Community First Recognized by National Financial Publications
26 Août 2004 - 11:15PM
PR Newswire (US)
Community First Recognized by National Financial Publications
FARGO, N.D., Aug. 26 /PRNewswire-FirstCall/ -- Community First
Bankshares, Inc. (NASDAQ:CFBX) has been named a 2004 Dividend
Achiever by New York-based Mergent, Inc., which provides global
business and financial information on publicly traded companies. In
addition, Community First was named in the "Top 100 Publicly Traded
Mid-Tier Banks," published in the August issue of USBanker. For the
third consecutive year, Community First received Mergent Dividend
Achiever status. Based on its outstanding record of more than 10
consecutive years of dividend increases, Community First qualified
for the honor, shared with just 3 percent of dividend-paying
companies listed on U.S. exchanges. Out of a database of more than
10,000 publicly-held companies, 304 companies qualified as Dividend
Achievers -- companies that have increased annual dividends for a
minimum of ten consecutive calendar years. Out of this select group
of 304 U.S. companies, Community First ranked sixty-third, based on
the ten-year average annual compound growth rate of its dividends.
By this measure, Community First's annual growth rate was 16.231
percent. "Recognition by national financial publications is always
an honor," said Mark Anderson, president and chief executive
officer of Community First. "In addition, as of August 20, 2004,
Community First announced a dividend payment of 24 cents per share,
payable on September 15, 2004, to shareholders of record on
September 1, 2004." In the USBanker article, Community First ranked
tenth out of the top 100 mid-tier banks and thrifts, based on its
three-year average return on equity of 20.30 percent. Asset size of
banks and thrifts included in the ranking ranged from $1 billion to
$5.5 billion. For the six months ended June 30, 2004, the company's
return on equity was 19.54 percent. On March 16, 2004, BancWest
Corporation and Community First announced a definitive merger
agreement in which BancWest would acquire Community First and merge
the bank into Bank of the West. BancWest will pay $32.25 for each
Community First share in a cash transaction valued at $1.2 billion.
Community First shareholders approved the merger on June 30. The
transaction is currently pending regulatory approval. Community
First Bankshares, a $5.6 billion financial services company,
provides a complete line of banking, investment, insurance,
mortgage and trust products to individuals and businesses. The
company's extensive offering of financial products and services is
marketed through full-service offices in 138 communities in 12
states -- Arizona, California, Colorado, Iowa, Minnesota, Nebraska,
New Mexico, North Dakota, South Dakota, Utah, Wisconsin and
Wyoming. The company's services include an online banking system
that offers electronic bill payment and discount brokerage
capabilities, telephone banking and an extensive ATM network.
Community First Bankshares stock is traded on The Nasdaq Stock
Market(R) under the symbol CFBX. The latest investor and other
corporate information is available at its Web site,
http://www.communityfirst.com/ . This release contains
forward-looking statements, including statements regarding
anticipated timing of the transaction and possible performance of
the combined company after the transaction is completed. Such
statements reflect management's best judgment as of this date, but
they involve risks and uncertainties that could cause actual
results to differ materially from those presented. Factors that
could cause such differences include, without limitation, (1) the
possibility that regulatory approvals may be delayed or denied or
that burdensome conditions may be imposed in connection with such
approvals; (2) the possibility of customer or employee attrition
following this transaction; (3) failure to fully realize expected
cost savings from the transaction; (4) lower than expected revenues
following the transaction; (5) problems or delays in bringing
together the two companies; (6) the possibility of adverse changes
in global, national or local economic or monetary conditions, (7)
competition and change in the financial services business, and (8)
other factors described in our recent filings with the Securities
and Exchange Commission. Those factors or others could result, for
example, in delay or termination of the transaction discussed
above. Readers should carefully consider those risks and
uncertainties in reading this release. Except as otherwise required
by law, BancWest and Community First Bankshares disclaim any
obligation to update any forward-looking statements included herein
to reflect future events or developments. DATASOURCE: Community
First Bankshares, Inc. CONTACT: Jeff Wilhoit of Financial Relations
Board, +1-312-640-6757, , or Mark A. Anderson of Community First
Bankshares, Inc., +1-701-298-5600, Web site:
http://www.communityfirst.com/
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