BancWest Corporation and Community First Target Fourth Quarter Merger Completion
16 9월 2004 - 11:00PM
PR Newswire (US)
BancWest Corporation and Community First Target Fourth Quarter
Merger Completion SAN FRANCISCO and FARGO, N.D., Sept. 16
/PRNewswire-FirstCall/ -- BancWest Corporation ("BancWest") and
Community First Bankshares, Inc. (NASDAQ:CFBX) today provided an
updated estimate for the close of their previously announced merger
transaction. The two companies now expect the transaction to close
during the fourth quarter of 2004. Earlier estimates had targeted a
third quarter 2004 completion. The transaction is currently pending
regulatory approval. Shareholders of Community First approved the
merger during its annual meeting on June 30, 2004. Under the
definitive merger agreement, BancWest will pay $32.25 for each
Community First share in a cash transaction valued at $1.2 billion
and Community First will merge into Bank of the West. "We're
looking forward to completing this union of two complementary and
compatible banks so that we can offer our brand of community
banking and superior customer service to a broader region of the
United States," said Don J. McGrath, President of BancWest and
Chief Executive Officer of Bank of the West. Commenting on the
anticipated closing of the transaction, Community First President
and Chief Executive Officer Mark Anderson said, "We remain as
enthusiastic about this merger as we were when the definitive
agreement was signed earlier this year. We anticipate a fourth
quarter completion of the transaction so that our clients can begin
to fully benefit from the strength and responsiveness that the
combined organization will offer." Community First Bankshares is
the parent company of Community First National Bank, which operates
156 branches in 12 states including Arizona, California, Colorado,
Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota,
Utah, Wisconsin and Wyoming. Community First also owns insurance
agencies in 56 communities operated through Community First
Insurance, Inc. BancWest is a bank holding company whose principal
subsidiaries are Bank of the West and First Hawaiian Bank. Since
2001, BancWest has been a wholly owned subsidiary of BNP Paribas.
Later this year, Community First branches will become part of Bank
of the West, adding 10 new states to Bank of the West's footprint.
Bank of the West presently has 296 branches in six Western states,
following a series of 13 successful acquisitions since 1990. The
acquisition expands BancWest's retail operations into the Midwest
and solidifies its position as one of the premier financial
services franchises in the Western United States. Following the
acquisition, BancWest will have $44 billion in assets and serve 3.4
million accounts through more than 500 branches in 17 states, Guam
and Saipan. 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 Corporation 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,
+1-312-640-6757, or Carol Renner, +1-701-298-5709, both for
Community First Bankshares, Inc.; Gerry Keir, +1-808-525-7086, or
John Stafford, +1-925-942-8370, both of BancWest Corporation
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