Community First Bankshares (NASDAQ:CFBX)
Historical Stock Chart
From Jun 2019 to Jun 2024
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/