Fiserv to Acquire i_Tech Corporation from First Interstate BancSystem

17 December 2008

Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, today announced it agreed to acquire i_Tech Corporation, a provider of outsourced account and payment processing services, from First Interstate BancSystem Inc., a multi-state, $6 billion banking organization headquartered in Billings, Montana. The purchase price is $40 million, with an expected closing date of December 31, 2008.

i_Tech provides outsourced account processing services as a licensee and reseller of the Fiserv ITI Premier® core banking system to financial institutions located primarily in the northern Midwest and West. In addition to account processing services, i_Tech provides its clients with a variety of complementary services including EFT processing and check processing.

“Our relationship with First Interstate and i_Tech dates back to the very early days of Fiserv and the ITI Premier® core banking system. We are excited about the opportunities that we will have together as we enter into the next phase of our more than 30 year relationship,” said Jeffery Yabuki, Fiserv President and Chief Executive Officer. “Fiserv’s suite of exceptional, innovative, technology solutions will complement the great service that i_Tech has provided to its clients for more than three decades.”

First Interstate BancSystem President and Chief Executive Officer Lyle Knight said the decision to sell i_Tech was a strategic one based on long-term trends for bank data processing. “This was a difficult decision for us as i_Tech has been a member of the First Interstate family for many years. But the industry has changed. Many banks are divesting themselves of their data processing operations. While we were successful in the past, we felt that, going forward, global provider Fiserv was in the best position to take our clients to the next level.”

Knight added First Interstate’s business model is built on long-term growth opportunities. “First Interstate is first, and foremost, a bank. In fact, we have been recognized as one of the top community banking organizations in the country. Our focus will continue to be on our community banking franchise.” According to Knight, a relationship with Fiserv will bring benefits to both i_Tech and First Interstate. “i_Tech has grown to be a regional bank data processing company and we are very proud of their success. Now, with Fiserv, i_Tech will have access to the resources of a Fortune 500 company that is a leader in financial technology services. For First Interstate, it means access to cutting-edge bank technology services, allowing us to reach higher levels of customer service and innovation.”

Mike Young, president of Fiserv Bank and Thrift Division agreed, “We’ve discussed this possible acquisition for many years, and are pleased to welcome the i_Tech clients and employees into the Fiserv family. Clients will receive the same high levels of service they have received, and through the expanded relationship with Fiserv will have access to a wider array of best-in-class banking solutions.”

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