FARGO, N.D. -- Communicity First Bankshares, a $1.4 billion-asset bank holding company, announced that its registratoin statement has become effective and an offering of 800,000 depository shares at $25 is under way through underwriters led by Piper Jaffray Inc. and Dain Bosworth Inc.

Proceeds of the $20 million offering will be used to repay debt incurred in connection with previous acquisitions, to fund future acquisitions, and for general purposes.

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