<PAGE>
 
    As filed with the Securities and Exchange Commission on March 25, 1994

                                              Registration No. 33-      
   =======================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               -----------------

                                   FORM S-8
                            REGISTRATION STATEMENT
                                     Under
                          THE SECURITIES ACT OF 1933

                               -----------------

                            FIRST BANK SYSTEM, INC.
            (Exact name of registrant as specified in its charter)

               Delaware                         41-0255900
   (State or other jurisdiction              (I.R.S. Employer
   of incorporation or organization)        Identification No.)

           First Bank Place
       601 Second Avenue South
       Minneapolis, Minnesota                    55402-4302
(Address of Principal Executive Offices)         (Zip Code)
 
                            FIRST BANK SYSTEM, INC.
                        1988 EQUITY PARTICIPATION PLAN
                           (Full title of the plan)

                                                   Copy to:

    Michael J. O'Rourke, Esq.
     First Bank System, Inc.                   Lee R. Mitau, Esq.
        First Bank Place                        Dorsey & Whitney
     601 Second Avenue South                 220 South Sixth Street
  Minneapolis, Minnesota  55402-4302     Minneapolis, Minnesota 55402-1498
(Name and address of agent for service)

                                 (612) 973-1111
         (Telephone number, including area code, of agent for service)
   
                       ----------------------------

                        CALCULATION OF REGISTRATION FEE
<TABLE>
<CAPTION>
===================================================================================================
                                               Proposed maximum    Proposed maximum     Amount of
Title of securities to be       Amount to be  offering price per  aggregate offering   registration
      registered                 registered         share              price (1)           fee
<S>                             <C>           <C>                 <C>                  <C>
- ---------------------------------------------------------------------------------------------------
Common Stock, $1.25 par value     336,446          N/A(1)           $  6,809,668        $  2,349
===================================================================================================
(1)  Pursuant to Rule 457(h)(1), the proposed maximum offering price per share nd the proposed
     maximum aggregate offering price are based upon the weighted average price at which options
     may be exercised.  All shares of Common Stock being registered are shares subject to
     currently outstanding options having a weighted average exercise price of $20.24 per share.
</TABLE> 

<PAGE>
 
                                    PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.   Incorporation of Documents by Reference
- ------    ---------------------------------------

          The following documents which have been filed by First Bank System,
Inc. (the "Company") with the Securities and Exchange Commission are
incorporated by reference in this Registration Statement, as of their respective
dates:

          (a) The Company's Annual Report on Form 10-K for the year ended
       December 31, 1993.

          (b) Current Report on Form 8-K filed January 18, 1994.

          (c) The description of the Company's Common Stock contained in Item 1
       of the Registration Statement on Form 8-A dated March 19, 1984, as
       amended in its entirety by that Form 8 Amendment dated February 26, 1993,
       and any amendment or report filed for the purpose of updating such
       description filed subsequent to the date of this Registration Statement
       and prior to the termination of the offering described herein; and the
       description of the rights to purchase preferred stock contained in Item 1
       of the Company's Registration Statement on Form 8-A dated December 21,
       1988, as amended by that Form 8 Amendment dated June 11, 1990 and as
       amended in its entirety by that Form 8 Amendment dated February 26, 1993,
       and any amendment or report filed for the purpose of updating such
       description filed subsequent to the date of this Registration Statement
       and prior to the termination of the offering described herein.
          
          All documents filed by the Company pursuant to Section 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to
the date hereof and prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the respective dates of filing of
such documents.

Item 6.   Indemnification of Directors and Officers.
- ------    ------------------------------------------

          Section 145 of the Delaware General Corporation Law contains detailed
provisions for indemnification of directors and officers of Delaware
corporations against expenses, judgments, fines and amounts paid in settlement
in connection with actions, suits or proceedings.

