COMMUNITY FIRST BANKSHARES DECLARES INITIAL QUARTERLY DIVIDEND OF 8 CENTS
COMMUNITY FIRST BANKSHARES DECLARES
INITIAL QUARTERLY DIVIDEND OF 8 CENTS
FARGO, N.D., Nov. 14 -- Community First Bankshares, Inc., (NASDAQ: CFBX) announced today that its board of directors has declared an initial dividend of 8 cents per common share, payable Dec. 10, 1991, to shareholders of record on Nov. 25, 1991.
"This dividend recognizes the company's continued progress following our initial public offering of stock in August," Donald R. Mengedoth, president and chief executive officer, said. "The board has adopted a policy of paying regular quarterly dividends equal to approximately 25 percent of earnings after dividends on preferred stock."
Mengedoth said the fourth quarter dividend on the company's privately placed 56,000 shares of floating-rate preferred stock is $147,350. The company has applied to the Federal Reserve Board for permission to redeem the preferred stock prior to Dec. 31 and replace it with subordinated term debt, Mengedoth said.
Community First Bankshares, Inc., has 19 banking offices in Minnesota and South Dakota. The acquisition of two additional banks is pending, as is a merger with an affiliated company, Community First North Dakota Bankshares, Inc., which has four banking offices in North Dakota.
/CONTACT: Curt Swenson of Swenson/Falker Associates, 612-371-0000, for Community First Bankshares; or Donald Mengedoth of Community First Bankshares, 701-235-1600/
(CFBX) CO: Community First Bankshares, Inc. ST: Minnesota, North Dakota IN: FIN SU: DIV JS -- MN015 -- 4514 11/14/91 15:24 EST