Donald R. Mengedoth, president-elect of the American Bankers Association, has stepped down as president and chief executive officer of Community First Bankshares Inc. of Fargo, N.D., clearing the way for his protege to take the helm. Mr. Mengedoth, 55, said he will continue as chairman of the $6.3 billion-asset company but has decided to vacate the executive office to devote more time to his role with the ABA.

Community First said Friday that Mr. Mengedoth's successor will be 42-year-old Mark A. Anderson, who has been chief financial officer since the company's founding 13 years ago.

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