US Bancorp/OR – ‘3’ for 3/20/97 re: US Bancorp/DE

As of:  Friday, 3/28/97   ·   For:  3/20/97   ·   Accession #:  898822-97-236   ·   File #:  1-06880

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           2±    10K 
                Securities by an Insider                                         


UNITED STATES SECURITIES AND EXCHANGE COMMISSION                                
WASHINGTON, D.C. 20549                                                          
FORM 3                                                                          
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES                         
1. Name and Address of Reporting Person                                         
U. S. Bancorp                                                             
111 S.W. Fifth Avenue                                                     
Portland, Oregon  97204                                                   
2. Date of Event Requiring Statement (Month/Day/Year)                           
March 20, 1997                                                            
3. IRS or Social Security Number of Reporting Person (Voluntary)                
93-0571730                                                                
4. Issuer Name and Ticker or Trading Symbol                                     
First Bank System, Inc. (FBS)                                             

5. Relationship of Reporting Person(s) to Issuer (Check all applicable)         
( ) Director  (X) 10% Owner  ( ) Officer (give title below) ( ) Other     
(specify below)                                                           

6. If Amendment, Date of Original (Month/Day/Year)                              

7. Individual or Joint/Group Filing (Check Applicable Line)                     
(X) Form filed by One Reporting Person                                    
( ) Form filed by More than One Reporting Person                          

                                                        [Enlarge/Download Table]

___________________________________________________________________________________________________________________________________ 
 Table I -- Non-Derivative Securities Beneficially Owned                                                                           |
___________________________________________________________________________________________________________________________________|
1. Title of Security                       |2. Amount of          |3. Ownership    |4. Nature of Indirect                          |
                                           |   Securities         |   Form:        |   Beneficial Ownership                        |
                                           |   Beneficially       |   Direct(D) or |                                               |
                                           |   Owned              |   Indirect(I)  |                                               |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
Common Stock, par value $1.25 per share    |26,551,018            |D               |                                               |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

___________________________________________________________________________________________________________________________________ 
 Table II -- Derivative Securitites Beneficially Owned                                                                             |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative   |2.Date Exer-       |3.Title and Amount     |         |4. Conver-|5. Owner-    |6. Nature of Indirect      |
  Security              |  cisable and      |  of Underlying        |         |sion or   |ship         |   Beneficial Ownership    |
                        |  Expiration       |  Securities           |         |exercise  |Form of      |                           |
                        |  Date(Month/      |-----------------------|---------|price of  |Deriv-       |                           |
                        |  Day/Year)        |                       |Amount   |deri-     |ative        |                           |
                        | Date    | Expira- |                       |or       |vative    |Security:    |                           |
                        | Exer-   | tion    |         Title         |Number of|Security  |Direct(D) or |                           |
                        | cisable | Date    |                       |Shares   |          |Indirect(I)  |                           |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
Stock Option Agreement  |(b)      |(b)      |Common Stock, par value|26,551,01|$77.50    |D            |                           |
                        |         |         | $1.25 per share       |8(a)     |          |             |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

Explanation of Responses:                                                       
(a) Beneficial ownership of the 26,551,018 shares of the First Bank System,     
Inc. ("FBS") Common Stock reported hereunder (the "Option Shares") is being     
so reported solely as the result of the option (the "Option") granted           
pursuant to the Stock Option Agreement described under "Derivative Securities   
Beneficially Owned." Since such Option has not yet become exercisable, U. S.    
Bancorp expressly disclaims beneficial ownership of the Option Shares and       
this report shall not be deemed an admission that U. S. Bancorp is the          
beneficial owner of such securities for purposes of Section 16 or for any       
other purpose.                                                                  

(b) The Option becomes exercisable upon the occurrence of certain events, none  
of which have occurred as of the date hereof. The Option will expire upon the   
occurrence of certain events.                                                   

SIGNATURE OF REPORTING PERSON                                                   
/s/ Dwight V. Board                                                             
Dwight V. Board                                                                 
Executive Vice President and General Counsel                                    
DATE                                                                            
March 28, 1997                                                                  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘3’ Filing		Date		Other Filings
Filed on:		3/28/97		SC 13D
For Period end:		3/20/97		8-K
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