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SHAREHOLDERS APPROVE MERGER OF FIRST INTERSTATE OF NORTH DAKOTA INTO COMMUNITY FIRST BANKSHARES

SHAREHOLDERS APPROVE MERGER OF FIRST INTERSTATE OF NORTH DAKOTA INTO
 COMMUNITY FIRST BANKSHARES
 FARGO, N.D., May 28 /PRNewswire/ -- Following approval by its shareholders at a special meeting today, First Interstate of North Dakota, Inc., will be merged into Community First Bankshares, Inc., (NASDAQ: CFBX) as of June 1, 1992, the companies announced.
 The merger is being accomplished through an exchange of stock. Community First issued 1,770,090 shares of its stock in exchange for all outstanding shares of First Interstate of North Dakota, which had been held by about 200 shareholders.
 First Interstate is the holding company for First Interstate Bank of Fargo, N.A., with two offices and assets of $150 million. It will become the flagship bank for Community First Bankshares.
 "This acquisition increases our assets to approximately $1 billion," said Donald R. Mengedoth, president and CEO of Community First. "First Interstate is a strong bank with a high ratio of loans to deposits, which will complement our strength in low-cost core deposits. It also has a fine trust department, and we look forward to extending those services to many of our rural banks."
 Wayne E. Puppe will remain as president and chief executive of First Interstate Bank of Fargo, Mengedoth said.
 In conjunction with the acquisition, Patrick Benedict, chairman of First Interstate's board of directors, has been elected a director of Community First Bankshares, Inc.
 Headquartered in Fargo, Community First Bankshares, Inc., has 27 banking offices in Minnesota, North Dakota and South Dakota.
 -0- 5/28/92
 /CONTACT: Curt Swenson of Swenson Falker Eilertsen, 612-371-0000, for Community First; Donald R. Mengedoth of Community First, 701-235-1600; or Wayne Puppe of First Interstate, 701-293-2250/
 (CFBX) CO: Community First Bankshares; First Interstate; First Interstate of
 North Dakota ST: North Dakota IN: FIN SU: TNM


AL -- MN017 -- 4882 05/28/92 15:41 EDT
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Publication:PR Newswire
Date:May 28, 1992
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