                                      -2-
<PAGE>
 
          Article Ninth of the Company's Restated Certificate of Incorporation,
as amended, provides that a director shall not be personally liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty as
a director, except for liability (i) for any breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under the Delaware statutory provision making directors personally
liable for unlawful payment of dividends or unlawful stock purchases or
redemptions by the Company, or (iv) for any transaction from which the director
derived an improper personal benefit.

          The Bylaws of the Company provide that the officers and directors of
the Company shall be indemnified to the full extent permitted by the Delaware
General Corporation Law, as amended from time to time. Expenses incurred by
officers and directors in defending actions, suits, or proceedings may be paid
by the Company in advance of any final disposition if such officer or director
agrees to repay such amounts if it is ultimately determined that he or she is
not entitled to be indemnified under Delaware law.

          The Company maintains a standard policy of officers' and directors'
liability insurance.

Item 8.   Exhibits
- ------    --------

Exhibit
Number                        Description
- ------                        -----------

  4.1     Specimen certificate representing the Common Stock of
          the Company (incorporated by reference to Exhibit 4.2 to
          the Company's Registration Statement on Form S-3, dated
          January 7, 1991, File No. 33-38268).

  4.2     Restated Certificate of Incorporation of the Company, as
          amended to date (incorporated by reference to
          Exhibit 3A to the Company's Annual Report on Form
          10-K for the year ended December 31, 1989, File No. 1-6880).

  4.3     Certificate of Designation for First Bank System, Inc. Series 1990A
          Preferred Stock. (Incorporated by reference to Exhibit 4.4 to
          Amendment No. 1 to the Company's Registration Statement on Form S-3,
          File No. 33-42650).

  4.4     Certificate of Designation for First Bank System, Inc. Series 1991A
          Convertible Preferred Stock. (Incorporated by reference to Exhibit 4.3
          to the Company's Registration Statement on Form S-4, File No. 33-
          50700).

                                      -3-
<PAGE>
 
  4.5     Bylaws of the Company, as amended to date (incorporated by reference
          to Exhibit 3B to the Company's Annual Report on Form 10-K for the year
          ended December 31, 1993, File No. 1-6880).

  4.6     Rights Agreement dated as of December 21, 1988 between the Company and
          Morgan Shareholder Services Trust Company (now known as First Chicago
          Trust Company of New York) (incorporated by reference to Exhibit 1 to
          the Company's Current Report on Form 8-K filed January 5, 1989, File
          No. 1-6880).

  4.7     Amendment No. 1, dated as of May 30, 1990, to Rights Agreement
          (incorporated by reference to Exhibit 4(a) to the Company's Current
          Report on Form 8-K dated June 5, 1990, File No. 1-6880).

  4.8     Amendment No. 2, dated as of February 17, 1993, to Rights Agreement
          (incorporated by reference to Exhibit 4(a) to the Company's Current
          Report on Form 8-K filed March 1, 1993, File No. 1-6880).

  4.9     Stock Purchase Agreement, dated as of May 30, 1990, among Corporate
          Partners, L.P., Corporate Offshore Partners, L.P., The State Board of
          Administration of Florida and First Bank System, Inc. (without
          exhibits). (Incorporated by reference to Exhibit 4.8 to Amendment No.
          1 to the Company's Registration Statement on Form S-3, File No.
          33-42650).

  4.10    First Amendment, dated as of June 30, 1990, to Stock Purchase
          Agreement among Corporate Partners, L.P., Corporate Offshore Partners,
          L.P., The State Board of Administration of Florida and First Bank
          System, Inc. (Incorporated by reference to Exhibit 4.9 to Amendment
          No. 1 to the Company's Registration Statement on Form S-3, File
          No. 33-42650).

  4.11    Second Amendment, dated as of July 18, 1990, to Stock Purchase
          Agreement among Corporate Partners, L.P., Corporate Offshore Partners,
          L.P., The State Board of Administration of Florida and First Bank
          System, Inc. (Incorporated by reference to Exhibit 4.10 to Amendment
          No. 1 to the Company's Registration Statement on Form S-3, File
          No. 33-42650).

