Community First Bankshares (NASDAQ:CFBX)
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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/