MINNEAPOLIS - First Bank System Inc. said it has received Federal Reserve Board approval of its application to acquire First Western Corp., the bank holding company that owns Western Bank in Sioux Falls, S.D.

Western Bank, with assets of $317 million and deposits of $267 million, has six branches in Sioux Falls and branches in Colton, Hartford, and Humboldt.

The transaction is expected to close in the first quarter of 1995. Upon completion, Western Bank will become part of First Bank of South Dakota, which has eight banking offices in Aberdeen, Rapid City, and Sioux Falls.

First Bank System is a regional bank holding company headquartered in Minneapolis with assets of approximately $34.1 billion.

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