CFBX Community First Bankshares (MM)

Community First Recognized by National Financial Publications FARGO, N.D., Aug. 26 /PRNewswire-FirstCall/ -- Community First Bankshares, Inc. (NASDAQ:CFBX) has been named a 2004 Dividend Achiever by New York-based Mergent, Inc., which provides global business and financial information on publicly traded companies. In addition, Community First was named in the "Top 100 Publicly Traded Mid-Tier Banks," published in the August issue of USBanker. For the third consecutive year, Community First received Mergent Dividend Achiever status. Based on its outstanding record of more than 10 consecutive years of dividend increases, Community First qualified for the honor, shared with just 3 percent of dividend-paying companies listed on U.S. exchanges. Out of a database of more than 10,000 publicly-held companies, 304 companies qualified as Dividend Achievers -- companies that have increased annual dividends for a minimum of ten consecutive calendar years. Out of this select group of 304 U.S. companies, Community First ranked sixty-third, based on the ten-year average annual compound growth rate of its dividends. By this measure, Community First's annual growth rate was 16.231 percent. "Recognition by national financial publications is always an honor," said Mark Anderson, president and chief executive officer of Community First. "In addition, as of August 20, 2004, Community First announced a dividend payment of 24 cents per share, payable on September 15, 2004, to shareholders of record on September 1, 2004." In the USBanker article, Community First ranked tenth out of the top 100 mid-tier banks and thrifts, based on its three-year average return on equity of 20.30 percent. Asset size of banks and thrifts included in the ranking ranged from $1 billion to $5.5 billion. For the six months ended June 30, 2004, the company's return on equity was 19.54 percent. On March 16, 2004, BancWest Corporation and Community First announced a definitive merger agreement in which BancWest would acquire Community First and merge the bank into Bank of the West. BancWest will pay $32.25 for each Community First share in a cash transaction valued at $1.2 billion. Community First shareholders approved the merger on June 30. The transaction is currently pending regulatory approval. Community First Bankshares, a $5.6 billion financial services company, provides a complete line of banking, investment, insurance, mortgage and trust products to individuals and businesses. The company's extensive offering of financial products and services is marketed through full-service offices in 138 communities in 12 states -- Arizona, California, Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah, Wisconsin and Wyoming. The company's services include an online banking system that offers electronic bill payment and discount brokerage capabilities, telephone banking and an extensive ATM network. Community First Bankshares stock is traded on The Nasdaq Stock Market(R) under the symbol CFBX. The latest investor and other corporate information is available at its Web site, http://www.communityfirst.com/ . This release contains forward-looking statements, including statements regarding anticipated timing of the transaction and possible performance of the combined company after the transaction is completed. Such statements reflect management's best judgment as of this date, but they involve risks and uncertainties that could cause actual results to differ materially from those presented. Factors that could cause such differences include, without limitation, (1) the possibility that regulatory approvals may be delayed or denied or that burdensome conditions may be imposed in connection with such approvals; (2) the possibility of customer or employee attrition following this transaction; (3) failure to fully realize expected cost savings from the transaction; (4) lower than expected revenues following the transaction; (5) problems or delays in bringing together the two companies; (6) the possibility of adverse changes in global, national or local economic or monetary conditions, (7) competition and change in the financial services business, and (8) other factors described in our recent filings with the Securities and Exchange Commission. Those factors or others could result, for example, in delay or termination of the transaction discussed above. Readers should carefully consider those risks and uncertainties in reading this release. Except as otherwise required by law, BancWest and Community First Bankshares disclaim any obligation to update any forward-looking statements included herein to reflect future events or developments. DATASOURCE: Community First Bankshares, Inc. CONTACT: Jeff Wilhoit of Financial Relations Board, +1-312-640-6757, , or Mark A. Anderson of Community First Bankshares, Inc., +1-701-298-5600, Web site: http://www.communityfirst.com/

Copyright