CFBX Community First Bankshares (MM)

BancWest Corporation and Community First Target Fourth Quarter Merger Completion SAN FRANCISCO and FARGO, N.D., Sept. 16 /PRNewswire-FirstCall/ -- BancWest Corporation ("BancWest") and Community First Bankshares, Inc. (NASDAQ:CFBX) today provided an updated estimate for the close of their previously announced merger transaction. The two companies now expect the transaction to close during the fourth quarter of 2004. Earlier estimates had targeted a third quarter 2004 completion. The transaction is currently pending regulatory approval. Shareholders of Community First approved the merger during its annual meeting on June 30, 2004. Under the definitive merger agreement, BancWest will pay $32.25 for each Community First share in a cash transaction valued at $1.2 billion and Community First will merge into Bank of the West. "We're looking forward to completing this union of two complementary and compatible banks so that we can offer our brand of community banking and superior customer service to a broader region of the United States," said Don J. McGrath, President of BancWest and Chief Executive Officer of Bank of the West. Commenting on the anticipated closing of the transaction, Community First President and Chief Executive Officer Mark Anderson said, "We remain as enthusiastic about this merger as we were when the definitive agreement was signed earlier this year. We anticipate a fourth quarter completion of the transaction so that our clients can begin to fully benefit from the strength and responsiveness that the combined organization will offer." Community First Bankshares is the parent company of Community First National Bank, which operates 156 branches in 12 states including Arizona, California, Colorado, Iowa, Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah, Wisconsin and Wyoming. Community First also owns insurance agencies in 56 communities operated through Community First Insurance, Inc. BancWest is a bank holding company whose principal subsidiaries are Bank of the West and First Hawaiian Bank. Since 2001, BancWest has been a wholly owned subsidiary of BNP Paribas. Later this year, Community First branches will become part of Bank of the West, adding 10 new states to Bank of the West's footprint. Bank of the West presently has 296 branches in six Western states, following a series of 13 successful acquisitions since 1990. The acquisition expands BancWest's retail operations into the Midwest and solidifies its position as one of the premier financial services franchises in the Western United States. Following the acquisition, BancWest will have $44 billion in assets and serve 3.4 million accounts through more than 500 branches in 17 states, Guam and Saipan. 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 Corporation 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, +1-312-640-6757, or Carol Renner, +1-701-298-5709, both for Community First Bankshares, Inc.; Gerry Keir, +1-808-525-7086, or John Stafford, +1-925-942-8370, both of BancWest Corporation

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