Commercial Federal (NYSE:CFB)
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Bank of the West, a subsidiary of BancWest Corporation,
announced today that it has received notification from the Federal
Reserve that its acquisition of Commercial Federal Corporation and its
subsidiary, Commercial Federal Bank, an Omaha, Nebraska-based federal
savings bank, will not require review by the Fed.
The FDIC, the Office of Thrift Supervision and the California
Department of Financial Institutions have already given their approval
of the acquisition. Commercial Federal Corporation shareholders are
scheduled to vote on the combination November 1, 2005.
Bank of the West and Commercial Federal Bank announced their
intention to merge on June 13, 2005. The transaction is expected to
close in December 2005.
The resulting institution will operate 681 Bank of the West
banking locations in 19 Western and Midwestern states. San
Francisco-based Bank of the West expects to have assets after the
transaction of $54 billion.
About Commercial Federal Corporation
Commercial Federal Corporation (NYSE:CFB) is the parent company of
Commercial Federal Bank (www.comfedbank.com), a $10.3-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.
About Bank of the West
Bank of the West (www.bankofthewest.com), which is based in San
Francisco, has more than $42 billion in assets. It has 477 banking
locations in 16 Western and Midwestern states: California, Oregon,
Washington, Idaho, Nevada, Utah, Arizona, New Mexico, Colorado,
Wyoming, Nebraska, North and South Dakota, Minnesota, Iowa and
Wisconsin. Founded in San Jose, California in 1874 as Farmers National
Gold Bank, Bank of the West is the fourth-largest commercial bank
headquartered west of the Mississippi.
About BancWest
BancWest Corporation (www.bancwestcorp.com) is a bank holding
company with assets of $54.6 billion and headquarters offices in
Honolulu, Hawaii, and 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 (www.bnpparibas.com), a
European leader in banking and financial services, with a significant
and growing presence in the United Sates and leading positions in
Asia. The most profitable bank in the Euro zone, it has a presence in
over 85 countries with close to 100,000 employees.