Community First Bankshares (NASDAQ:CFBX)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Community First Bankshares Charts. Click Here for more Community First Bankshares Charts.](/p.php?pid=staticchart&s=N%5ECFBX&p=8&t=15)
Community First Recognized by National Financial Publications
FARGO, N.D., Aug. 26 /PRNewswire-FirstCall/ -- Community First Bankshares,
Inc. (NASDAQ:CFBX) has been named a 2004 Dividend Achiever by New York-based
Mergent, Inc., which provides global business and financial information on
publicly traded companies. In addition, Community First was named in the "Top
100 Publicly Traded Mid-Tier Banks," published in the August issue of USBanker.
For the third consecutive year, Community First received Mergent Dividend
Achiever status. Based on its outstanding record of more than 10 consecutive
years of dividend increases, Community First qualified for the honor, shared
with just 3 percent of dividend-paying companies listed on U.S. exchanges. Out
of a database of more than 10,000 publicly-held companies, 304 companies
qualified as Dividend Achievers -- companies that have increased annual
dividends for a minimum of ten consecutive calendar years. Out of this select
group of 304 U.S. companies, Community First ranked sixty-third, based on the
ten-year average annual compound growth rate of its dividends. By this measure,
Community First's annual growth rate was 16.231 percent.
"Recognition by national financial publications is always an honor," said Mark
Anderson, president and chief executive officer of Community First. "In
addition, as of August 20, 2004, Community First announced a dividend payment
of 24 cents per share, payable on September 15, 2004, to shareholders of record
on September 1, 2004."
In the USBanker article, Community First ranked tenth out of the top 100
mid-tier banks and thrifts, based on its three-year average return on equity of
20.30 percent. Asset size of banks and thrifts included in the ranking ranged
from $1 billion to $5.5 billion. For the six months ended June 30, 2004, the
company's return on equity was 19.54 percent.
On March 16, 2004, BancWest Corporation and Community First announced a
definitive merger agreement in which BancWest would acquire Community First and
merge the bank into Bank of the West. 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 on June 30. The transaction is currently
pending regulatory approval.
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 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 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 of Financial Relations Board, +1-312-640-6757,
, or Mark A. Anderson of Community First
Bankshares, Inc., +1-701-298-5600,
Web site: http://www.communityfirst.com/