  4.12    Stock Purchase Agreement, dated as of May 30, 1990, between The State
          Board of Administration of Florida and First Bank System, Inc.
          (without exhibits).  (Incorporated by reference to Exhibit 4.11 to

                                      -4-
<PAGE>
 
          Amendment No. 1 to the Company's Registration Statement on Form S-3,
          File No. 33-42650).

  4.13    Form of Periodic Stock Purchase Right. (Incorporated by reference to
          Exibit 4.12 to Amendment No. 1 to the Company's Registration Statement
          on Form S-3, File No. 33-42650).

  4.14    Form of Risk Event Warrant. (Incorporated by reference to Exhibit 4.13
          to Amendment No. 1 to the Company's Registration Statement on Form S-
          3, File No. 33-42650).

  4.15    Registration Rights Agreement, dated as of July 18, 1990, among
          Corporate Partners, L.P., Corporate Offshore Partners, L.P., The State
          Board of Administration of Florida and First Bank System, Inc.
          (Incorporated by reference to Exhibit 4.14 to Amendment No. 1 to the
          Company's Registration Statement on Form S-3, File No. 33-42650).

  4.16    Registration Rights Agreement, dated as of July 18, 1990, between The
          State Board of Administration of Florida and First Bank System, Inc.
          (Incorporated by reference to Exhibit 4.14 to Amendment No. 1 to the
          Company's Registration Statement on Form S-3, File No. 33-42650).

  5.1     Opinion of Dorsey & Whitney.

  23.1    Consent of Dorsey & Whitney (included in Exhibit 5.1).

  23.2    Consent of Ernst & Young (relating to financial statements of the
          Company).

  24.1    Power of Attorney.

                                      -5-
<PAGE>
 
Item 9.    Undertakings
- ---------  ------------

A.  Post-Effective Amendments.
    ------------------------- 

           The Company hereby undertakes:

           (1) To file, during any period in which offers or sales are being 
               made, a post-effective amendment to this Registration Statement: 
 
               (i)   To include any prospectus required by Section 10(a)(3) of
                     the Securities Act of 1933;
 
               (ii)  To reflect in the prospectus any facts or events arising
                     after the effective date of the Registration Statement (or
                     the most recent post-effective amendment thereof) which,
                     individually or in the aggregate, represent a fundamental
                     change in the information set forth in the Registration
                     Statement;
  
               (iii) To include any material information with respect to the
                     plan of distribution not previously disclosed in the
                     Registration Statement or any material change to such
                     information in the Registration Statement;
 
 
 
               Provided, however, that subparagraphs (i) and (ii) above will not
apply if the information required to be included in a post-effective amendment
by those subparagraphs is contained in periodic reports filed by the Company
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the Registration Statement.
 
           (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

           (3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

B.  Subsequent Documents Incorporated by Reference.
    ---------------------------------------------- 

           The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Company's annual
report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act
of 1934

                                      -6-
<PAGE>
 
(and,where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

C.  Claims for Indemnification.
    -------------------------- 

          Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                      -7-
<PAGE>
 
                                   SIGNATURES

          Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on March 25, 1994.

                                    FIRST BANK SYSTEM, INC.


                                    By /s/ John F. Grundhofer
                                      ------------------------
                                       John F. Grundhofer
                                       Chairman of the Board, President and
                                       Chief Executive Officer

          Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:

           Name                               Title
           ----                               -----

/s/ John F. Grundhofer              Chairman of the Board, President
- ------------------------            Chief Executive Officer and Director      
John F. Grundhofer                  (principal executive officer)

/s/ Richard A. Zona                 Vice Chairman and Chief
- ------------------------            Financial Officer (principal              
Richard A. Zona                     financial officer)
 
/s/ Susan E. Lester                 Executive Vice President and Controller
- ------------------------            (principal accounting officer)            
Susan E. Lester                     


