[6][7] This transaction is significant for the holding company since it marks its first entry into the state of Wisconsin and would also mark its last acquisition outside of Minnesota due to the passage of the Bank Holding Company Act of 1956 a few months later which would forbid new interstate acquisitions until provisions of this act were gradually weakened during the mid-1980s and later removed the following decade.

In May 1989, First Bank System announced the pending acquisition of the Anoka-based Northern Cities Bancorp.

[11] After hearing that Federal and state regulators had plan to block the acquisition on the grounds that the acquisition as planned would result in capturing a too large of the percentage of the banking market in the Rochester area, the acquisition was modified in October to exclude the purchase of the Rochester bank so that the new deal was only for the 22-office Marquette Bank Minneapolis for $200 million in stock.

[15] In July 1994, First Bank System announced the pending acquisition of the Minneapolis-based Metropolitan Financial Corporation with its Metropolitan Federal Savings Bank subsidiary for approximately $877 million in stock.

[16] At the time of the announcement, Metropolitan Financial had 211 offices in Minnesota, Nebraska, Iowa, Kansas, Wisconsin, Wyoming and the Dakotas while First Bank had 215 offices in Minnesota, Colorado, Illinois, Montana, Wisconsin and the Dakotas.

[17] This acquisition gave First Bank System first time entry into the states of Nebraska, Iowa, Kansas and Wyoming.

[31] In September 1986, First Bank System announced the acquisition of the failed Omak-based Mid Valley Bank of Omak for an undisclosed amount from Washington state regulators in a Federal Deposit Insurance Corporation facilitated transaction.

[34][35] First Bank System first entered the state of Colorado by announcing in June 1988 the pending acquisition of the Denver-based Central Bancorporation with its 19 Central Bank subsidiaries for $135 million for AmeriTrust's 88% interest in the company and $17.5 million to acquire the remaining 12% from the minority investors.

[38] In July 1991, First Bank System announced the acquisition of deposits and 18 branch offices of the failed Aurora-based Capitol Federal Savings from the Resolution Trust Corporation for $12.5 million.

First Bank System first entered Nebraska through the January 1995 acquisition of the Minnesota-based Metropolitan Financial.

[52] In August 1995, First Bank System announced the pending acquisition of the Omaha-based Firstier Financial Inc. for $700 million in stock.

[56] In March 1997, First Bank System announced its pending acquisition of Portland, Oregon-based U.S. Bancorp for $9 billion in stock.

[57][58][59] At the time of the announcement, U.S. Bancorp of Oregon had banking offices in Oregon, Washington, California, Idaho and Utah while First Bank System had banking offices in Minnesota, Colorado, Nebraska, North Dakota, South Dakota, Montana, Iowa, Illinois, Wisconsin, Kansas, and Wyoming.