BancWest Corporation Completes Acquisitions of Community First Bankshares and USDB Bancorp
01 November 2004 - 6:01AM
PR Newswire (US)
BancWest Corporation Completes Acquisitions of Community First
Bankshares and USDB Bancorp Acquisitions Make BancWest 7th-Largest
Western Bank Holding Company HONOLULU, SAN FRANCISCO and FARGO,
N.D., Nov. 1 /PRNewswire/ -- BancWest Corporation announced today
that it has completed two acquisitions that expand its operations
into 10 additional states and increase its presence in California's
Central Valley. The transactions make BancWest the seventh-largest
bank holding company in the Western United States. BancWest
completed acquisition of: * Community First Bankshares, Inc.
(NASDAQ:CFBX), parent company of Community First National Bank and
Community First Insurance, Inc., and * USDB Bancorp, parent company
of Union Safe Deposit Bank. BancWest, a subsidiary of BNP Paribas,
is a bank holding company whose principal subsidiaries are Bank of
the West and First Hawaiian Bank. Branches of Community First
National Bank and Union Safe Deposit Bank will be fully integrated
into Bank of the West. BancWest anticipates that Community First
will be merged into Bank of the West in December and Union Safe
Deposit Bank will be merged into Bank of the West in January. The
transactions will introduce the Bank of the West "bear" brand into
10 new states -- Arizona, Colorado, Iowa, Minnesota, Nebraska,
North Dakota, South Dakota, Utah, Wisconsin and Wyoming - and add
to the bank's presence in San Joaquin and Stanislaus Counties in
California's Central Valley. Following the acquisitions, BancWest
will have approximately $49 billion in assets and more than 530
branches in 17 Western and Midwestern states, Guam and Saipan.
"Although the signs on the door will change, Community First and
Union Safe Deposit customers will receive the same personal service
that they're used to, because that's been a Bank of the West
tradition for 130 years," said Don J. McGrath, President of
BancWest and Chief Executive officer of Bank of the West. "These
acquisitions make BancWest one of the premier financial services
franchises in the Western United States. These are two
complementary banks that fit in well with BancWest both
strategically and financially," said Walter A. Dods, Jr. Chairman
and Chief Executive Officer of BancWest. Community First
Bankshares, Inc. In March, BancWest Corporation agreed to acquire
Community First Bankshares, Inc., by paying $32.25 in cash for each
share of Community First common stock. Nearly 97 percent of
Community First shareholder votes cast on June 30 favored the
$1.2-billion transaction. As of September 30, 2004, Community First
Bankshares had total assets of $5.5 billion, deposits of $4.4
billion and net loans of $3.4 billion. Its Community First National
Bank subsidiary operates 156 branches in 12 states in the
Southwest, Rocky Mountains, Great Plains and east to the Great
Lakes. Following the acquisition of Community First, the common
stock of Community First and the 8.125% Cumulative Capital
Securities of CFB Capital III and the 7.60% Cumulative Capital
Securities of CFB Capital IV will be deregistered and will no
longer be listed on Nasdaq. USDB Bancorp In April, BancWest
announced an agreement to acquire USDB, which is headquartered in
Stockton, California, and operates 19 Union Safe Deposit Bank
branches in San Joaquin and Stanislaus Counties. As of September
30, 2004, USDB had total assets of $1.2 billion, deposits of $0.9
billion and net loans of $0.7 billion. About Bank of the West Bank
of the West (http://www.bankofthewest.com/), with $31.7 billion in
assets as of September 30, 2004, has 297 branches in California,
Oregon, New Mexico, Nevada, Washington state and Idaho. Founded in
San Jose in 1874 as Farmers National Gold Bank, Bank of the West is
the third-largest commercial bank headquartered in California.
About BancWest Corporation BancWest Corporation
(http://www.bancwestcorp.com/) is a bank holding company which had
assets of $41.4 billion as of September 30, 2004. It is
headquartered in Honolulu, Hawaii, with an administrative
headquarters in San Francisco, California. Besides Bank of the
West, BancWest's other principal subsidiary is First Hawaiian Bank
(56 branches in Hawaii, three in Guam and two in Saipan). BancWest
is a wholly owned subsidiary of BNP Paribas, an international
financial services group with a strong market share in Europe,
significant positions in Asia and an active presence in the United
States. It is the leading bank in the Euro zone in terms of net
income. BNP Paribas has one of the largest international banking
networks, present in over 85 countries with 89,100 employees. About
Community First Bankshares, Inc. Community First Bankshares, Inc
(http://www.communityfirst.com/), is a bank holding company that
operates Community First National Bank, which has 156 branches in
12 states -- Arizona, California, Colorado, Iowa, Minnesota,
Nebraska, New Mexico, North Dakota, South Dakota, Utah, Wisconsin
and Wyoming. Community First also owns insurance agencies in 56
locations operated through Community First Insurance, Inc. About
USDB Bancorp. USDB Bancorp (http://www.unionsafe.com/) is a bank
holding company that operates Union Safe Deposit Bank, which has 19
branches in San Joaquin and Stanislaus Counties in the Central
Valley of California. It was founded in 1897 and provides a full
array of banking products and services to individual and
businesses. The bank also provides financial management services,
including retirement planning, personal investing and personal
trust services. This release contains forward-looking statements,
including statements regarding the Community First and USDB Bancorp
transactions and the combined company after the transactions are
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 of customer or employee attrition
following the transactions; (2) failure to fully realize expected
cost savings from the transactions; (3) lower than expected
revenues following the transactions; (4) problems or delays in
bringing together the companies; (5) the possibility of adverse
changes in global, national or local economic or monetary
conditions, (6) competition and change in the financial services
business, and (7) other factors described in BancWest's recent
filings with the Securities and Exchange Commission. Readers should
carefully consider those risks and uncertainties in reading this
release. Except as otherwise required by law, BancWest, USDB
Bancorp and Community First Bankshares disclaim any obligation to
update any forward-looking statements included herein to reflect
future events or developments. DATASOURCE: BancWest Corporation
CONTACT: Media: Gerry Keir, +1-808-525-7086, or John Stafford,
+1-925-942-8370, both of BancWest Corporation; or Jeff Wilhoit,
+1-312-640-6757, or Carol Renner, +1-701-298-5709, both of
Community First Bankshares, Inc.; or Steve Stevenson,
+1-209-946-5097, or +1-209-969-1045, both of Union Safe Deposit
Bank; Shareholder & Analyst: Jeff Wilhoit, +1-312-640-6757, or
Carol Renner, +1-701-298-5709, both of Community First Bankshares,
Inc. Web site: http://www.bankofthewest.com/
http://www.bancwestcorp.com/ http://www.communityfirst.com/
http://www.unionsafe.com/
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