- ------------------------
Coleman Bloomfield                  Director

         *
- ------------------------
Roger L. Hale                       Director

         *
- ------------------------
Delbert W. Johnson                  Director

         *
- ------------------------
John H. Kareken                     Director

         
- ------------------------
Richard L. Knowlton                 Director

         *
- ------------------------
Kenneth A. Macke                    Director

         
- ------------------------
Thomas F. Madison                   Director

         *
- ------------------------
Marilyn C. Nelson                   Director

                                      -8-
<PAGE>
 
          Name                       Title
          ----                       -----

         *
- ------------------------
Will F. Nicholson, Jr.              Director

         
- ------------------------
Nicholas R. Petry                   Director

         *
- ------------------------
Edward J. Phillips                  Director

         
- ------------------------
James J. Renier                     Director

         *
- ------------------------
S. Walter Richey                    Director

         *
- ------------------------
Richard L. Robinson                 Director


- ------------------------
Richard L. Schall                   Director

         *
- ------------------------
Lyle E. Schroeder                   Director

/s/ Susan E. Lester                                   Dated: March 25, 1994
- ------------------------                                                      
Susan E. Lester
*Attorney-in-fact

                                      -9-
[{"type": "S-8", "sequence": "1", "description": "FORM S-8", "secsgml_size_bytes": 19771}]
{"company-data": {"conformed-name": "FIRST BANK SYSTEM INC", "cik": "0000036104", "assigned-sic": "6021", "irs-number": "410255900", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "033-52835", "film-number": "94518115"}, "business-address": {"street1": "601 SECOND AVE S", "street2": "FIRST BANK PL", "city": "MINNEAPOLIS", "state": "MN", "zip": "55402-4302", "phone": "6129731111"}, "former-company": {"former-conformed-name": "FIRST BANK STOCK CORP", "date-changed": "19720317"}}
As filed with the Securities and Exchange Commission on March 25, 1994

                                              Registration No. 33-      
   =======================================================================

                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                               -----------------

                                   FORM S-8
                            REGISTRATION STATEMENT
                                     Under
                          THE SECURITIES ACT OF 1933

                               -----------------

                            FIRST BANK SYSTEM, INC.
            (Exact name of registrant as specified in its charter)

               Delaware                         41-0255900
   (State or other jurisdiction              (I.R.S. Employer
   of incorporation or organization)        Identification No.)

           First Bank Place
       601 Second Avenue South
       Minneapolis, Minnesota                    55402-4302
(Address of Principal Executive Offices)         (Zip Code)
 
                            FIRST BANK SYSTEM, INC.
                        1988 EQUITY PARTICIPATION PLAN
                           (Full title of the plan)

                                                   Copy to:

    Michael J. O'Rourke, Esq.
     First Bank System, Inc.                   Lee R. Mitau, Esq.
        First Bank Place                        Dorsey & Whitney
     601 Second Avenue South                 220 South Sixth Street
  Minneapolis, Minnesota  55402-4302     Minneapolis, Minnesota 55402-1498
(Name and address of agent for service)

                                 (612) 973-1111
         (Telephone number, including area code, of agent for service)
   
                       ----------------------------

                        CALCULATION OF REGISTRATION FEE
===================================================================================================
                                               Proposed maximum    Proposed maximum     Amount of
Title of securities to be       Amount to be  offering price per  aggregate offering   registration
      registered                 registered         share              price (1)           fee
- ---------------------------------------------------------------------------------------------------
Common Stock, $1.25 par value     336,446          N/A(1)           $  6,809,668        $  2,349
===================================================================================================
(1)  Pursuant to Rule 457(h)(1), the proposed maximum offering price per share nd the proposed
     maximum aggregate offering price are based upon the weighted average price at which options
     may be exercised.  All shares of Common Stock being registered are shares subject to
     currently outstanding options having a weighted average exercise price of $20.24 per share.
PART II

               INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

Item 3.   Incorporation of Documents by Reference
- ------    ---------------------------------------

          The following documents which have been filed by First Bank System,
Inc. (the "Company") with the Securities and Exchange Commission are
incorporated by reference in this Registration Statement, as of their respective
dates:

          (a) The Company's Annual Report on Form 10-K for the year ended
       December 31, 1993.

