MINNEAPOLIS - First Bank System Inc. said it has signed an agreement to acquire First Financial Investors Inc., the holding company for St. Louis Bank for Savings in Duluth, Minn.

Terms of the planned transaction were not disclosed. The acquisition is expected to close late in the first quarter or early in the second quarter.

First Bank said St. Louis Bank for Savings had assets of $200 million and deposits of $175 million at Sept. 30.

First Financial Investors is owned by a private limited partnership in New York, First Financial Partners Fund 1.

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