Rule 424(b)(2)
                                                       Registration No. 33-51407
PRICING SUPPLEMENT NO.    4     DATED:  11-21-94
                       -------          --------
                      
(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:                                      CUSIP:  31928MBD6  
[X] Series F (Senior)                        Issue Price (Dollar Amount and Percentage of Principal Amount): 
[_] Series G (Subordinated)                  50,000,000.00/100%

Form of Note:                                Interest Rate/Initial Interest Rate:   5.625%
[X] Book-Entry                                   
[_] Certificated                             Interest Payment Dates:   Monthly-3rd Wednesday-beginning 12/21/94

Principal Amount:  50,000,000.00             Regular Record Dates:    15th calendar day before each int payment

Original Issue Date:  11-23-94               Interest Determination Dates:   2 business days prior to reset

Maturity Date:  9-20-95                      Interest Reset Dates:    Monthly-3rd Wednesday-beginning 12/21/94

Interest Rate Basis (and,                    Index Maturity:   One month
if applicable, related 
Interest Periods):                           Spread:   None

[_]  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                         Index Source:   Telerate pg 3750
     (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:  .0403                                        
                                                     [_]  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.

Proceeds to FBS:  49,979,850.00                  Is the record or beneficial owner a California resident?

DTC Participant:  Donaldson, Lufkin & Jenrette           Yes  [_]           No  [X]
                  Securities Corporation