          (b) Current Report on Form 8-K filed January 18, 1994.

          (c) The description of the Company's Common Stock contained in Item 1
       of the Registration Statement on Form 8-A dated March 19, 1984, as
       amended in its entirety by that Form 8 Amendment dated February 26, 1993,
       and any amendment or report filed for the purpose of updating such
       description filed subsequent to the date of this Registration Statement
       and prior to the termination of the offering described herein; and the
       description of the rights to purchase preferred stock contained in Item 1
       of the Company's Registration Statement on Form 8-A dated December 21,
       1988, as amended by that Form 8 Amendment dated June 11, 1990 and as
       amended in its entirety by that Form 8 Amendment dated February 26, 1993,
       and any amendment or report filed for the purpose of updating such
       description filed subsequent to the date of this Registration Statement
       and prior to the termination of the offering described herein.
          
          All documents filed by the Company pursuant to Section 13(a), 13(c),
14 and 15(d) of the Securities Exchange Act of 1934, as amended, subsequent to
the date hereof and prior to the filing of a post-effective amendment which
indicates that all securities offered hereby have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by
reference herein and to be a part hereof from the respective dates of filing of
such documents.

Item 6.   Indemnification of Directors and Officers.
- ------    ------------------------------------------

          Section 145 of the Delaware General Corporation Law contains detailed
provisions for indemnification of directors and officers of Delaware
corporations against expenses, judgments, fines and amounts paid in settlement
in connection with actions, suits or proceedings.

                                      -2-
Article Ninth of the Company's Restated Certificate of Incorporation,
as amended, provides that a director shall not be personally liable to the
Company or its stockholders for monetary damages for breach of fiduciary duty as
a director, except for liability (i) for any breach of the director's duty of
loyalty to the Company or its stockholders, (ii) for acts or omissions not in
good faith or which involve intentional misconduct or a knowing violation of
law, (iii) under the Delaware statutory provision making directors personally
liable for unlawful payment of dividends or unlawful stock purchases or
redemptions by the Company, or (iv) for any transaction from which the director
derived an improper personal benefit.

          The Bylaws of the Company provide that the officers and directors of
the Company shall be indemnified to the full extent permitted by the Delaware
General Corporation Law, as amended from time to time. Expenses incurred by
officers and directors in defending actions, suits, or proceedings may be paid
by the Company in advance of any final disposition if such officer or director
agrees to repay such amounts if it is ultimately determined that he or she is
not entitled to be indemnified under Delaware law.

          The Company maintains a standard policy of officers' and directors'
liability insurance.

Item 8.   Exhibits
- ------    --------

Exhibit
Number                        Description
- ------                        -----------

  4.1     Specimen certificate representing the Common Stock of
          the Company (incorporated by reference to Exhibit 4.2 to
          the Company's Registration Statement on Form S-3, dated
          January 7, 1991, File No. 33-38268).

  4.2     Restated Certificate of Incorporation of the Company, as
          amended to date (incorporated by reference to
          Exhibit 3A to the Company's Annual Report on Form
          10-K for the year ended December 31, 1989, File No. 1-6880).

  4.3     Certificate of Designation for First Bank System, Inc. Series 1990A
          Preferred Stock. (Incorporated by reference to Exhibit 4.4 to
          Amendment No. 1 to the Company's Registration Statement on Form S-3,
          File No. 33-42650).

  4.4     Certificate of Designation for First Bank System, Inc. Series 1991A
          Convertible Preferred Stock. (Incorporated by reference to Exhibit 4.3
          to the Company's Registration Statement on Form S-4, File No. 33-
          50700).

                                      -3-
4.5     Bylaws of the Company, as amended to date (incorporated by reference
          to Exhibit 3B to the Company's Annual Report on Form 10-K for the year
          ended December 31, 1993, File No. 1-6880).

