Community First Bankshares continued its acquisition campaign last week, announcing a deal to buy Pioneer Bank of Longmont (Colo.) for an undisclosed sum.
Fargo, N.D.-based Community First, with $4.1 billion of assets, agreed to exchange its shares for common stock of $126 million-asset Pioneer Bank. Pioneer, which operates five branches in four communities, would be renamed Colorado Community First National Bank.
Pioneer's board agreed to the merger so the bank could better compete in the Longmont-Boulder region, said Pioneer president and chief executive officer Daniel L. Allen.
"In order for us to compete we needed to offer additional services," Mr. Allen said. "That wasn't economically feasible for a bank of our size."
Community First also has a deal to buy 37 branches of Banc One. When the two deals are completed in early 1998, the super community bank will have $5.2 billion of assets and a presence in 148 communities in 10 states.