Community First Bankshares Inc. on Thursday announced a definitive agreement to acquire Western Bancshares of Las Cruces Inc., parent of Western Bank, Las Cruces, N.M. Terms were not disclosed.
Western Bancshares has assets of $164 million and deposits of $139 million. It has five banking locations-three in Las Cruces, with additional offices in Anthony and Hatch.
The acquisition is the first in New Mexico for Community First. Las Cruces is the third-largest metropolitan area in New Mexico, behind Albuquerque and Santa Fe. Western Bank ranks third in market share in Las Cruces, fifth in Albuquerque, and 10th statewide.
Community First, based in Fargo, N.D., is a $5.4 billion banking company with offices in 144 communities in Arizona, Colorado, Iowa, Minnesota, Nebraska, North Dakota, South Dakota, Utah, Wisconsin, and Wyoming. With the completion of pending acquisitions in Colorado and New Mexico, Community First expects to have assets of about $5.7 billion and to serve 154 communities.