He ruled that the plaintiffs failed to specify how the acquisition damaged them... Midland subsequently changed its name to First Bank-Milwaukee and became a branch of First Bank, Lacrosse, Wis., a subsidiary of First Bank System. Alternate Link via ProQuest.
  30. ↑ Blade, Joe (September 3, 1986). "First Bank System buys Washington state bank - Move allows expansion to a sixth state". Minneapolis Star-Tribune. p. 01M. (Subscription required (help)). First Bank System, Inc., has gained a foothold in Washington state that advances its strategy of expanding across state lines to the south and west. By acquiring a small, failing bank in Omak, Wash. (1980 population 4,007), First Bank System gains the right to buy and charter banks in the state, according to DeWalt Ankeny Jr., chairman of the Minneapolis bank holding company. First Bank System already owns banks in Minnesota, Wisconsin, North Dakota, South Dakota and Montana... First Bank System took over Mid Valley Bank and set up a newly chartered bank named First Bank Washington. The company's offer to insert $6.2 million in capital bested any offer from banks within the state. Washington law allows failing banks to be acquired by out-of-state buyers if their offers are superior to those made by banking companies within the state.
  31. ↑ "First Bank Buys Omak Institution". Seattle Post-Intelligencer. September 2, 1986. p. B7. (Subscription required (help)). First Bank Washington has purchased financially troubled Mid Valley Bank of Omak, state Banking Supervisor Thomas Oldfield announced Sunday. First Bank Washington is a newly chartered state bank owned by First Bank System Inc. of Minneapolis, Oldfield said. The state banking supervisor took possession of Mid Valley Bank Friday after determining the bank was insolvent following years of high loan losses... First Bank System agreed to maintain adequate capital levels in the new bank, Oldfield said, and the Federal Deposit Insurance Corp. facilitated the transaction by purchasing loans with a book value of $3.5 million. As part of the agreement, First Bank Washington will continue operations of Mid Valley's four offices in Okanogan Valley.
  32. ↑ Virgin, Bill (October 20, 1993). "Minneapolis Bank Pulling Back From Move Into State - Omak-Based Operation Sold to Local Investors". Seattle Post-Intelligencer. p. B5. (Subscription required (help)). First Bank System, the giant Minneapolis-based company that once had big plans for Washington, is instead pulling out of retail banking in the state. First Bank has an agreement to sell its four-office First Bank Washington, headquartered in Omak, to a group of local investors for $4 million. The investors have formed a holding company, Sentinel Bancorporation... First Bank bought the insolvent Mid Valley Bank of Omak after it had been taken over by state regulators in 1986. At the time, the only way for an out-of-state bank to move into the Washington market was to buy a financially ailing institution. That was the result of legislation which allowed BankAmerica to acquire the then-reeling Seafirst.
  33. ↑ "Wenatchee Bank Expands North: Central Washington Bank Acquires First Bank, Stretching Holdings Into Okanogan County.". Wenatchee World. May 3, 1994. p. 9. (Subscription required (help)). First Bank Washington opened the doors of its offices in Omak, Brewster, Tonasket and Oroville Monday under a new name - North Central Washington Bank. Its purchase by Central Bancorporation of Wenatchee, holding company of Central Washington Bank, was formally announced Saturday by Gary Bolyard, president and chief executive officer of Central Bancorp and president of Central Washington Bank. First Bank had been owned by First Bank Systems Inc., Minneapolis, Minn. The amount of the all-cash purchase was not disclosed, but Bolyard said North Central Washington Bank has $55 million in assets.
  34. ↑ Heilman, Wayne (June 22, 1988). "Minneapolis firm will purchase Central banks - Part of deal to help customers of failed industrials". Cedar Rapids Gazette. p. 8. (Subscription required (help)). First Bank System Inc. of Minneapolis said Tuesday it agreed to pay $135 million for controlling interest in Central Bancorporation Inc., Colorado's fourth largest bank holding company. First Bank, the nation's 24th largest bank holding company with $25.6 billion in assets, won the right to acquire Central on Monday, when state officials accepted the company's offer to pay $8 million to depositors in 14 failed Colorado industrial banks. The bid was part of a plan approved by the Legislature in April to repay the depositors. In addition to buying 88 percent interest in Central from AmeriTrust Corp. of Cleveland, First Bank said it will acquire the rest of the stock from minority shareholders for $17.5 million. It expects to complete the purchase by year-end if it is approved by federal regulators. First Bank said it will sell long-term bonds to finance the deal. Central owns 19 Colorado banks, including four in Colorado Springs, with nearly $2 billion in assets. It also owns 45 percent of the Rocky Mountain Bankcard System.
