<PAGE>

                                                                 EXHIBIT 10.14


                        COMMUNITY FIRST BANKSHARES, INC.

                 DEFERRED COMPENSATION PLAN FOR MEMBERS OF THE
                             BOARD OF DIRECTORS


     THIS INSTRUMENT, ESTABLISHING THE COMMUNITY FIRST BANKSHARES, INC. 
DEFERRED COMPENSATION PLAN FOR MEMBERS OF THE BOARD OF DIRECTORS (THE 
"PLAN"), IS MADE AND ENTERED INTO BY COMMUNITY FIRST BANKSHARES, INC., A 
DELAWARE CORPORATION, AND SHALL BE EFFECTIVE AS OF AUGUST 1, 1993.

     1.   PURPOSE OF PLAN.  The purpose of this Plan is to provide 
Participants with supplemental retirement benefits in the form of deferred 
compensation as set forth herein.

     2.   DEFINITIONS.

     2.1  BOARD.  "Board" is the Board of Directors of Community First 
Bankshares, Inc.

     2.2  CFB.  "CFB" is Community First Bankshares, Inc., a Delaware 
corporation.

     2.3  CODE.  The "Code" is the Internal Revenue Code of 1986, as amended.

     2.4  COMMITTEE.  "Committee" includes the following committees of the 
Board: Nominating Committee, Audit Committee, Finance & Loan Policy 
Committee, Personnel & Compensation Committee and Stock Option Committee.

     2.5  COVERED COMPENSATION. "Covered Compensation" is directors' 
retainers and fees for all Board and Committee meetings.

     2.6  COMPENSATION.  "Deferred Compensation" is the Participant's Covered 
Compensation which such Participant has elected to have treated as Deferred 
Compensation under Article 3 of this Plan.

     2.7  PARTICIPANT.  "Participant" is any non-employee Board member.  Each 
such individual shall continue to be eligible to participate in this Plan 
until such individual ceases to be a Board member as described above; 
provided, however, that an individual who has elected to defer Covered 
Compensation under the Plan shall continue to be a Participant in this Plan 
until benefits under this Plan are fully paid.

     3.   DEFERRED COMPENSATION BENEFITS.

     3.1  Each Participant may elect to have treated as Deferred Compensation 
up to 100% of such Participant's Covered Compensation which is earned 
subsequent to the date of such election and during the period covered by the 
election.

     3.2  Any election of Deferred Compensation pursuant to Section 3.1 shall 
be in writing, shall be made prior to the beginning of the calendar year and 
shall be applicable to all types of Covered Compensation earned for the next 
calendar year.  Such election shall remain in effect for and shall be 
irrevocable during the calendar year.  A new election shall be made for each 
calendar year in which a Participant elects to have all or part of his or her 
Covered Compensation for such year treated as Deferred Compensation under the 
Plan.

<PAGE>

Notwithstanding the foregoing, an election of Deferred Compensation for the 
period August 1, 1993 through December 31, 1993 shall be made prior to July 
31, 1993, and shall be applicable to all types of Covered Compensation earned 
during such period.

     3.3  On the date that an amount of Deferred Compensation under Section 
3.1 would otherwise be paid to the Participant, the amount of such Deferred 
Compensation shall be credited to an account on the books of CFB.  No 
Participant shall derive any rights or benefits in or to any assets of CFB 
solely from the establishment or maintenance of such accounts on the books of 
CFB.

     4.   DEEMED INVESTMENT OF DEFERRALS.

     4.1  Prior to the time any deferral is actually paid to the Participant 
as provided below, the deferral shall be credited with interest as provided 
in Section 4.2 of this Plan.

     4.2  Each amount deferred shall be deemed to bear and shall be credited 
with an amount equal to interest from the date such amount is deferred, 
compounded annually, at the interest rate payable on five-year U.S. Treasury 
Notes as announced by the Federal Reserve Bank of Minneapolis on the last 
business day of the preceding year.  The deemed interest rate shall be 
specified in advance of each calendar year, except that the interest rate for 
the period August 1, 1993 through December 31, 1993 shall be specified prior 
to July 31, 1993.  CFB shall notify the Participant of the method for 
determining the interest rate with which Deferred Compensation will be deemed 
credited for the succeeding calendar year on or before the date the 
Participant makes his election of Deferred Compensation for such calendar 
year.

