MINNEAPOLIS - First Bank System Inc. said it has agreed to acquire First Bank of Omaha, which is privately held, for an undisclosed sum.

The acquisition is contingent upon regulatory approvals and is expected to close in the fourth quarter.

Separately, First Bank said it also signed an agreement to acquire Omaha-based Southwest Bank.

First Bank of Omaha, with $225 million in assets and $200 million of deposits, has seven branches in Omaha.

First Bank System said that the bank would become part of its existing operations in Nebraska. In January, First Bank acquired Metropolitan Financial Corp., which had 16 Nebraska branches.

First Bank System is a regional bank holding company headquartered in Minneapolis with $32 billion of assets.

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