Rule 424(b)(2)
                                                       Registration No. 33-39303
PRICING SUPPLEMENT NO.  9   DATED: 3-29-94

(To Prospectus Dated September 11, 1991, as supplemented
by Prospectus Supplement Dated November 12, 1991)

                            FIRST BANK SYSTEM, INC.

                          Medium-Term Notes, Series D

                                                     

Face Value/Principal: 30,000,000.00                     CUSIP: 31928MAJ4

Proceeds to First Bank System: 29,949,270.00            Issue Price (Dollar Amount and Percentage of Principal Amount):
                                                        $30,000,000 / 100%

Date of Original Issue: 4-04-94                         Interest Rate/Initial Interest Rate: 3.7375
                                                 
Maturity Date: 6-19-96                                  All-in Interest Rate: 3.7375

Calculation Agent: Citibank                             Interest Payment Dates: Monthly-3rd Wed-beginning 5-18-94

Participant with DTC: J.P. Morgan Securities, Inc.      Regular Record Dates: 15th Calendar day before each int. payment

Interest Rate Basis (and, if applicable,                Interest Determination Dates: 2 business days prior to reset date
related Interest Periods:
                                                      
[_]  Fixed Rate Notes                                   Interest Reset Dates: Monthly-3rd Wed-beginning 5-18-94 
                                          
[_]  Commercial Paper Rate Note                         Index Maturity: One month
                                          
[_]  Federal Funds Rate Note                            Spread: +.05
                                          
[X]  LIBOR Note                                         Spread Multiplier:
                                          
[_]  Prime Rate Note                                    Alternative Rate Event Spread:
                                          
[_]  Eleventh District                                  Alternative Rate Event Spread Multiplier:  
     of Funds Rate Note                    
                                                        Maximum Interest Rate:
[_]  CD Rate Note                         
                                                        Minimum Interest Rate:
[_]  Treasury Rate Notes                   
                                                        Other: Index Source: Telerate pg. 3750
[_]  Other Base Rate                      
     (as described below)                               For Original Issue Discount Notes:
                                                          
[_]  Zero Coupon Note                                           Original Issue Discount:                %
                                                                                                           
Redemption Terms                                                Yield to Maturity:                      %

                                                                Original Issue Discount applicable to
                                                                  short accrual period:                 %

                                                                Method used to determine yield to maturity
                                                                  Applicable to short accrual period:
                
                                                                        [_]  Approximate
                                                                        [_]  Exact
                                                                        Original Issue Discount Notes:
Other Terms:                                                            [_]  Subject to special provisions set forth 
                                                                             therein with respect to the principal
Agent's Commission: .1691                                                    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       [X]  No