MINNEAPOLIS -- First Bank System Inc. said it has signed a letter of intent to acquire American Bancshares of Mankato Inc., and its affiliate, Eagle Insurance Agency Inc.

American Bancshares owns American Bank Mankato, with assets of $120 million and offices in the Minnesota communities of Mankato, Amboy, Blooming Prairie, and Lamberton. Eagle Insurance has annual premium revenue of $3.2 million.

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