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COMMUNITY FIRST BANKSHARES COMPLETES PURCHASE OF MORRIS BANK

 FARGO, N.D., March 31 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today announced that it has completed the acquisition of Citizens Bancorp, Inc., the holding company for Citizens Bank, Morris, Minn. An associated insurance agency was also acquired.
 "This acquisition is an important one for our company because Morris is strategically located near a number of other Community First locations in west central Minnesota," said Don Mengedoth, president and CEO of Community First. "The addition of Citizens Bank, with assets of $40 million, increases the total assets of our company to over $1.1 billion and brings our total number of locations to 30. It is the first of several acquisition opportunities that we anticipate closing during 1993."
 Mengedoth said that, subject to regulatory approval, Community First intends to merge the Morris bank with Community First National Bank of Benson, Minn., later this year. This merger will create one bank with assets of $65 million.
 Each banking office will have a local president with ownership interest and broad decision-making authority, Mengedoth said. "This local autonomy has served each of the other Community First markets well and is the cornerstone of our corporate philosophy."
 The combination of the Morris and Benson banks will enable Community First to more efficiently serve the banking needs of west central Minnesota residents according to Richard B. Lambert, who will head the combined institution. Marty R. Peterson serves a president of the Benson office.
 Headquartered in Fargo, Community First Bankshares operates 30 banking offices in Minnesota, North Dakota and South Dakota. The company employs more than 600 people.
 -0- 3/31/93
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Community First; or Donald R. Mengedoth of Community First Bankshares, 701-235-1600/
 (CFBX)


CO: Community First Bankshares, Inc. ST: North Dakota IN: FIN SU: TNM

AL -- MN006 -- 9799 03/31/93 13:13 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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