MINNEAPOLIS - First Bank System Inc. has received Federal Reserve Board and Office of Thrift Supervision approvals for its application to acquire Minneapolis-based Metropolitan Financial Corp.

Metropolitan had assets of $8.1 billion and deposits of $5.5 billion as of Sept. 30. The transaction is expected to close this month.

First Bank System, a regional bank holding company based in Minneapolis, has assets of approximately $26.3 billion. The company provides financial services through nine banks and other financial companies with 225 offices, located primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota, Wisconsin, and Illinois.

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