Community First Acquires Colorado Insurance Agency

January 5, 2004

Community First Bankshares Inc., through its affiliate, Community First Insurance Inc., has acquired Arnold & Arnold, Inc., Littleton, Colo. Community First also has acquired an insurance book of business from Colorado Benefit Services Inc., Parker, Colo., in an unrelated transaction.

“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 CEO.

“Insurance revenues increased 11 percent in the first three quarters of 2003, compared to the same period in 2002, due to core growth as well as acquisitions. We have a banking presence in 136 communities while we have an insurance presence in 55 locations, representing what we believe is significant opportunity for growth within our existing customer base. We continue to seek opportunities to acquire additional insurance agencies that complement our delivery model and geographic footprint,” said Anderson.

Community First’s insurance agencies provide a broad selection of insurance products in 55 locations serving communities in Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Utah and Wyoming.

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