Community First Bankshares (NASDAQ:CFBX)
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BancWest Corporation and Community First Target Fourth Quarter
Merger Completion
SAN FRANCISCO and FARGO, N.D., Sept. 16 /PRNewswire-FirstCall/ -- BancWest
Corporation ("BancWest") and Community First Bankshares, Inc. (NASDAQ:CFBX)
today provided an updated estimate for the close of their previously announced
merger transaction. The two companies now expect the transaction to close
during the fourth quarter of 2004. Earlier estimates had targeted a third
quarter 2004 completion.
The transaction is currently pending regulatory approval. Shareholders of
Community First approved the merger during its annual meeting on June 30, 2004.
Under the definitive merger agreement, BancWest will pay $32.25 for each
Community First share in a cash transaction valued at $1.2 billion and
Community First will merge into Bank of the West.
"We're looking forward to completing this union of two complementary and
compatible banks so that we can offer our brand of community banking and
superior customer service to a broader region of the United States," said Don
J. McGrath, President of BancWest and Chief Executive Officer of Bank of the
West.
Commenting on the anticipated closing of the transaction, Community First
President and Chief Executive Officer Mark Anderson said, "We remain as
enthusiastic about this merger as we were when the definitive agreement was
signed earlier this year. We anticipate a fourth quarter completion of the
transaction so that our clients can begin to fully benefit from the strength
and responsiveness that the combined organization will offer."
Community First Bankshares is the parent company of Community First National
Bank, which operates 156 branches in 12 states including Arizona, California,
Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota,
Utah, Wisconsin and Wyoming. Community First also owns insurance agencies in 56
communities operated through Community First Insurance, Inc.
BancWest is a bank holding company whose principal subsidiaries are Bank of the
West and First Hawaiian Bank. Since 2001, BancWest has been a wholly owned
subsidiary of BNP Paribas. Later this year, Community First branches will
become part of Bank of the West, adding 10 new states to Bank of the West's
footprint. Bank of the West presently has 296 branches in six Western states,
following a series of 13 successful acquisitions since 1990.
The acquisition expands BancWest's retail operations into the Midwest and
solidifies its position as one of the premier financial services franchises in
the Western United States. Following the acquisition, BancWest will have $44
billion in assets and serve 3.4 million accounts through more than 500 branches
in 17 states, Guam and Saipan.
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 Corporation 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, +1-312-640-6757, or Carol Renner,
+1-701-298-5709, both for Community First Bankshares, Inc.; Gerry Keir,
+1-808-525-7086, or John Stafford, +1-925-942-8370, both of BancWest
Corporation