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NORWEST AGREES TO ACQUIRE COMMUNITY CREDIT

 MINNEAPOLIS, Nov. 24 /PRNewswire/ -- Norwest Corporation (NYSE: NOB) has signed a definitive agreement to purchase Community Credit Co., a consumer finance company that will operate as a wholly owned subsidiary of Norwest Financial, Inc.
 The acquisition, which is subject to approval by regulators and Community Credit shareholders, is expected to be completed in early 1994. Terms of the transaction were not disclosed.
 Community Credit, based in Edina, Minn., has 50 offices in Illinois, Minnesota and Wisconsin and assets of approximately $180 million. Founded by Ernest F. Dorn, Sr., in 1947, it is the largest independently owned consumer finance company in the Midwest. Community Credit is primarily owned by the Dorn family. Its business includes auto financing and providing consumer installment loans secured primarily by automobiles.
 "This merger represents an important strategic initiative for our company and we are very pleased that Ernie Dorn, Jr., and Community Credit's management team will lead our strengthened commitment to automobile financing," said Richard Brinkman, chairman and chief executive officer of Norwest Financial.
 Ernest F. Dorn, Jr., chairman of the board and chief executive officer of Community Credit, said, "Community Credit's 46 years of success is testimony to my father and his vision. Now, with Norwest Financial's geographic diversity and strong balance sheet, we hope to aggressively continue Community Credit's growth and profitability. Our successful entrance into additional markets has proven to us that there are significant opportunities to expand our business to other states."
 Norwest Financial, the consumer finance subsidiary of Norwest Corporation, has 925 locations in 46 states and all 10 Canadian provinces.
 Norwest Corporation is a $50.4 billion company providing banking, insurance, investments and other financial services through 2,279 offices in all 50 states, all 10 Canadian provinces and internationally.
 -0- 11/24/93
 /CONTACT: Patrice Vick, corporate communications, 612-667-0148; or Michelle Nordstrom, investor relations, 612-667-9799, both of Norwest/
 (NOB)


CO: Norwest Corporation ST: Minnesota IN: FIN SU: TNM

DB-CP -- MN010 -- 7670 11/24/93 13:22 EST
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Publication:PR Newswire
Date:Nov 24, 1993
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