Community First-Worthington Deal
FARGO, N.D. - Community First Bankshares Inc. of Fargo said it has signed a letter of intent to purchase Worthington Bancshares Inc., the parent of First Worthington, Worthington, Minn.
Terms were not disclosed. The deal includes the purchase of the Worthington bank's insurance business, First Worthington Agency Inc.
First Worthington has assets of $75 million and is the largest bank in its southwestern Minnesota community of 10,000.
"It fits perfectly with our strategy of acquiring strong banks in medium-size Midwest markets," said Donald R. Mengedoth, president and chief executive officer of Community First Bank-shares.
The North Dakota-based company has assets of $836 million and 23 banking offices in Minnesota, North Dakota, and south Dakota. It has two acquisitions pending that would add assets of $167 million.