     The selection of an interest rate by which adjustments to the 
Participant's Deferred Compensation will be determined shall be solely for 
the purpose of establishing a method of calculating the increases in such 
Deferred Compensation and shall in no way obligate CFB to set aside any 
assets or to invest any assets it may set aside in any particular type of 
investment.  Adjustments shall be determined by CFB no less often than 
annually, and CFB's determination shall be final.

     5.   DISTRIBUTIONS FROM ACCOUNTS.

     5.1  Following the Participant's termination of directorship with CFB, a 
Participant shall receive a distribution of cash equal to the then-current 
value of the Participant's account at such time and in such manner as the 
Participant specifies, in accordance with Sections 5.2 and 5.3 of this Plan.  
Such election, once made, shall be irrevocable as to the amount deferred 
pursuant to that election.

     5.2  A Participant may elect to have the amounts deferred each year 
(plus deemed interest thereon, as provided in Article 4 hereof) distributed 
in one of the following forms, provided that such election is in writing, is 
irrevocable, and is executed prior to the first day of the taxable year to 
which such deferral applies:

          (a)  distribution in a single lump sum;
          (b)  distribution in five equal annual installments;
          (c)  distribution in ten equal annual installments; or
          (d)  distribution of $10,000.00 annually until the account is
               depleted.

Lump sum payments shall be made and installment payments shall commence on 
the 15th day of the first calendar month immediately following the date 
specified in the Participant's election, with succeeding installment amounts 
paid on each anniversary of such date.  The amount of each installment under 
(b) and (c) shall be determined each year by dividing the total of the 
account by the number of installments remaining to be paid, including the 
current installment.

<PAGE>

     5.3  A Participant may elect to have the amount deferred each year 
distributed at such time as provided below, provided that such election is in 
writing, is irrevocable, and is executed prior to the first day of the 
taxable year to which such deferral applies:

          (a)  in the year following the Participant's termination of
               directorship with CFB; or
          (b)  in the year in which the fifth anniversary of the Participant's
               termination of directorship occurs.

     5.4  If the Participant is deceased, the distribution shall be payable 
to the beneficiary or survivor of the Participant in the form payable to the 
Participant hereunder.  In the event a beneficiary dies before receiving all 
the payments due to such beneficiary, the then-remaining payments shall be 
paid to the legal representatives of the beneficiary's estate.  The Board, in 
its discretion, may accelerate the payment of benefits under this Plan to the 
Participant's beneficiary.

     5.5  In the event a benefit is payable to a minor or a person incapable 
of handling the disposition of his property, the Board may pay such benefit 
to the guardian, legal representative or person having the care or custody of 
such minor or incompetent person.  The Board may require proof of 
incompetency, minority or guardianship as it may deem appropriate prior to 
distribution of the benefit.  Such distribution shall completely discharge 
the Board and CFB from all liability with respect to such benefit.

     6.   FIDUCIARY DUTIES.  The Board shall have full power to construe, 
interpret and administer this Plan, including to make any determination 
required under this Plan and to make such rules and regulations as it deems 
advisable for the operation of this Plan.  A majority of the Board shall 
constitute a quorum. No member of the Board shall participate in any action 
to determine his or her individual rights or benefits under this Plan that 
does not apply equally to all Participants in the Plan.  Actions of the Board 
shall be by a majority of persons constituting a quorum and eligible to vote 
on an issue.  Meetings may be held in person or by telephone.

Action by the Board may be taken in writing without a meeting provided such 
action is executed by all disinterested members of the Board.  All 
determinations of the Board shall be final.

     7.   BENEFITS UNFUNDED.  The rights of beneficiaries, survivors and 
Participants to benefits from this Plan are solely as unsecured creditors of 
CFB.  Benefits payable under this Plan shall be payable from the general 
assets of CFB, and there shall be no fund or other assets securing the 
payment of such benefits.  Any and all assets used by CFB to provide for the 
payment of benefits hereunder shall in all cases remain assets of CFB.

