Caledonia Argus

Community First sold to BancWest

Posted: 3/23/04

BancWest Corporation an-nounced the purchase of Community First Bankshares in a March 16 press release.

Community First Bankshares is the parent company of Community First National Bank, which has a branch in Caledonia and 155 branches in 12 states.

Caledoniaís branch manager Mike Werner said on March 22 that he would be commenting on the sale in the near future.

Following the transaction, BancWest will have $44 billion in assets, with 3.4 million accounts and 500 branches. Its purchase of Community First is valued at $1.2 billion; its principal subsidiaries are Bank of the West and First Hawaiian Bank.

BancWest President Don McGrath said in the press release, ìAlthough the sign on the door will change, Community First customers will find the same familiar faces in their branches. And theyíll receive the same personal service that theyíre used to, because thatís also been a Bank of the West tradition for 130 years.î

Once regulatory approval has been given, the merger will be completed during the third quarter of the year.

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