Harland Acquires Liberty

ATLANTA - (04/05/05) -- John H. Harland Co. announcedTuesday morning it has agreed to acquire Loberty Enterprises Inc.,which provides check and electronic services to more than 5,400credit unions. Harland agreed to pay $160 million in cash for theMounds View, Minn.-based company. Liberty was founded in 1985 andis privately owned.The deal is expected to close in late May orearly June, pending regulatory approval and other closingconditions. Harland said Liberty's position in mostly smaller andmid-sized credit unions complements its own position among thelarger credit unions. Liberty posted revenue of $135 million in2004, with 75 percent generated from check and formsales.