FARGO, N.D. - Community First Bankshares and First Community Bankshares, a holding company of five Colorado banks, have reached an agreement in principle for the merger of the Colorado company into Community First.

The transaction, expected to be a stock deal, is contingent a definitive agreement, regulatory approvals, and approval by the shareholders of First Community Bankshares. The transaction is expected to be completed in the first half of 1995.

Based in Fargo, N.D., Community First is a $1.4 billion multi-bank holding company.

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