  35. ↑ "Minneapolis firm bids for Central - Help for industrials' customers". Cedar Rapids Gazette. June 3, 1988. p. 10. (Subscription required (help)). First Bank System Inc. of Minneapolis has agreed to help bail out 9,000 industrial bank depositors in 14 failed Colorado industrial banks in return for the right to enter the state and acquire a leading bank holding company... Under an industrial bank bailout bill passed last April, out-of-state banks could enter the state beginning July 1 provided they agree to pay the premium that will be used to refund depositors' savings. Banks agreeing to pay the premium get a 2 1/2-year jump on other banks wishing to enter Colorado.
  36. ↑ "Business Briefing". St. Paul Pioneer Press. December 3, 1988. p. 8C. (Subscription required (help)). First Bank System, Minneapolis, has completed its acquisition of Central Banks of Colorado by purchasing the 88 percent share owned by Ameritrust Corp. First Bank paid $135 million for Ameritrust's interest in Central Banks and will pay $19 million to acquire the interests of minority investors.
  37. ↑ Brook, Steve (July 13, 1991). "First Bank Buys Deposits Of Failed S&L//purchase Expands Colorado Holdings". St. Paul Pioneer Press. p. 9C. (Subscription required (help)). First Bank System said Friday it has bought the deposits and branches of Capitol Federal Savings, a failed Colorado savings and loan. Minneapolis-based First paid the Resolution Trust Corp. $12.5 million for the S&L's deposits of $695 million. As part of the deal, First will buy a $140 million portfolio of mostly residential mortgage loans at a "substantial" discount and plans to exercise an option to buy a 155-machine automated teller network, said chief financial officer Rick Zona. First will reopen the failed S&L's 18 branches today as branches of its Denver-based banking subsidiary, Central Banks. Zona said First eventually will merge two Capitol branches into nearby branches of Central, which First bought in 1988.
  38. ↑ Rebchook, John (May 1, 1992). "Bank Firm Buying Big Colo. S&L First Bank to Pay $150 Million for Bank Western Parent Firm". Rocky Mountain News. p. 64. (Subscription required (help)). First Bank System Inc. Thursday agreed to purchase the parent of Bank Western for more than $150 million, creating a $5 billion financial powerhouse that will be the second largest in the state. When the purchase is completed, First Bank System, which also owns Central Banks, will be second only to Norwest, formerly United Banks, said Scott Crosby, chief financial officer of Western Capital Investment Corp., parent of Bank Western. Central Banks bought the failed Capitol Federal thrift last July. Western Capital, with 35 branches, has assets of $2.4 billion and is the largest remaining thrift holding company based in Colorado. Central Banks, which has 35 Colorado locations, has $2.5 billion in assets.
  39. ↑ St. Anthony, Neal (December 19, 1992). "First Bank System completes purchase of Western Capital - FBS on way to becoming Colorado banking leader". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). First Bank System (FBS) Friday closed the purchase of Colorado's Western Capital Investment Corp., marking the next step in its plan to build that state's single-largest banking franchise. The $150 million stock deal gives FBS an additional 35 offices in Denver and adjacent communities... In 1991, FBS consolidated a big, defunct savings and loan company into its existing $1.8 billion-asset Central Banks of Denver... n addition to digesting Bank Western, FBS is buying and merging Carl Pohlad's Marquette Bank Minneapolis into its flagship First Bank Minneapolis. Also, it expects to close next year on Colorado National Corp. At $3.2 billion in assets, Colorado National is that state's largest remaining independent banker. FBS, which is buying Colorado National in a $525 million stock deal, is expected to end up with Colorado's biggest banking operation by the end of next year: about $8.5 billion in loans, investments and other assets in more than 90 offices. That includes Rocky Mountain BankCard System - a huge regional servicer of bank credit cards and automatic teller machines. FBS eventually will operate its merged Colorado banks under the Colorado National name, headed by Colorado National Chairman Will Nicholson Jr.
