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COMMUNITY FIRST BANKSHARES TO PURCHASE WORTHINGTON BANK HOLDING COMPANY

COMMUNITY FIRST BANKSHARES TO PURCHASE WORTHINGTON BANK HOLDING COMPANY
 FARGO, N.D., Dec. 27 /PRNewswire/ -- Community First Bankshares, Inc. (NASDAQ: CFBX), headquartered in Fargo, N.D., today announced that it has signed a letter of intent to purchase Worthington Bancshares, Inc., the holding company for First Worthington (N.A.), Worthington, Minn. Community First also will purchase an associated insurance agency, First Worthington Agency, Inc. Terms were not disclosed.
 Closing of the transaction is subject to the completion of due diligence, negotiation and execution of a definitive agreement, and regulatory approvals.
 First Worthington has assets of $75 million and is the largest bank in Worthington, a community of 10,000 in southwestern Minnesota. It operates a main office at 1027 4th Ave. in Worthington and a branch at Lakefield, Minn.
 "First Worthington is an excellent bank that has served its community well, and we look forward to continuing that commitment," said Donald R. Mengedoth, president and CEO of Community First Bankshares. "It fits perfectly with our strategy of acquiring strong banks in medium-sized Midwest markets."
 "We are looking forward enthusiastically to our new relationship with Community First," said Andrew G. Sall, president of Worthington Bancshares. "It will enable us to offer enhanced service and a variety of new banking products to our customers in southwestern Minnesota." Not including this purchase, Community First Bankshares, Inc., has 23 banking offices in Minnesota, North Dakota and South Dakota with assets of $836 million. The acquisitions of two additional banks with assets of $167 million are pending.
 Community First banks are located in Benson, Elbow Lake, Fergus Falls, Ivanhoe, Little Falls, Marshall, Minneota, Paynesville, Wheaton, and Windom, Minn.; Clark, Corsica, Gettysburg, Hot Springs, Huron, Lemmon, Platte, Redfield, and Vermillion, S.D.; and Cooperstown, Dickinson, Lidgerwood, and Wahpeton, N.D.
 -0- 12/27/91
 /Contact: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Community First Bankshares; Donald Mengedoth of Community First Bankshares, 701-235-1600 or Andrew Sall of Worthington Bancshares, 612-673-6691/
 (CFBX) CO: Community First Bankshares; Worthington Bancshares, Inc. ST: North Dakota, Minnesota, South Dakota IN: FIN SU: TNM


AL -- MN001 -- 5428 12/27/91 09:30 EST
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Publication:PR Newswire
Date:Dec 27, 1991
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