     8.   BENEFICIARIES AND SURVIVORS.  Each Participant who elects to defer 
Covered Compensation under the Plan shall designate a beneficiary by filing a 
written notice of such designation with CFB in such form as CFB may 
prescribe. The Participant may revoke or modify said designation at any time 
by a further written designation.  The Participant's beneficiary designation 
shall be deemed automatically revoked in the event of the death of the 
beneficiary or, if the beneficiary is the Participant's spouse, in the event 
of dissolution of marriage.  If no designation shall be in effect at the time 
when any benefits payable under this Plan shall become due, the beneficiary 
shall be the spouse of the Participant or, if no spouse is then living, the 
Participant's children or their issue by right of representation or, if none, 
the legal representatives of the Participant's estate.

     9.   PLAN ADMINISTRATOR, AMENDMENT & CLAIMS PROCEDURE.

     9.1  The Plan Administrator of this Plan is the Board, which shall have 
full power to amend this

<PAGE>

Plan from time to time or to terminate this Plan, except what no such 
amendment or termination shall deprive a Participant or beneficiary or 
survivor thereof of any benefits accrued under this Plan prior to such 
amendment or termination without the written consent of such Participant or, 
if deceased, the beneficiary or survivor thereof.

     9.2  If the Participant or the Participant's beneficiary (the 
"Claimant") is denied all or a portion of an expected benefit under this Plan 
for any reason, he may file a claim with the Board.  The Board shall notify 
the Claimant within 60 days of allowance or denial of the claim, unless the 
Claimant receives written notice from the Board prior to the end of the 
60-day period stating that special circumstances require an extension of the 
time for decision.  The notice of the Board's decision shall be in writing, 
sent by mail to the Claimant's last known address and, if a denial of the 
claim, must contain the following information:
     (a)  the specific reasons for the denial;
     (b)  specific reference to pertinent provisions of the Plan on which the
          denial is based; and
     (c)  if applicable, a description of any additional information or 
          material necessary to perfect the claim, an explanation of why such 
          information or material is necessary, and an explanation of the 
          claims review procedure.

     9.3  A Claimant is entitled to request a review of any denial of his 
claim by the Board.  The request for review must be submitted in writing 
within 60 days of mailing of notice of the denial.  Absent a request for 
review within the 60-day period, the claim will be deemed to be conclusively 
denied.  The Claimant or his representative shall be entitled to review all 
pertinent documents and to submit issues and comments orally and in writing.

     If the request for review by a Claimant concerns the interpretation and 
application of the provisions of this Plan and CFB's obligations, then the 
review shall be conducted by a separate committee consisting of three persons 
designated or appointed by the Board.  The separate committee shall afford 
the Claimant a hearing and the opportunity to review all pertinent documents 
and submit issues and comments orally and in writing and shall render a 
review decision in writing, all within 60 days after receipt of a request for 
a review, provided that, in special circumstances (such as the necessity of 
holding a hearing) the committee may extend the time for decision by not more 
than 60 days upon written notice to the Claimant.  The Claimant shall receive 
written notice of  separate Committee's review decision, together with 
specific reasons for the decision and reference to the pertinent provisions 
of the Plan.  In the event the decision or review is not furnished to the 
Claimant within the time required, the claim shall be deemed denied on review.

10.  MISCELLANEOUS.

     10.1 Notices under this Plan to CFB or the Board shall be sent by 
certified mail, return receipt requested, to the following address (or to 
such other address as may be designated in writing from time to time):

     Community First Bankshares, Inc.
     Attn: Mark Anderson
     520 Main Avenue
     Fargo, ND 58124

Notices under this Plan to Participants or their beneficiaries or survivors 
shall be sent by certified mail to the last known address for such person(s) 
on the books and records of CFB.

     10.2 Neither this Plan nor any action taken hereunder shall be construed 
as giving a Participant the right to be retained or continue as a member of 
the Board of Directors.

<PAGE>

     10.3 Expenses of administering the Plan shall be borne by CFB.

     10.4 A Participant's benefits under this Plan may not be assigned, 
transferred, pledged or otherwise hypothecated by said Participant or the 
beneficiary or survivor thereof, nor shall any of said benefits be subject to 
seizure for the payment of any debts, judgments, alimony or separate 
maintenance, owed by the Participant or his or her beneficiaries, or be 
transferrable by operation of law in the event of bankruptcy, insolvency or 
otherwise of the Participant or any beneficiary.

