Commercial Federal Announces Completion of Acquisition
OMAHA, Neb., Aug. 14 /PRNewswire/ -- Commercial Federal Corporation (NYSE: CFB - news) today announced the
completion of the acquisition of First Colorado Bancorp, Inc., parent company of First Federal Bank of Colorado (First
Federal), headquartered in Lakewood, Colorado. Upon completion, First Federal was merged with and into Commercial
Federal Bank, a wholly-owned subsidiary of Commercial Federal Corporation.
In this transaction, Commercial Federal acquired all 18,564,766 of the outstanding shares of First Federal's common stock in
exchange for approximately 18,280,725 shares of its common stock.
First Federal operated 27 branches in Colorado, with 23 located in the Denver metropolitan area and four in Colorado's
western slope region. At June 30, 1998, First Federal had assets of approximately $1.55 billion, deposits of approximately
$1.2 billion, and stockholders' equity of approximately $218 million.
''With the completion of the acquisition of First Federal, we have doubled our presence in the Denver market,'' said William
A. Fitzgerald, chairman of the board and chief executive officer of Commercial Federal, ''We are looking forward to making
our community banking services available to all of our customers in Colorado.''
Commercial Federal Corporation is the parent company of Commercial Federal Bank, a federal savings bank which currently
operates 243 branches located in Iowa (76), Colorado (48), Kansas (4 1), Nebraska (40), Oklahoma (19), Missouri (8),
Arizona (7), Minnesota (3), and South Dakota (1). In addition to retail banking, Commercial Federal operations include
mortgage banking, consumer and business financing, insurance, trust and investment services.
Commercial Federal, including the First Colorado acquisition, has assets of approximately $11.7 billion and deposits of
approximately $7.5 billion. Commercial Federal Corporation shares are traded on the New York Stock Exchange under the
symbol ''CFB.''
SOURCE: Commercial Federal Corporation
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