<PAGE>
Rule 424(b)(2)
Registration No. 33-58521
PRICING SUPPLEMENT NO. 4 DATED: 1-24-97
(To Prospectus Dated May 26, 1995 as supplemented
by Prospectus Supplement Dated July 6, 1995)
FIRST BANK SYSTEM, INC.
Medium-Term Notes, Series H (Senior)
Medium-Term Notes, Series I (Subordinated)
<TABLE>
<S> <C>
CUSIP: 31928MBN4 Issue Price (Dollar Amount and Percentage of Principal Amount):
$_______________/99.96444%
Series: Proceeds to the Company: 24,991,110.00
[X] Series H (Senior) Interest Rate/Initial Interest Rate: 5.5275%
[_] Series I (Subordinated)
Interest Payment Dates: 3rd Wednesday each month beginning 2-19-97
Form of Note:
Regular Record Dates: 15th calendar day prior to payment date
[X] Book-Entry
[_] Certificated Interest Determination Dates: 2 Business days prior to Reset/Payment Date
Principal Amount: 25,000,000 Interest Reset Dates: 3rd Wednesday each month beginning 2-19-97
Trade Date: 1-24-97 Index Source: Telerate 3750
Original Issue Date: 1-29-97 Index Maturity: 1 month
Maturity Date: 1-17-01 Spread: +.09%
Interest Rate Basis (and, Spread Multiplier:
if applicable, related
Interest Periods): Maximum Interest Rate:
[_] Fixed Rate Notes Minimum Interest Rate:
[_] Commercial Paper Rate Note
[_] Federal Funds Rate Note Day Count: Actual/360
[X] LIBOR Note
[_] Prime Rate Note For Original Issue Discount Notes:
[_] Eleventh District Cost
of Funds Rate Note Original Issue Discount: %
[_] CD Rate Note
[_] Treasury Rate Note Yield to Maturity: %
[_] J.J. Kenny Rate Note
[_] CMT Rate Note
[_] Other Base Rate
(as described below)
[_] Zero Coupon Note
Redemption Terms:
Original Issue Discount Notes:
Other Terms:
ALL-IN=LIBOR+.10% [_] Subject to special provisions set forth therein
Agent's Commission: $8,890.00 with respect to the principal amount thereof
payable upon any redemption or acceleration of
the maturity thereof.
[_] For Federal income tax purposes only.
DTC Participant: Morgan Stanley
DTC 005 Is the record or beneficial owner a California resident?
/s/ Kenneth D. Nelson Yes [_] No [X]
</TABLE>