First Bank System
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| First Bank | |
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Formerly called
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First Bank Stock Corporation (1929–1968) |
| public | |
| Traded as | : 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 in Minneapolis, Minnesota as First Bank Stock Corporation |
| Defunct | August 1, 1997 |
| Headquarters | Minneapolis, Minnesota |
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Area served
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Minnesota, Montana, North Dakota, South Dakota, Wisconsin, Colorado, Illinois, Nebraska, Iowa, Kansas, and Wyoming |
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Key people
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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.
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.
In February 1956, First Bank Stock Corporation announced the pending acquisition of six banks in Minnesota and one bank in La Crosse, Wisconsin. 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.
In the 1992, the company moved into its new 53-story headquarters building called First Bank Place. At the time of its completion, the building was one of the tallest building in Minneapolis.
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.
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. 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. The acquisition was completed in December 1992. Three First Bank and seven Marquette Minneapolis offices were closed as a result of the acquisition.
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