<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
First Federal Bancshares of Eau Claire
--------------------------------------
(Name of Issuer)
Common
------------------------------------
(Title of Class of Securities)
32019Q-10-4
-----------
(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
Page 1 of 6 pages
SEC 1745 (10-88)
<PAGE>
- ----------------------- ---------------------
CUSIP NO. 32019Q-10-4 13G PAGE 2 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
First Bank System Inc,
601 2nd Ave. South
Minneapolis, MN 55402-4302
Tax I.D. No. 41-0255900
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
4
Delaware, U.S.A.
- ------------------------------------------------------------------------------
SOLE VOTING POWER
5
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
367,005/1/
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
7
0
REPORTING
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
367,005/1/
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
367,005/1/
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
5.35%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
12
H.C.
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- ------------------------
/1/ This number includes 367,005 shares held in the "unallocated account", as of
December 31, 1996, of the First Federal Bancshares of Eau Claire Employee Stock
Ownership Plan and Trust, for which an affiliate of First Bank System, Inc. acts
as trustee. The number of "allocated" shares held in such trust (129,512 shares
as of December 31, 1996) is not included in this number, based upon our
interpretation of SEC staff no-action letters.
<PAGE>
Page 3 of 6 pages
Item 1
- ------
a. Name of Issuer:
--------------
First Federal Bancshares of Eau Claire
b. Address of Issuer's Principal Executive Offices:
-----------------------------------------------
First Federal Bancshares of Eau Claire
319 East Grand Avenue
Eau Claire, WI 54701
Item 2
- ------
a. Name of Person Filing:
---------------------
First Bank System, Inc.
b. Address of Person's Filing Principal Executive Offices:
------------------------------------------------------
601 2nd Ave South
Minneapolis, MN 55402-4302
United States
c. Title of Class of Securities:
--------------------------------
COMMON
d. CUSIP Number:
------------
32019Q-10-4
Item 3
- ------
The person filing this statement is a:
(g) [x] Parent Holding Company
Item 4
- ------
Ownership:
---------
a. Amount beneficially owned: 367,005/1/
b. Percentage of Class: 5.35%
c. Number of shares as to which such person has:
1. Sole power to vote or direct the vote: 0
2. Shared power to vote or direct vote: 367,005/1/
3. Sole power to dispose or direct the disposition: 0
4. Shared power to dispose or direct the disposition: 367,005/1/
Item 5
- ------
Ownership of Five Percent or less of Class: ( )
------------------------------------------
- --------------------------
/1/ This number includes 367,005 shares held in the "unallocated account", as
of December 31, 1996, of the First Federal Bancshares of Eau Claire Employee
Stock Ownership Plan and Trust, for which an affiliate of First Bank System,
Inc. acts as trustee. The number of "allocated" shares held in such trust
(129,512 shares as of December 31, 1996) is not included in this number, based
upon our interpretation of SEC staff no-action letters.
<PAGE>
Page 4 of 6
Item 6
- ------
Ownership of More Than Five Percent on Behalf of Another Person:
----------------------------------------------------------------
Other persons have the right to receive or the power to direct the
receipt of, dividend from, or the proceeds from the sale of, such
securities. To our knowledge no interest of any such person relates to
more than 5% of the class.
Item 7
- ------
Identification and Classification of Members of the Subsidiary which
--------------------------------------------------------------------
Acquired the Security Being Reported on by Parent Holding Company
-----------------------------------------------------------------
See Exhibit A
Item 8
- ------
Identification and Classification of Members of the Group:
----------------------------------------------------------
Not Applicable
Item 9
- ------
Notice of Dissolution of Group:
-------------------------------
Not Applicable
Item 10
- -------
Certification
-------------
By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired in the ordinary course of business
and were not acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and were not
acquired in connection with or as a participant in any transaction having such
purposes or effect.
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Statement is true, complete and correct.
Dated: February 13, 1997
/s/ Merita Schollmeier
- ----------------------
Merita Schollmeier
Vice President
<PAGE>
Page 5 of 6
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
EXHIBIT A
The Schedule to which this attachment is appended is filed on behalf of the
following subsidiary or subsidiaries listed below, which are classified as banks
for the purposes of 17 CFR 140.13d-1 (b) (ii) (B).
First Bank National Association First Trust National Association
601 2nd Ave South 180 East Fifth Street, Suite 200
Minneapolis, Minnesota 55402-4302 St. Paul, Minnesota 55101
First Trust Company of North First Bank (National Association)
Dakota National Association P.O. Box 300
505 Second Avenue North Milwaukee, WI 53259
Fargo, North Dakota 58102
<PAGE>
Page 6 of 6
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
EXHIBIT B - DISCLAIMER
Information on the attached Schedule 13G is provided solely for the purpose of
complying with Section 13(d) and 13(g) of the Securities Exchange Act of 1934
and Regulations promulgated under authority thereof and is not intended as an
admission that First Bank System, Inc. or any of its subsidiaries, is a
beneficial owner of the securities described herein for any other purpose
(including without limitation for purposes of the Minnesota Control Share
Acquisition Act).
