Bankers Systems Inc. Explores Options for Future Growth.

ST. CLOUD, Minn.--(BUSINESS WIRE)--April 22, 1999--

Company Retains U.S. Bancorp Piper Jaffray to Assist

Bankers Systems Inc. (BSI), the privately held provider of document management and compliance products and services to the financial services industry, announced today it has retained U.S. Bancorp Piper Jaffray to assist in exploring options for future growth and enhancing shareholder value, including a potential sale. Headquartered in Minnesota, BSI is the nation's leading compliance solution provider to the financial services industry.

BSI was founded in 1952 by W. E. Clemens and remained a family-owned business until 1994, when it was acquired by an investor group led by Goldner Hawn Johnson & Morrison Incorporated (GHJ&M) in conjunction with BancBoston Capital, Inc. and management of BSI. GHJ&M sponsors management-led acquisitions of middle-market businesses with significant growth potential and traditionally partners with these companies for four to seven years.

Bob White, president and chief executive officer of BSI, said, "Goldner Hawn Johnson and Morrison has provided the capital necessary to imbed BSI's compliance knowledge base into a new generation of technologies, including software-based applications. The past four years have been very exciting for our company and we look forward to the next step in the growth of Bankers Systems, Inc."

Mr. White said the exploration of options will not affect BSI's ongoing business or its relationships with customers. "It will be business as usual," he said. "Our customers are our driving focus."

Van Zandt Hawn, GHJ&M principal, said, "BSI is poised for rapid growth. It is time to leverage its many successes, established market position and significant investment in technology to take advantage of attractive future growth opportunities."

BSI's legal documents, services and software solutions support the lending, deposit and retirement plan activities of banks and other financial institutions with convenient, cost-effective means of supporting their legal and regulatory compliance function and properly documenting client transactions in today's dynamic regulatory environment.

The Company recently introduced Rembrandt and ARTA, two state-of-the-art lending software applications, as well as newly enhanced electronic documents. BSI is first to market with Windows-based, 32-bit lending technology for the banking industry. With over $100 million in revenue, BSI sells its products and services to over 80 percent of all banks and savings and loans in the United States.

BSI serves three principal domestic markets: banks and savings & loans, credit unions and finance companies. Its sales organization of over 150 professionals is among the largest in the country devoted solely to the financial services industry. BSI's on-site legal staff of over 50 attorneys and other legal professionals is one of the largest in the industry.