CFBX Community First Bankshares (MM)

Community First Acquires Insurance Agencies FARGO, N.D., April 1 /PRNewswire-FirstCall/ -- Community First Bankshares, Inc., , through its affiliate, Community First Insurance, Inc., has acquired Shepherd Insurance Agency, Englewood, Colo. Community First also has acquired an insurance book of business from Western Insurance Agency of Cody, Wyo., in an unrelated transaction. In addition, Community First acquired the renewal rights to client accounts of Van Gilder Insurance Corporation, Sterling, Colo. "Insurance continues to be one of the key elements in our solutions-based approach to meeting clients' needs," said Mark Anderson, Community First's president and chief executive officer. "Community First's insurance business reached a record $15.2 million in insurance revenues in 2003," said Anderson. "The agencies we have acquired are built on the strength of long-standing community relationships," said Darwin Robinson, president of Community First Insurance Inc. Hank Buschmann will serve as an insurance sales representative at the Englewood location. The agency offers business and commercial lines of insurance. "By joining with Community First, our insurance customers have access to expanded financial services," said Buschmann. "We believe our clients will be well served by Community First's local market focus and resources," added Phil Fierro, of Van Gilder Insurance Corporation. Community First's insurance agencies provide a broad selection of insurance products in 56 locations serving communities in Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Utah and Wyoming. Community First Bankshares, a $5.5 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 136 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 press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The company wishes to caution readers not to place undue reliance on any such forward- looking statements, which speak only as of the date made. Factors that could cause actual results to differ from the results discussed in the forward- looking statements include, but are not limited to: risk of loans and investments, including dependence on local economic conditions; competition for the company's customers from other providers of financial services; possible adverse effects of changes in interest rates; execution and implementation of a series of previously announced strategic initiatives; balance sheet and capital ratio risks related to the share repurchase program; risks related to the company's acquisition and market extension strategy, including risks of adversely changing results of operations and factors affecting the company's ability to consummate further acquisitions or extend its markets; and other risks detailed in the company's filings with the Securities and Exchange Commission, allof which are difficult to predict and many of which are beyond the control of the company. Website: http://www.CommunityFirst.com 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,

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