Community First Acquires Insurance Agencies
02 4월 2004 - 12:00AM
PR Newswire (US)
Community First Acquires Insurance Agencies FARGO, N.D., April 1
/PRNewswire-FirstCall/ -- Community First Bankshares, Inc., ,
through its affiliate, Community First Insurance, Inc., has
acquired Shepherd Insurance Agency, Englewood, Colo. Community
First also has acquired an insurance book of business from Western
Insurance Agency of Cody, Wyo., in an unrelated transaction. In
addition, Community First acquired the renewal rights to client
accounts of Van Gilder Insurance Corporation, Sterling, Colo.
"Insurance continues to be one of the key elements in our
solutions-based approach to meeting clients' needs," said Mark
Anderson, Community First's president and chief executive officer.
"Community First's insurance business reached a record $15.2
million in insurance revenues in 2003," said Anderson. "The
agencies we have acquired are built on the strength of
long-standing community relationships," said Darwin Robinson,
president of Community First Insurance Inc. Hank Buschmann will
serve as an insurance sales representative at the Englewood
location. The agency offers business and commercial lines of
insurance. "By joining with Community First, our insurance
customers have access to expanded financial services," said
Buschmann. "We believe our clients will be well served by Community
First's local market focus and resources," added Phil Fierro, of
Van Gilder Insurance Corporation. Community First's insurance
agencies provide a broad selection of insurance products in 56
locations serving communities in Colorado, Iowa, Minnesota,
Nebraska, North Dakota, South Dakota, Utah and Wyoming. Community
First Bankshares, a $5.5 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 136 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. 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: 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, allof which
are difficult to predict and many of which are beyond the control
of the company. Website: http://www.CommunityFirst.com 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,
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