  40. ↑ Quint, Michael (November 10, 1992). "Takeover Set For a Bank In Colorado". New York Times.
  41. ↑ "FBS Buys Colorado Bank". St. Paul Pioneer Press. May 29, 1993. p. 5C. (Subscription required (help)). First Bank System on Friday completed its previously announced acquisition of Colorado National Bankshares, making FBS the Rocky Mountain state's biggest banking organization, with about $8 billion in assets. FBS shareholders approved the acquisition Friday, after Colorado National shareholders approved it Thursday. Federal Reserve Board approval was received on March 29. Colorado National is the largest commercial bank in Colorado, with $2.9 billion in assets, $2.5 billion in deposits and $270 million in common equity as of the first quarter of 1993. Minneapolis-based First Bank's other Colorado holdings include the $2.5 billion-asset Central Banks and the $2.5-billion asset Bank Western.
  42. ↑ Wilmsen, Steven (June 15, 1993). "First Bank to close 10 offices - Cuts latest phase in 3-way merger of Colo. National". Denver Post. p. 1C. (Subscription required (help)). Minneapolis-based First Bank Systems plans to close 10 metro-area offices of its Colorado subsidiaries during the last wave of cuts in its three-way merger of Central Banks of Colorado, Bank Western Federal Savings and Colorado National Bankshares. Accounts at the closed banks will be moved to other nearby offices. The changes are expected to take place July 24, when all First Bank's Colorado holdings will take the name Colorado National.
  43. ↑ Stangenes, Sharon (September 30, 1993). "1st Bank To Buy Boulevard". Chicago Tribune.
  44. ↑ Chandler, Susan (September 30, 1993). "Minn. Giant Buys Boulevard Bank". Chicago Sun-Times. p. 51. (Subscription required (help)). In a move that brings yet another super-regional banking powerhouse to Chicago, First Bank System of Minneapolis said Wednesday it is buying Boulevard Bancorp for about $200 million. First Bank, known for aggressive cost-cutting, is planning to take an axe to Boulevard's stack of troubled real estate loans and its work force of almost 600 employees. It seeks to cut costs by at least 40 percent, said a top executive... Boulevard, headquartered in the Wrigley Building on North Michigan Avenue, put itself up for sale last month after its largest shareholder, the Miami Corp., became impatient with its poor earnings and lagging stock performance. First Bank - which doesn't own any Illinois banks - is paying $25.25 a share in stock for Boulevard, the 11th-largest banking company in Chicago with $1.5 billion in assets.
  45. ↑ "FBS Buys Illinois Banks". St. Paul Pioneer Press. March 26, 1994. p. 2B. (Subscription required (help)). First Bank System said Friday that it has completed its purchase of Boulevard Bancorp, a Chicago-based commercial bank holding company with $1.6 billion in assets and $1.2 billion in deposits. Boulevard shareholders approved the purchase at a meeting Friday in Chicago. Boulevard has banking locations in Chicago, Des Plaines and Downers Grove, Ill. Minneapolis-based FBS said it will convert the 10 banks to FBS systems and products by late April. At that time, all Boulevard banks will begin using the First Bank name and will become branches of First Bank National Association, the new legal name for the bank in Illinois. FBS also said it would open branches of its residential mortgage company in the Des Plaines and Downers Grove banks.
  46. ↑ St. Anthony, Neal (March 26, 1994). "Acquisition of Chicago banking company gives First Bank System expansion foothold in Illinois - 10 Boulevard offices will be changed to First Bank Illinois". Minneapolis Star-Tribune. p. 01D. (Subscription required (help)). First Bank System (FBS) Friday completed its $215 million stock acquisition of a Chicago banking company, giving First a beachhead for further expansion in Illinois. Next month FBS will convert the 10 banking offices of Boulevard Bancorp. into branches of newly chartered First Bank Illinois. Boulevard, which focuses on a couple of key Chicago suburbs, has $1.6 billion in assets.
  47. ↑ Jordon, Steve (June 26, 1995). "Southwest, First Bank To Be Sold". Omaha World-Herald. p. 12. (Subscription required (help)). First Bank System of Minneapolis said Monday it has signed separate agreements to acquire Southwest Bank of Omaha and First Bank of Omaha. Pending regulatory approval, the purchases would be completed in the fourth quarter of this year. Terms were not disclosed. An earlier World - Herald story said the sale was being negotiated. Southwest Bank's five branches have assets of about $197 million and deposits of $174 million. First Bank of Omaha has $225 million in assets and deposits of about $200 million, with seven branches. Southwest and First Bank of Omaha would become part of First Bank System's existing operations in Nebraska, which began in January when it acquired Metropolitan Financial Corp., including its 16 Nebraska offices.