  4.6     Rights Agreement dated as of December 21, 1988 between the Company and
          Morgan Shareholder Services Trust Company (now known as First Chicago
          Trust Company of New York) (incorporated by reference to Exhibit 1 to
          the Company's Current Report on Form 8-K filed January 5, 1989, File
          No. 1-6880).

  4.7     Amendment No. 1, dated as of May 30, 1990, to Rights Agreement
          (incorporated by reference to Exhibit 4(a) to the Company's Current
          Report on Form 8-K dated June 5, 1990, File No. 1-6880).

  4.8     Amendment No. 2, dated as of February 17, 1993, to Rights Agreement
          (incorporated by reference to Exhibit 4(a) to the Company's Current
          Report on Form 8-K filed March 1, 1993, File No. 1-6880).

  4.9     Stock Purchase Agreement, dated as of May 30, 1990, among Corporate
          Partners, L.P., Corporate Offshore Partners, L.P., The State Board of
          Administration of Florida and First Bank System, Inc. (without
          exhibits). (Incorporated by reference to Exhibit 4.8 to Amendment No.
          1 to the Company's Registration Statement on Form S-3, File No.
          33-42650).

  4.10    First Amendment, dated as of June 30, 1990, to Stock Purchase
          Agreement among Corporate Partners, L.P., Corporate Offshore Partners,
          L.P., The State Board of Administration of Florida and First Bank
          System, Inc. (Incorporated by reference to Exhibit 4.9 to Amendment
          No. 1 to the Company's Registration Statement on Form S-3, File
          No. 33-42650).

  4.11    Second Amendment, dated as of July 18, 1990, to Stock Purchase
          Agreement among Corporate Partners, L.P., Corporate Offshore Partners,
          L.P., The State Board of Administration of Florida and First Bank
          System, Inc. (Incorporated by reference to Exhibit 4.10 to Amendment
          No. 1 to the Company's Registration Statement on Form S-3, File
          No. 33-42650).

  4.12    Stock Purchase Agreement, dated as of May 30, 1990, between The State
          Board of Administration of Florida and First Bank System, Inc.
          (without exhibits).  (Incorporated by reference to Exhibit 4.11 to

                                      -4-
Amendment No. 1 to the Company's Registration Statement on Form S-3,
          File No. 33-42650).

  4.13    Form of Periodic Stock Purchase Right. (Incorporated by reference to
          Exibit 4.12 to Amendment No. 1 to the Company's Registration Statement
          on Form S-3, File No. 33-42650).

  4.14    Form of Risk Event Warrant. (Incorporated by reference to Exhibit 4.13
          to Amendment No. 1 to the Company's Registration Statement on Form S-
          3, File No. 33-42650).

  4.15    Registration Rights Agreement, dated as of July 18, 1990, among
          Corporate Partners, L.P., Corporate Offshore Partners, L.P., The State
          Board of Administration of Florida and First Bank System, Inc.
          (Incorporated by reference to Exhibit 4.14 to Amendment No. 1 to the
          Company's Registration Statement on Form S-3, File No. 33-42650).

  4.16    Registration Rights Agreement, dated as of July 18, 1990, between The
          State Board of Administration of Florida and First Bank System, Inc.
          (Incorporated by reference to Exhibit 4.14 to Amendment No. 1 to the
          Company's Registration Statement on Form S-3, File No. 33-42650).

  5.1     Opinion of Dorsey & Whitney.

  23.1    Consent of Dorsey & Whitney (included in Exhibit 5.1).

  23.2    Consent of Ernst & Young (relating to financial statements of the
          Company).

  24.1    Power of Attorney.

                                      -5-
Item 9.    Undertakings
- ---------  ------------

A.  Post-Effective Amendments.
    ------------------------- 

           The Company hereby undertakes:

           (1) To file, during any period in which offers or sales are being 
               made, a post-effective amendment to this Registration Statement: 
 
               (i)   To include any prospectus required by Section 10(a)(3) of
                     the Securities Act of 1933;
 
