FORM 4 o Check this box if no longer subject to Section 16.  Form 4 or Form 5 obligations may continue. See Instruction 1(b). (Print or Type Responses)	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C.  20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL
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 1. Name and Address of Reporting Person * Anderson,   Mark   A. (Last)            (First)              (Middle)

520 Main Avenue (Street)

Fargo, ND  58124 (City)       (State)          (Zip)

   2. Issuer Name and Ticker
    or Trading Symbol

Community First Bankshares, Inc.
CFBX  3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)

 4. Statement for
 (Month/Day/Year)

January 7,  2003

 5. If Amendment, Date of
   Original (Month/Day/Year)

 6. Relationship of Reporting Person(s) to Issuer      (Check all applicable)

 Director          10% Owner    X    Officer (give title below)           Other (specify below)

President & CEO
 7. Individual or Joint/Group
     Filing (Check Applicable Line)

   X   Form filed by One Reporting Person

         Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/ Year)	2A. Deemed Execution Date, if any (Month/Day/ Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock (CFBX)	1/7/03		M		20,000	A	$19.5625
	1/7/03		F		14,368	D	$27.23
	1/7/03		F(a)		1,611	D	$27.23	285,184	D
								3,277	I	Uniform Gift to Minors
								9,068 (b)	I	401(k)
								6,289 (c )	I	SERP

(a)Securities sold at exercise to facilitate withholding relative to non-qualified options.

(b)Includes 14,548 shares sold, not previously reported.

(c)Includes 2,209 shares sold, not previously reported.

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/ Year)

3A. Deemed Execution Date, if any (Month/Day/ Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Securities: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Option

19.5625

1/7/03

M

20,000

(1)

2/2/09

Common Stock

40,000

0

D

Option

14.00

(1)

2/8/10

Common Stock

60,000

40,000

D

Option

19.3125

(1)

2/6/11

Common Stock

50,000

41,666

D

Option

24.25

(1)

2/5/12

Common Stock

60,000

60,000

D

Option

26.25

(2)

2/2/09

Common Stock

14,904

14,904

D

Option

26.25

(3)

2/8/10

Common Stock

10,666

10,666

D

Option

26.25

(4)

2/6/11

Common Stock

6,131

6,131

D

Option

$27.23

(2)

2/2/09

Common Stock

15,979

15,979

Option (Right to buy)

 Explanation of Responses:

(1)The option becomes exercisable with respect to one-third of the shares per year, commencing one year from the date of grant, which is also nine years prior to the expiration date.

(2)Option acquired via reload feature of $19.5625 option grant.

(3)Option acquired via reload feature of $14.00 option grant.

(4)Option acquired via reload feature of $19.3125 option grant.

/s/  Mark A. Anderson	1/7/03
** Signature of Reporting Person	Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
      See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note:   File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

http://www.sec.gov/divisions/corpfin/forms/form4.htm

Last update: 09/05/2002