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COMMUNITY FIRST BANKSHARES AGREES TO PURCHASE OF GREENWALD BANK

 FARGO, N.D., July 30 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today announced a definitive agreement to acquire Rural American Bank of Greenwald (Minn.) from the bank's parent company, Frandsen Financial Corp. of Forest Lake, Minn. The acquisition would include the bank's offices in Greenwald and in New Munich, Minn., with total assets of $17 million at June 30, 1993.
 In announcing the acquisition, Donald R. Mengedoth, president and CEO of Community First, said that, subject to regulatory approval, Rural American Bank would be merged with Community First State Bank of Paynesville, resulting in a bank with $52 million in assets.
 Bob Jorgensen, president of Community First State Bank of Paynesville, will head the combined bank following the merger. "The markets of Greenwald and New Munich compliment our existing presence in Stearns County," said Jorgensen. "Our company's extensive background in serving the needs of agricultural markets across four states will now be of benefit to a greater number of people in our area."
 Headquartered in Fargo, N.D., Community First Bankshares, Inc. has total assets in excess of $1.2 billion and operates banking offices in 32 communities in Colorado, Minnesota, North Dakota and South Dakota.
 -0- 7/30/93
 /CONTACT: Curt Swenson of Swenson/Falker Associates, 612-371-0000; or Donald R. Mengedoth of Community First Bankshares, 701-235-1600/
 (CFBX)


CO: Community First Bankshares, Inc.; Rural American Bank of Greenwald;
 Frandsen Financial Group ST: North Dakota, Minnesota IN: FIN SU: TNM


KH -- MN005 -- 7648 07/30/93 10:01 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
Words:249
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