Rule 424(b)(2)
                                                       Registration No. 33-51407
PRICING SUPPLEMENT NO.  1   DATED:  3-29-94
                      
(To Prospectus Dated February 15, 1994, as supplemented
by Prospectus Supplement Dated March 22, 1994)



                            FIRST BANK SYSTEM, INC.

                     Medium-Term Notes, Series F (Senior)
                  Medium-Term Notes, Series G (Subordinated)



                                          
Series:                                        
[X] Series F (Senior)                        Issue Price (Dollar Amount and Percentage of Principal Amount): 
[_] Series G (Subordinated)                  $10,000,000 / 100%

Form of Note:                                Interest Rate/Initial Interest Rate: 3.7375
[X] Book-Entry                                   
[_] Certificated                             Interest Payment Dates: Monthly-3rd Wed-beginning 5-18-94   

Principal Amount: $10,000,000.00             Regular Record Dates: 15th calendar day before each int. payment

Original Issue Date:  4-4-94                 Interest Determination Dates: 2 business days prior to reset date

Maturity Date:  6-19-96                      Interest Reset Dates: Monthly-3rd Wed-beginning 5-18-94

Interest Rate Basis (and,                    Index Maturity: One month
if applicable, related 
Interest Periods):                           Spread: +.05

[_]  Fixed Rate Notes                        Spread Multiplier:                  
[_]  Commercial Paper Rate Note      
[_]  Federal Funds Rate Note                 Alternate Rate Event Spread:
[X]  LIBOR Note                      
[_]  Prime Rate Note                         Alternate Rate Event Spread Multiplier:
[_]  Eleventh District Cost          
     of Funds Rate Note                      Maximum Interest Rate:
[_]  CD Rate Note                    
[_]  Treasury Rate Note                      Minimum Interest Rate:   
[_]  J.J. Kenny Rate Note                    
[_]  CMT Rate Note
[_]  Other Base Rate                 
     (as described below)                    For Original Issue Discount Notes:
[_]  Zero Coupon Note                
                                                 Original Issue Discount:          %              
Redemption Terms:
                                                 Yield to Maturity:                %
Other Terms:
                                                 Original Issue Discount Notes:
Agent's Commission: .1691                                  
                                                     [_]  Subject to special provisions set forth therein
                                                          with respect to the principal amount thereof  
                                                          payable upon any redemption or acceleration of  
                                                          the maturity thereof.  
                                                     [_]  For Federal income tax purposes only.

                                                 Is the record or beneficial owner a California resident?

KDN 3-29-94                                               Yes  [_]           No  [X]