Community First Earnings Scheduled for Release in 10-Q
13 Oktober 2004 - 11:15PM
PR Newswire (US)
Community First Earnings Scheduled for Release in 10-Q FARGO, N.D.,
Oct. 13 /PRNewswire-FirstCall/ -- Community First Bankshares, Inc.
(NASDAQ:CFBX) announced today that the company does not intend to
issue an earnings press release prior to the filing of its 10-Q for
the third quarter. On March 16, BancWest Corporation and Community
First announced a definitive merger agreement pursuant to which
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 at the company's annual meeting on June 30. The
parties are awaiting approval of the Federal Reserve and intend to
close the transaction as soon as practicable following receipt of
such approval. If the transaction has not closed when the 10-Q is
due in November, the company's results for the third quarter will
be released in Community First's 10-Q when it is filed with the
Securities and Exchange Commission. 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 press release
contains forward-looking statements under the Private Securities
Litigation Reform Act of 1995 that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected. This press release also contains forward-looking
statements concerning the anticipated timing of the transaction
with BancWest. The company wishes to caution readers not to place
undue reliance on any such forward-looking statements, which speak
only as of the date made. Factors that could cause actual results
to differ from the results discussed in the forward-looking
statements include, but are not limited to: the possibility that
regulatory approvals may be delayed or denied or that burdensome
conditions may be imposed in connection with such approvals; the
possibility of customer or employee attrition following the
transaction with BancWest; failure to fully realize expected cost
savings from the transaction with BancWest; lower than expected
revenues following the transaction with BancWest; problems or
delays in bringing together the two companies; risk of loans and
investments, including dependence on local economic conditions;
competition for the company's customers from other providers of
financial services; possible adverse effects of changes in interest
rates; execution and implementation of a series of previously
announced strategic initiatives; balance sheet and capital ratio
risks related to the share repurchase program; risks related to the
company's acquisition and market extension strategy, including
risks of adversely changing results of operations and factors
affecting the company's ability to consummate further acquisitions
or extend its markets; and other risks detailed in the company's
filings with the Securities and Exchange Commission, all of which
are difficult to predict and many of which are beyond the control
of the company. Community First Bankshares disclaims any obligation
to update any forward-looking statements included herein to reflect
future events or developments. DATASOURCE: Community First
Bankshares, Inc. CONTACT: Mark A. Anderson of Community First
Bankshares, Inc., +1-701-298-5600, ; or Jeff Wilhoit of Financial
Relations Board, +1-312-640-6757, Web site:
http://www.communityfirst.com/
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