  48. ↑ "FBS to Acquire Two Banks". St. Paul Pioneer Press. June 27, 1995. p. 2E. (Subscription required (help)). First Bank System said Monday it signed an agreement to acquire Southwest Bank, a privately held bank in Omaha, Neb. The acquisition is contingent upon regulatory approvals and is expected to close in the fourth quarter of 1995. Terms were not disclosed. In a separate announcement, FBS said today it signed an agreement to acquire First Bank of Omaha. Southwest Bank operates five branches in Omaha and has assets of approximately $197 million and $174 million in deposits as of May 31. First Bank said Southwest would become part of its existing operations in Nebraska. In January, Minneapolis-based FBS acquired Metropolitan Financial, which had 16 branches in that state.
  49. ↑ St. Anthony, Neal (June 27, 1995). "First Bank System to buy Omaha banks - Deal, designed to boost commercial loan business, to close by end of year". Minneapolis Star-Tribune. p. 03D. (Subscription required (help)). First Bank System (FBS), seeking to build on the Nebraska franchise it obtained through its recent acquisition of far-flung Metropolitan Financial Corp., has agreed to buy two Omaha banks. The tab for the privately held banks was not disclosed. Both deals, which would create a consolidated Nebraska organization of close to $1 billion in loans and other investments, are expected to close late this year... The acquisitions are designed to bolster FBS' commercial lending presence and otherwise fill the pipeline it inherited through Metropolitan, primarily a housing-related consumer lender. The banks: First Bank of Omaha, a seven-branch lender of $225 million in assets with deposits of about $200 million. Southwest Bank, a five-branch lender of approximately $197 million in assets and $174 million in deposits... FBS, renowned as a technology-driven cost-cutter, typically reduces staff size, branch offices and other expenses by up to 40 percent in consolidating target companies. It builds revenues by pumping more loans, credit cards, insurance and other products through a bigger, leaner distribution system. In January 1995, FBS acquired $8 billion-asset Metropolitan Financial, which had 16 branches in Nebraska. FBS, which operates banks in 11 states, has about $32 billion in assets.
  50. ↑ "First Bank Finishes Area Acquisitions". Omaha World-Herald. November 2, 1995. p. 23. (Subscription required (help)). First Bank System Inc. said Wednesday it completed its previously announced purchases of Southwest Bank of Omaha and First Bank of Omaha. The two banks will be merged into First Bank System's existing Nebraska banking operation, giving First Bank assets of about $925 million in the state. In January, First Bank acquired Metropolitan Financial Corp., which earlier had acquired Lincoln - based American Charter Savings and Loan Association. The combined banks will operate in Nebraska under the First Bank name, with the former Southwest and First Bank of Omaha operations being converted to the First Bank of Minneapolis systems by mid - November. First Bank also is in the process of acquiring FirsTier Financial Inc. of Omaha, which has $3.6 billion in assets. That transaction is due to be completed in January.
  51. ↑ "First Bank System to Acquire Firstier Financial in Stock Swap". New York Times. August 8, 1995.
  52. ↑ Jordon, Steve (August 7, 1995). "First Bank of Minneapolis Buying FirsTier of Omaha Closings, Layoffs Are Expected". Omaha World-Herald. p. 1. (Subscription required (help)). First Bank System Inc. of Minneapolis said Monday that it would acquire FirsTier Financial Inc. of Omaha for about $700 million worth of First Bank stock. Combined with its existing bank holdings in Nebraska, First Bank would have about $5 billion in assets and $4.5 billion in deposits in Nebraska. First Bank would serve 485,000 retail customers and 24,500 businesses in Nebraska and Iowa. The combined bank would close 25 overlapping offices in Nebraska, resulting in some layoffs, and would study what other FirsTier jobs would be lost to consolidations with First Bank's operations.
