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COMMUNITY FIRST BANKSHARES TO ACQUIRE BANK IN WISCONSIN

 FARGO, N.D., Nov. 2 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) announced today that it has signed a purchase agreement to acquire Bank of Spooner in Spooner, Wis. The acquisition is the first for Community First in the state of Wisconsin. Terms of the transaction were not disclosed. Completion of the acquisition is subject to regulatory approvals.
 Bank of Spooner, with two offices in Spooner and branches in Minong and Stone Lake, Wis., is the largest bank in Washburn County, Wisconsin, ith assets of $75 million. A subsidiary of the Bank of Spooner is engaged in the business of originating, servicing and selling residential mortgages to the secondary market.
 "Wisconsin is part of a 10-state area targeted for expansion in our strategic plan," said Donald R. Mengedoth, president and chief executive of Community First. "We're pleased that our first acquisition in the state is Bank of Spooner, which is a strong institution that shares our commitment to community banking. Wisconsin offers a natural extension of the kind of cultural and economic environment we currently serve, and we look forward to expanding through the acquisition of other well- managed community banks in the state."
 The owner of the Bank of Spooner since 1988, Milwaukee entrepreneur Joseph J. Zilber, chairman of the board of Zilber Ltd., a privately held real estate company, said he was pleased with the terms of the transaction.
 "Community First is a highly respected bank holding company with a strong reputation for sound fiscal management and a commitment to the communities they serve," Zilber said. "I have been proud of my ownership of the Bank of Spooner and the men and women who have made the bank successful. I will miss my association with them but know that the Community First organization will fully utilize their talents and skills to continue to serve the needs of Spooner and the rest of Washburn County."
 Headquartered in Fargo, N.D., Community First Bankshares, Inc., serves 34 communities in Colorado, Minnesota, North Dakota and South Dakota.
 -0- 11/2/93
 /CONTACT: Curt Swenson of Swenson/Falker Associates, 612-371-0000, for Community First Bankshares; or Donald Mengedoth of Community First Bankshares, 701-298-5600/
 (CFBX)


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

DB-DS -- MN008 -- 9572 11/02/93 10:22 EST
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Publication:PR Newswire
Date:Nov 2, 1993
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