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Rule 424(b)(2)
Registration No. 33-51407
PRICING SUPPLEMENT NO. 9 DATED: 11-16-95
(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)
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Series: CUSIP: 31928MBH7
[X] Series F (Senior) Issue Price (Dollar Amount and Percentage of Principal Amount): 100.0
[_] Series G (Subordinated)
Form of Note: Interest Rate/Initial Interest Rate: 5.7525%
[X] Book-Entry
[_] Certificated Interest Payment Dates: 3rd Wednesday each month beginning 12-20-95
Principal Amount: 57,000,000 Regular Record Dates: 15th calendar day prior to each interest payment date
Original Issue Date: 11-20-95 Interest Determination Dates: 2 Business days prior to Reset/Payment Date
Maturity Date: 11-20-96 Interest Reset Dates: 3rd Wednesday each month
Interest Rate Basis (and, Index Maturity: 1 month
if applicable, related
Interest Periods): Act/360 Spread: -.06%
[_] 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 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: 0
[_] 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: $57,000,000 Is the record or beneficial owner a California resident?
DTC Participant: Lehman Brothers Yes [_] No [X]
DTC 636
/s/ Kenneth D. Nelson
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