Commercial Federal (NYSE:CFB)
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Commercial Federal Corporation (NYSE:CFB) announced
today that it had declared its previously announced special dividend
of $.50 per share payable in connection with the Company's merger with
Bank of the West. Under the terms of the merger agreement with Bank of
the West, each share of Commercial Federal common stock will be
converted into the right to receive $34.00 in cash and shareholders of
record as of immediately prior to the completion of the merger will be
entitled to receive the special dividend of $.50 per share. The merger
is expected to close December 2, 2005, subject to satisfaction of
customary closing conditions.
About Commercial Federal Corporation
Commercial Federal Corporation is the parent company of Commercial
Federal Bank (www.comfedbank.com), a $10.2 billion federal savings
bank founded in Omaha in 1887. It has 198 branches in Nebraska, Iowa,
Colorado, Kansas, Oklahoma, Missouri and Arizona. Commercial Federal
operations include consumer and commercial banking services, including
retail banking, commercial and industrial lending, small business
banking, construction lending, cash management, and insurance and
investment services.
Forward Looking Statements
This release contains forward-looking statements, including
statements regarding anticipated timing of the transaction. 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 the risk that the
transaction closing is delayed or that the transaction does not close
and other factors described in our 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, Commercial Federal Corporation disclaims any
obligation to update any forward-looking statements included herein to
reflect future events or developments.