Community First Shareholders Approve Merger With BancWest Corporation
01 7월 2004 - 6:35AM
PR Newswire (US)
Community First Shareholders Approve Merger With BancWest
Corporation FARGO, N.D., June 30 /PRNewswire-FirstCall/ --
Community First Bankshares, Inc. (NASDAQ:CFBX) announced today that
its shareholders have voted in favor of the company's merger with
BancWest Corporation ("BancWest"). At the company's annual meeting
held today in Minneapolis, Minn., Community First shareholders
voted approximately 25.6 million shares in favor of the merger, or
approximately 69.4 percent of total shares outstanding, well in
excess of the majority required to approve the agreement. Of the
total shares voted, approximately 96.5 percent were voted in favor
of the merger. Community First shareholders will receive $32.25 in
cash for each share of common stock. The transaction is subject to
regulatory approval and is expected to close in the third quarter.
There are currently 36.9 million shares of Community First common
stock outstanding. The company also announced that $50 million in
unsecured subordinated notes issued in 1997 at 7.30% have been paid
at maturity on June 30, 2004. 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 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. 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, all of which
are difficult to predict and many of which are beyond the control
of the company. 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/
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