     10.5 This Plan shall be governed by the laws of the State of Delaware 
except to the extent preempted by federal law.

     10.6 The captions at the head of an article, section or paragraph of 
this Plan are designed for convenience of reference only and are not to be 
resorted to for the purpose of interpreting any provision of this Plan.  
Where appropriate, the masculine includes the feminine, the singular includes 
the plural, and vice versa.

     10.7 The invalidity of any portion of this Plan shall not invalidate the 
remainder thereof, and said remainder shall continue in full force and effect.

     10.8 The provisions of this Plan shall be binding upon the Participant 
and CFB and their successors, assigns, heirs, executors and beneficiaries.

     IN WITNESS WHEREOF, the Board of Directors of Community First Bankshares,
Inc. has authorized its officer to execute this Plan, to be effective as of the
date first above written.

                                       COMMUNITY FIRST BANKSHARES, INC.


                                       By:  /s/ Donald R. Mengedoth
                                            ---------------------------------
                                          It:  President
                                               ------------------------------

<PAGE>

                               FIRST AMENDMENT

                        COMMUNITY FIRST BANKSHARES, INC.

                 DEFERRED COMPENSATION PLAN FOR MEMBERS OF THE
                             BOARD OF DIRECTORS

     THIS INSTRUMENT, amending the Deferred Compensation Plan for Members of 
the Board of Directors (the "Plan"), is made and entered into by Community 
First Bankshares, Inc. ("CFB"), and shall be effective as of February 1, 1999.

                                  RECITALS

     WHEREAS, CFB adopted the Plan for the benefit of its nonemployee 
directors effective as of August 1, 1993; and

     WHEREAS, Section 9.1 of the Plan authorizes the Board of Directors to 
amend the Plan from time to time, provided such Amendment does not reduce the 
benefits accrued thereunder;

     NOW, THEREFORE, the Plan is hereby amended as follows:

1.   Section 3.2 is amended to add at the end thereof a new sentence to read 
     as follows:

     "Notwithstanding the foregoing, an election of Deferred Compensation for
     the period  February 1 to December 31, 1999 shall be made prior to January
     31, 1999, and shall be applicable to all types of Covered Compensation
     earned during such period."

2.   Article 4 is amended in its entirety to read as follows:

     "4.  DEEMED INVESTMENT OF DEFERRALS.

     4.1  Each Participant shall designate at the time of his or her initial 
   election to defer each year, that form or forms of investment specified in 
   Section 4.2 or 4.3 below in which such amounts deferred shall be deemed 
   invested during the period prior to the time any deferral is actually paid 
   to the Participant and the percentage deemed invested in each form, in 
   increments of 25%.  Notwithstanding the foregoing, each Participant may 
   designate, prior to February 1, 1999, that form or forms of investment 
   with respect to amounts deferred prior to February 1, 1999.  The 
   designation of the form or forms of investment, once made, shall remain in 
   effect, except that each Participant may, prior to  January 1 of any 
   subsequent year, change the deemed investment of amounts previously 
   deferred, Deferred Compensation, if any, for the next calendar year, or 
   both.

     4.2  If designated by the Participant, part or all of the amount 
   deferred shall be deemed to bear and shall be credited with an amount 
   equal to interest from the date such amount is deferred, compounded 
   annually, at the interest rate payable on five-year U.S. Treasury Notes as 
   announced by the Federal Reserve Bank of Minneapolis on the last business 
   day of November of the preceding year.  The deemed interest rate shall be 
   specified in advance of each calendar year. CFB shall notify the 
   Participant of the method for determining the interest rate with which 
   Deferred Compensation will be deemed credited for the succeeding calendar 
   year on or before the date the Participant makes his election of Deferred 
   Compensation for such calendar year. Such amounts shall be designated as 
   the Participant's Deferred Cash Account.

