Federal Reserve Approves BancWest Acquisitions of Community First Bankshares and USDB Bancorp
16 Octobre 2004 - 12:41AM
PR Newswire (US)
Federal Reserve Approves BancWest Acquisitions of Community First
Bankshares and USDB Bancorp Acquisitions Make BancWest 7th-Largest
Western Bank Holding Company HONOLULU, SAN FRANCISCO and FARGO,
N.D., Oct. 15 /PRNewswire/ -- BancWest Corporation announced today
that the Federal Reserve Board has approved BancWest's acquisition
of: * Community First Bankshares, Inc. (NASDAQ:CFBX), parent
company of Community First National Bank and Community First
Insurance, Inc., and * USDB Bancorp, parent company of Union Safe
Deposit Bank. Both transactions are expected to close October 31.
BancWest, a subsidiary of BNP Paribas, is a bank holding company
whose principal subsidiaries are Bank of the West and First
Hawaiian Bank. Subject to FDIC approval, BancWest anticipates that
Community First will be merged into Bank of the West in December
and Union Safe Deposit Bank will be merged into Bank of the West in
January. The acquisitions will expand Bank of the West's presence
in California and introduce the bank's brand to 10 additional
states as far east as the Great Lakes. Following the acquisitions,
BancWest will be the seventh largest bank holding company in the
Western United States, with approximately $46 billion in assets and
more than 525 branches in 17 Western and Midwestern states, Guam
and Saipan. Community First Bankshares, Inc. In March, BancWest
Corporation agreed to acquire Community First Bankshares, Inc., by
paying $32.25 in cash for each share of Community First common
stock. Nearly 97 percent of Community First shareholder votes cast
on June 30 favored the $1.2-billion transaction. As of June 30,
2004, Community First Bankshares had total assets of $5.6 billion,
deposits of $4.4 billion and loans of $3.4 billion. Its Community
First National Bank subsidiary operates 156 branches in 12 states
in the Southwest, Rocky Mountains, Great Plains and east to
Minnesota, Iowa and Wisconsin. USDB Bancorp In April, BancWest
announced an agreement to acquire USDB Bancorp (assets of $1.1
billion as of June 30, 2004), which is headquartered in Stockton,
California, and operates 19 Union Safe Deposit Bank branches in San
Joaquin and Stanislaus Counties in the Central Valley. About Bank
of the West Bank of the West (http://www.bankofthewest.com/), with
$31 billion in assets as of August 2004, has 297 branches in
California, Oregon, New Mexico, Nevada, Washington state and Idaho.
Founded in San Jose in 1874 as Farmers National Gold Bank, Bank of
the West is the third-largest commercial bank headquartered in
California. About BancWest Corporation BancWest Corporation
(http://www.bancwestcorp.com/) is a bank holding company with
assets of approximately $41 billion as of August 2004. It is
headquartered in Honolulu, Hawaii, with an administrative
headquarters in San Francisco, California. Besides Bank of the
West, BancWest's other principal subsidiary is First Hawaiian Bank
(56 branches in Hawaii, three in Guam and two in Saipan). BancWest
is a wholly owned subsidiary of BNP Paribas. BNP Paribas,
headquartered in Paris, is the most profitable bank in the Euro
zone and among the 10 largest banks in the world based on asset
size. About Community First Bankshares, Inc. Community First
Bankshares, Inc (http://www.communityfirst.com/), is a bank holding
company that operates Community First National Bank, which has 156
branches in 12 states -- Arizona, California, Colorado, Iowa,
Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah,
Wisconsin and Wyoming. Community First also owns insurance agencies
in 56 locations operated through Community First Insurance, Inc.
About USDB Bancorp. USDB Bancorp (http://www.unionsafe.com/) is a
bank holding company that operates Union Safe Deposit Bank, which
has 19 branches in San Joaquin and Stanislaus Counties in the
Central Valley of California. It was founded in 1897 and provides a
full array of banking products and services to individual and
businesses. The bank also provides financial management services,
including retirement planning, personal investing and personal
trust services. This release contains forward-looking statements,
including statements regarding anticipated timing of the Community
First and USDB Bancorp transactions and possible performance of the
combined company after the transactions are 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 of customer or employee attrition following the
transactions; (2) failure to fully realize expected cost savings
from the transactions; (3) lower than expected revenues following
the transactions; (4) problems or delays in bringing together the
companies; (5) the possibility of adverse changes in global,
national or local economic or monetary conditions, (6) competition
and change in the financial services business, and (7) other
factors described in BancWest's recent filings with the Securities
and Exchange Commission. Readers should carefully consider those
risks and uncertainties in reading this release. Except as
otherwise required by law, BancWest, USDB Bancorp and Community
First Bankshares disclaim any obligation to update any
forward-looking statements included herein to reflect future events
or developments. DATASOURCE: BancWest Corporation CONTACT: Gerry
Keir, +1-808-525-7086, or John Stafford, +1-925-942-8370, both of
BancWest Corporation; or Jeff Wilhoit, +1-312-640-6757, or Carol
Renner, +1-701-298-5709, both of Community First Bankshares, Inc.;
or Steve Stevenson of Union Safe Deposit Bank, +1-209-946-5097, or
+1-209-969-1045 Web site: http://www.unionsafe.com/ Web site:
http://www.bankofthewest.com/ Web site:
http://www.communityfirst.com/ Web site:
http://www.bancwestcorp.com/
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