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COMMUNITY FIRST BANKSHARES, INC. AGREES TO ACQUIRE COLORADO BANK

 FARGO, N.D., Jan. 4 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ:CFBX) announced today that it has signed an agreement for the acquisition of Lincoln Banking Company, Ltd., parent company of Bank Northwest, Steamboat Springs, Colo. Terms were not disclosed.
 Bank Northwest has assets of $44 million and operates a branch in Vail, Colo.
 Donald R. Mengedoth, president and CEO of Community First Bankshares, described the planned acquisition as the first step in the company's intended expansion into Colorado.
 "Colorado is part of a 10-state area targeted for expansion in our strategic plan," Mengedoth said. "Our corporate strategy is to grow through the acquisition of well-managed community banks that share our commitment to serving customers in their communities, and Colorado offers a natural extension of the kind of cultural and economic environment of the communities we are serving now."
 Community First Bankshares, Inc., headquartered in Fargo, currently has 29 banking offices in Minnesota, North Dakota and South Dakota, with assets of $1.1 billion. The company's growth plans include Colorado and Kansas, along with the contiguous states of Montana, Wyoming, Nebraska, Iowa and Wisconsin.
 Mengedoth said the Colorado market represents a very strong growth area for Community First Bankshares, offering a combination of economic strength and a large number of independent community banks that are possible acquisition candidates.
 Lawrence A. Fain, chairman of Bank Northwest, said, "This represents an unusual opportunity to affiliate with an organization that lives up to its name -- Community First. Our relationships and staff will have the benefits of increased breadth of service without sacrificing flexibility. We are very pleased that Steamboat and Vail were recognized as strategic Colorado locations. Community First selects only the best."
 Fain will remain on the bank's board of directors following the acquisition.
 Completion of the transaction is subject to regulatory approvals.
 -0- 1/4/92
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen, 612-371-0000, for Community First Bankshares; or Donald Mengedoth of Community First Bankshares, 701-235-1600/
 (CFBX)


CO: Community First Bankshares, Inc.; Lincoln Banking Company, Ltd. ST: North Dakota, Colorado IN: FIN SU: TNM

AL -- MN003 -- 1289 01/04/93 11:45 EST
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Publication:PR Newswire
Date:Jan 4, 1993
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