First Bank System Inc. said it agreed to acquire First Western Corp., Sioux Falls, S.D., for an undisclosed sum. First Western is the parent company of $323 million-asset Western Bank, with $274 million in deposits. Assuming it garners all necessary regulatory approvals, the deal will close in the first quarter of 1995.

Western Bank has six branches in Sioux Falls and branches in Colton, Hartford and Humboldt, S.D. First Bank of South Dakota has eight banking offices in Aberdeen, Rapid City, and Sioux Falls. The two combined will have deposits of $480 million, making First Bank the largest bank in Sioux Falls, First Bank said. First Bank is headquartered in Minneapolis and has assets of $26.3 billion.

Its 225 offices are primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota, Wisconsin, and Illinois.

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