BHC Financial Inc. stockholders approve merger with Fiserv Inc.

PHILADELPHIA--(BUSINESS WIRE)--May 23, 1997--BHC Financial Inc. (NASDAQ:BHCF) is pleased to report that at the special meeting of the stockholders held Friday, the stockholders approved and adopted the agreement and plan of merger dated as of March 2, 1997 between BHC and Fiserv Inc. (NASDAQ:FISV).

The merger, which will be accounted for as a pooling, is expected to close on May 30, 1997. BHCF stockholders will receive, for each share of BHCF common stock held, such number of shares of common stock of Fiserv as shall equal the quotient of $33.50 divided by an amount equal to the average closing price of Fiserv common stock for the 20 trading days ending May 28, 1997.

At the meeting William T. Spane Jr., chairman, president and chief executive officer of BHC, stated that he is looking forward to the technology, marketing and depth of resources that the merger with Fiserv will bring enabling the merged company to better service the needs of BHC's present and future client base.

Spane added: "On behalf of my management team and employees, we are proud to be joining such an outstanding client-oriented company as Fiserv."

Fiserv Inc., headquartered in Brookfield, Wis., is an independent provider of financial data processing systems and related information management services and products to more than 5,000 banks, credit unions, mortgage firms and savings institutions worldwide.

BHC Financial Inc., through its principal business unit BHC Securities Inc., is a leading national provider of integrated and support services to securities brokerage affiliates of banks and other financial institutions.

CONTACT: BHC Financial Inc., Philadelphia

William T. Spane Jr., 215/636-3003

Lawrence E. Donato, 215/636-3005

Richard M. Bare, 215/636-3807