FARGO, N.D. -- Community First Bankshares, a rapidly growing super community banking company, said it has a definitive agreement to purchase a 24.75% interest in Bank of Colorado Holding Co., parent of Vail Bank in Vail, Colo.

In exchange, Community First will contribute the Vail branch of Colorado Community First State Bank of Steamboat Springs, with about $5 million of assets, and approximately $3 million in cash.

Community First also expects to participate in loans with Vail Bank, said Community First chief executive officer Donald R. Mengedoth.

The $70 million-asset Vail Bank is the second-largest bank in that resort community. It has branches in Denver and Avon, Colo.

Community First has $1.4 billion of assets in banks in Colorado, Minnesota, North Dakota, South Dakota, and Wisconsin.

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