MINNEAPOLIS -- First Bank System Inc. today announced it had signed a definitive agreement to acquire Minneapolis-based Metropolitan Financial Corp.
The companies, which have assets of $25.9 billion and $8 billion, respectively, previously announced that they had signed a letter of intent.
The acquisition, which is expected to close in the first quarter of 1995, is subject to shareholder and regulatory approvals.
The acquisition adds the states of Nebraska, Iowa, Kansas, and Wyoming to First Bank System's service area and expands its existing presence in Minnesota, North Dakota, South Dakota, and Wisconsin.
Under terms of the merger agreement, First Bank System will exchange 0.6803 shares of its common stock for each common share of Metropolitan.