  53. ↑ Jordon, Steve (February 17, 1996). "FirsTier Is Biggest Bank Takeover In Nebraska Annals". Omaha World-Herald. p. 36. (Subscription required (help)). FirsTier Financial Inc. of Omaha became a part of First Bank System Inc. of Minneapolis Friday after shareholders agreed to a sale valued at about $900 million. The new First Bank Nebraska, now a part of a $38 billion regional bank, will have 65 offices following a conversion of FirsTier to First Bank's operating systems. Counting the former offices of Metropolitan Federal Savings, Southwest Bank and First Bank of Omaha, the new bank will have closed 28 branch offices by the time it reopens Tuesday. Banks are closed Monday for Presidents Day. At Friday's meeting, shareholders voted 15.5 million shares in favor of the sale, or about 83 percent of the 18.7 million shares of FirsTier stock. The sale required two - thirds approval. The 18.7 million shares will be exchanged for about $908 million worth of stock in First Bank, at Thursday's price for First Bank shares.
  54. ↑ Jordon, Steve (October 18, 1995). "First Bank Will Close 28 Branches Official Mum On Number Of Lost Jobs First Bank's Plan Branch Consolidation Plan". Omaha World-Herald. p. 1. (Subscription required (help)). First Bank System Inc. plans to close 28 branch offices and keep 65 others open in Nebraska and Iowa when it completes its purchase of three banks based in Omaha, a First Bank executive said Tuesday... Farley said First Bank is consolidating four branch bank networks into one and will need to close branches to reduce costs because some of the offices are too close together... First Bank, which has $33 billion in assets, is in the process of buying FirsTier Financial Inc., Southwest Bank and First Bank of Omaha. First Bank of Omaha, by coincidence, has a name similar to First Bank of Minneapolis... FirsTier Financial Inc., Southwest Bank, First Bank of Omaha and the former Metropolitan Savings Bank will be consolidated into the new First Bank Nebraska. Twenty - eight branch offices will be closed and 65 will remain open.
  55. ↑ Hansell, Saul (March 21, 1997). "First Bank System to Buy U.S. Bancorp of Oregon". New York Times.
  56. ↑ "First Bank System to buy U.S. Bancorp: Minneapolis-based...". Chicago Tribune. March 20, 1997.
  57. ↑ "First Bank Strikes Deal To Acquire U.S. Bancorp $9 Billion Deal Will Create 14th-Largest Bank In America". The Spokesman-Review. March 21, 1997.
  58. ↑ DePass, Dee (August 2, 1997). "It's a done deal: First Bank System acquires U.S. Bancorp - and its name - Analysts are waiting to see whether new combined company will make planned $340 million in expense cuts by next year". Minneapolis Star-Tribune. p. 02D. (Subscription required (help)). First Bank System closed on its acquisition of Portland, Ore.-based U.S. Bancorp. Friday and changed its name to U.S. Bancorp. The new combined company will be headquartered in Minneapolis. The deal creates a robust financial institution operating in 17 states with $72 billion in assets and a market capitalization of $22 billion. It becomes the 14th-largest bank holding company in the country based on assets, and the 10th-largest based on market capitalization. Effective Monday, the ticker symbol will change to USB and the stock will trade on the New York Stock Exchange. "While this is a defining moment in the history of First Bank System as a bank holding company, it will be business as usual for customers at all our bank branches for the immediate future," said John F. Grundhofer, who will serve as president and chief executive officer of the new U.S. Bancorp.
  59. ↑ Ota, Alan K. (August 2, 1997). "U.S. Bank Workers Leave for Good". The Oregonian. p. E01. (Subscription required (help)). Connie Rosenberg pushed out the revolving door Friday afternoon and took her first step into life after U.S. Bancorp. Rosenberg, a bank auditor, was one of several hundred Portland workers laid off Friday, hours after Minneapolis-based First Bank System Inc. completed its $9.9 billion stock-swap takeover of the old U.S. Bancorp. Both companies won approval from stockholders Thursday to merge. The combined company wasted no time launching a reorganization that will eliminate 4,000 jobs in 18 months. More than half the cuts will be in the Portland area... First Bank System Inc. of Minneapolis adopted the U.S. Bancorp name Friday. The new U.S. Bancorp began its first day of business assuring customers that they would see no changes in their customer accounts for a while. The company plans to merge operations slowly in the next 18 months. The stock of the new company will trade on the New York Stock Exchange with a new symbol, USB.
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