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COMMUNITY FIRST BANKSHARES TO ACQUIRE COOPERSTOWN BANK HOLDING COMPANY

COMMUNITY FIRST BANKSHARES TO ACQUIRE COOPERSTOWN BANK HOLDING COMPANY
 FARGO, N.D., Aug. 27 /PRNewswire/ -- Community First Bankshares, Inc., (NASDAQ: CFBX) today announced that it has signed a letter of intent to acquire F&M Bank Holding Company which owns Farmers & Merchants Bank of Cooperstown, N.D. Community Insurance Inc., a subsidiary of Community First, also will purchase an associated insurance agency. Terms were not disclosed.
 Closing of the transaction is subject to the execution of a definitive agreement and obtaining regulatory approvals.
 Farmers and Merchants Bank has assets of $26 million and is the largest bank in Cooperstown, a community of 1,200 in east central North Dakota. Upon completion of acquisition, the bank will be combined with Community First State Bank of Cooperstown to form a $47 million institution headed by David Paquin, currently president of the Community First bank in Cooperstown. Clarence Sandvik, chairman of the board and CEO of Farmers & Merchants, will become a member of the Cooperstown bank's board of directors.
 "Farmers & Merchants is an excellent bank, and we're pleased with the opportunity it represents," said Donald R. Mengedoth, president and CEO of Community First Bankshares. "The acquisition moves our growth forward, while allowing us to reach new customers in Cooperstown."
 "The financial strength of the combined banks will enable us to better serve the financial needs of the Cooperstown area," Sandvik said. "Community First understands the needs of our community, while bringing the benefits of holding company strength and additional services to our customers."
 Paquin said, "We are excited about the opportunity to expand our services in Cooperstown, and we look forward to the experience and insight that Clarence Sandvik will bring to our board."
 Not including this purchase, Community First Bankshares, Inc., headquartered in Fargo, has 27 banking offices in Minnesota, North Dakota and South Dakota with assets of $988 million.
 Community First banks are located in Cooperstown, Dickinson, Fargo, Lidgerwood and Wahpeton, N.D.; Benson, Breckenridge, Campbell, Elbow Lake, Fergus Falls, Ivanhoe, Little Falls, Marshall, Minneota, Paynesville, Wheaton and Windom, Minn.; and Clark, Corsica, Gettysburg, Hot Springs, Huron, Lemmon, Platte, Redfield and Vermillion, S.D.
 -0- 8/27/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Community First or Donald R. Mengedoth of Community First, 701-235-1600/
 (CFBX) CO: Community First Bankshares, Inc. ST: North Dakota IN: FIN SU: TNM


AL -- MN001 -- 3795 08/27/92 09:02 EDT
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Publication:PR Newswire
Date:Aug 27, 1992
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