Federal Reserve approves Community First acquisition

Federal Reserve approves Community First acquisition Community First Bankshares, Inc., (Nasdaq: CFBX) has announced that the Board of Governors of the Federal Reserve System has approved the applications of BancWest Corporation and its parent, BNP Paribas, to acquire the company.

The company and BancWest previously announced an agreement and plan of merger under which BancWest would acquire the company for $32.25 per share in cash. The transaction is expected to close Oct. 31, following the expiration of the statutory 15-day waiting period.

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¨ under the symbol CFBX.

The latest investor and other corporate information is available at its Web site, www.Community

First.com.

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