CUs Reap HugeWindfall From Concord/Star Deal

- MEMPHIS, Tenn. (05/18/01) - Five credit union entities which investedin the creation of the Star Systems electronic funds transfernetwork (EFT) will earn more than $73 million in profits from thestock-swap acquisition of the San Diego-based company to ConcordEFS, according to documents filed Thursday with the Securities andExchange Commission. The biggest gainers will be The CO-OP Network,which received 634,520 Concord shares worth $29.6 million on its 3%stake in Star; and The Golden 1 CU, Sacramento, which also received634,500 Concord shares for its 3% Star stake. Each invested$150,000 in the creation of Star. Also, Georgia Telco CU, Atlanta,received 256,466 Concord shares worth $11.7 million; NASA FCU,Bowie, Md., received 37,389 shares worth $1.7 million; and SSABaltimore (Md.) FCU received 24,382 shares worth $1.1 million. Thebiggest winners in the Concord/Star deal were: Bank of America,which received 4.5 million Concord shares worth $210 million;BB&T Corp., which received 1.8 million shares worth $88million; Wachovia Corp., which received 1.8 million shares worth$87 million; and SunTrust Banks, Atlanta, which received 1.3million shares worth $61 million.