<PAGE>
Rule 424(b)(2)
Registration No. 33-51407
PRICING SUPPLEMENT NO. 7 DATED: 10-20-95
(To Prospectus Dated February 15, 1994, as supplemented
by Prospectus Supplement Dated March 22, 1994)
FIRST BANK SYSTEM, INC.
Medium-Term Notes, Series F (Senior)
Medium-Term Notes, Series G (Subordinated)
<TABLE>
<S> <C>
Series: CUSIP:
[X] Series F (Senior) Issue Price (Dollar Amount and Percentage of Principal Amount):
[_] Series G (Subordinated)
Form of Note: Interest Rate/Initial Interest Rate: 6.015%
[X] Book-Entry
[_] Certificated Interest Payment Dates: 3rd Wednesday of each month, beginning 11/15/95
Principal Amount: $49,000,000.00 Regular Record Dates: 15th calendar day before each interest payment
Original Issue Date: 10-24-95 Interest Determination Dates: 2 business days prior to reset date
Maturity Date: 10-21-98 Interest Reset Dates: 3rd Wednesday of each month, beginning 11/15/95
Interest Rate Basis (and, Index Maturity: one month
if applicable, related
Interest Periods): Spread: .14%
[_] Fixed Rate Notes Spread Multiplier:
[_] Commercial Paper Rate Note
[_] Federal Funds Rate Note Alternate Rate Event Spread:
[X] LIBOR Note
[_] Prime Rate Note Alternate Rate Event Spread Multiplier:
[_] Eleventh District Cost
of Funds Rate Note Maximum Interest Rate:
[_] CD Rate Note
[_] Treasury Rate Note Minimum Interest Rate:
[_] J.J. Kenny Rate Note
[_] CMT Rate Note
[_] Other Base Rate Index Source: Telerate, page 3750
(as described below) For Original Issue Discount Notes:
[_] Zero Coupon Note
Original Issue Discount: %
Redemption Terms:
Yield to Maturity: %
Other Terms:
Original Issue Discount Notes:
Agent's Commission: .055%
[_] Subject to special provisions set forth therein
with respect to the principal amount thereof
payable upon any redemption or acceleration of
the maturity thereof.
[_] For Federal income tax purposes only.
Proceeds to FBS: $48,973,050.00 Is the record or beneficial owner a California resident?
DTC Participant: Yes [_] No [X]
</TABLE>
Donaldson, Lufkin, & Jenrette
/s/ Kenneth O. Nelson