               (ii)  To reflect in the prospectus any facts or events arising
                     after the effective date of the Registration Statement (or
                     the most recent post-effective amendment thereof) which,
                     individually or in the aggregate, represent a fundamental
                     change in the information set forth in the Registration
                     Statement;
  
               (iii) To include any material information with respect to the
                     plan of distribution not previously disclosed in the
                     Registration Statement or any material change to such
                     information in the Registration Statement;
 
 
 
               Provided, however, that subparagraphs (i) and (ii) above will not
apply if the information required to be included in a post-effective amendment
by those subparagraphs is contained in periodic reports filed by the Company
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934
that are incorporated by reference in the Registration Statement.
 
           (2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed to be
a new Registration Statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

           (3) To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.

B.  Subsequent Documents Incorporated by Reference.
    ---------------------------------------------- 

           The Company hereby undertakes that, for purposes of determining any
liability under the Securities Act of 1933, each filing of the Company's annual
report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act
of 1934

                                      -6-
(and,where applicable, each filing of an employee benefit plan's annual report
pursuant to Section 15(d) of the Securities Exchange Act of 1934) that is
incorporated by reference in the Registration Statement shall be deemed to be a
new registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial bona
fide offering thereof.

C.  Claims for Indemnification.
    -------------------------- 

          Insofar as indemnification for liabilities arising under the
Securities Act of 1933 may be permitted to directors, officers and controlling
persons of the Company pursuant to the foregoing provisions, or otherwise, the
Company has been advised that in the opinion of the Securities and Exchange
Commission such indemnification is against public policy as expressed in the Act
and is, therefore, unenforceable.  In the event that a claim for indemnification
against such liabilities (other than the payment by the Company of expenses
incurred or paid by a director, officer or controlling person of the Company in
the successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Company will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issue.

                                      -7-
SIGNATURES

          Pursuant to the requirements of the Securities Act of 1933, the
registrant certifies that it has reasonable grounds to believe that it meets all
of the requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Minneapolis, State of Minnesota, on March 25, 1994.

                                    FIRST BANK SYSTEM, INC.

                                    By /s/ John F. Grundhofer
                                      ------------------------
                                       John F. Grundhofer
                                       Chairman of the Board, President and
                                       Chief Executive Officer

          Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities and on the date indicated:

           Name                               Title
           ----                               -----

/s/ John F. Grundhofer              Chairman of the Board, President
- ------------------------            Chief Executive Officer and Director      
John F. Grundhofer                  (principal executive officer)

/s/ Richard A. Zona                 Vice Chairman and Chief
- ------------------------            Financial Officer (principal              
Richard A. Zona                     financial officer)
 
/s/ Susan E. Lester                 Executive Vice President and Controller
- ------------------------            (principal accounting officer)            
Susan E. Lester                     

- ------------------------
Coleman Bloomfield                  Director

         *
- ------------------------
Roger L. Hale                       Director

         *
- ------------------------
Delbert W. Johnson                  Director

         *
- ------------------------
John H. Kareken                     Director

         
- ------------------------
Richard L. Knowlton                 Director

         *
- ------------------------
Kenneth A. Macke                    Director

         
- ------------------------
Thomas F. Madison                   Director

         *
- ------------------------
Marilyn C. Nelson                   Director

                                      -8-
Name                       Title
          ----                       -----

         *
- ------------------------
Will F. Nicholson, Jr.              Director

         
- ------------------------
Nicholas R. Petry                   Director

         *
- ------------------------
Edward J. Phillips                  Director

         
- ------------------------
James J. Renier                     Director

         *
- ------------------------
S. Walter Richey                    Director

         *
- ------------------------
Richard L. Robinson                 Director

- ------------------------
Richard L. Schall                   Director

         *
- ------------------------
Lyle E. Schroeder                   Director

/s/ Susan E. Lester                                   Dated: March 25, 1994
- ------------------------                                                      
Susan E. Lester
*Attorney-in-fact

                                      -9-