A North Dakota super community bank is buying 37 branches in three western states from Banc One Corp. for $38 million.

Community First Bankshares said it will buy the Banc One deposits, loans, and branch buildings in a number of small communities in Arizona, Colorado, and Utah.

Community First specializes in serving rural markets.

Banc One said in a statement that it wants to focus on larger markets in the region, where it currently has 250 offices.

Donald R. Mengedoth, president and chief executive officer of Community First, said Banc One told him this was the first of more branch sales to come. The acquisition will mark the $4.3 billion-asset company's entry into Utah.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.