     4.3  If designated by the Participant, part or all of the amount 
   deferred shall be deemed to bear and shall be credited with dividends and 
   appreciation as if invested in common stock of CFB. Deferred Compensation 
   shall be deemed invested in whole shares of common stock of CFB as of the 
   first business day of the month following

<PAGE>

   the date when such Compensation would otherwise be paid to the 
   Participant, by dividing the amount deferred by the closing sale price of 
   the common stock of CFB for such day, or if no such sale is made on such 
   day, the most recent previous day on which such sale occurred, in each 
   case as officially reported on the principal stock market on which the 
   common stock of CFB is then listed or admitted to trading. To the extent 
   dividends are paid on common stock of CFB, dividend equivalents shall be 
   calculated with respect to such shares of common stock of CFB then 
   credited to each Participant, which amounts shall be converted to 
   additional whole units of common stock of CFB as of the first business day 
   of the month following the date when such dividends would otherwise be 
   paid on such units. Any deferred amounts which are not deemed invested in 
   whole units of CFB stock and consequently represent less than a whole unit 
   of CFB stock shall be credited with interest at an annual rate of 3% until 
   additional deferred amounts accumulate to represent a whole unit. Such 
   amounts shall be designated as the Participant's Deferred Stock Account.

     4.4  The selection of a deemed rate of return by which adjustments to 
   the Participant's Deferred Compensation will be determined shall be solely 
   for the purpose of establishing a method of calculating the increases or 
   decreases in such Deferred Compensation and shall in no way obligate CFB 
   to set aside any assets or to invest any assets it may set aside in any 
   particular type of investment.  Adjustments shall be determined by CFB and 
   reported to Participants no less often than annually, and CFB's 
   determination shall be final.  CFB may, in its discretion, establish a 
   "grantor trust" for the payment of Deferred Compensation due hereunder, 
   the assets of which shall be at all times subject to the claims of 
   creditors of CFB as provided for in such trust, provided such trust does 
   not alter the characterization of the Plan as an "unfunded plan" for 
   purposes of the Internal Revenue Code.  Such trust shall make 
   distributions in accordance with the terms of the Plan.

3.     Section 5.1 of the Plan is hereby amended in its entirety to read as
       follows:

     "5.1    Following the Participant's termination of directorship with 
   CFB, a Participant shall receive a distribution in cash equal to the 
   then-current value of the Participant's account at such time and in such 
   manner as the Participant specifies, in accordance with Sections 5.2 and 
   5.3 of this Plan.  Such election, once made, may be changed as to all 
   amounts so deferred by the Participant, provided that no election shall be 
   made subsequent to the Participant's termination of directorship and any 
   election made during the calendar year shall be effective only as to 
   distributions that are made or begin on or after January 1 of the 
   following year."

4.     The first paragraph of Section 5.2 of the Plan is hereby amended in its
       entirety to read as follows:

     "5.2    A Participant may elect to have the amounts deferred under the 
   Plan (plus deemed rate of return thereon, as provided in Article 4 hereof) 
   distributed in one of the following forms, provided that such election is 
   in writing and is executed prior to January 1 of the year in which such 
   distribution would otherwise begin:"

5.     The first paragraph of Section 5.3 of the Plan is hereby amended in its
       entirety to read as follows:

     "5.3    A Participant may elect to have the under the Plan (plus deemed 
   interest thereon, as provided in Article 4 hereof) distributed as provided 
   below, provided that such election is in writing and is executed prior to 
   January 1 of the year in which such distribution would otherwise begin:"

6.     Sections 5.4 and 5.5 shall be renumbered as 5.5 and 5.6 respectively and
       a new Section 5.4 shall be added to read as follows:

     "5.4    The amounts in the Participant's Deferred Cash Account shall be 
   distributed in cash. The amounts in the Participant's Deferred Share 
   Account shall be distributed in the form of whole shares of common stock 
   of CFB and cash for any deferred amounts that equate to less than one 
   share. CFB may reserve the appropriate number of shares as may be 
   necessary to fund distributions hereunder.  The shares to be delivered 
   under the Plan may consist of authorized but unissued shares of common 
   stock of CFB or shares reacquired by CFB, including shares purchased in 
   the open market.

7.     Except as amended herein, the Plan shall remain in full force and 
       effect.