FORM 4 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 *

Knutson,          Gary            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 10, 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)

Executive Vice President, Division President
 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)	1/10/03		M		5,650	A	$24.875
	1/10/03		F		5,307	D	$26.48	5,734	D
								12,212 (a)	I	401(k)
								910 (b)	I	SERP

(a)  Includes 3,979 shares sold, not previously reported

(b)  Includes 2,881 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 *

24.875

1/10/03

M

5,650

(1)

2/3/03

Common Stock

10,000

4,350

D

Option *

19.5625

(2)

2/2/09

Common Stock

10,000

10,000

D

Option *

14.00

(2)

2/8/10

Common Stock

15,000

15,000

D

Option *

19.3125

(2)

2/6/11

Common Stock

13,000

13,000

D

Option *

24.25

(2)

2/5/12

Common Stock

18,000

18,000

D

*  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 four years prior to the expiration date.

(2)   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.

/s/ Gary Knutson ** Signature of Reporting Person 1/10/03 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