Concord EFS Planning to Acquire the Credit Union 24 Network.

Business Editors

MEMPHIS, Tenn.--(BUSINESS WIRE)--Jan. 9, 2003

Concord EFS, Inc. (NYSE:CE), a leading payment processor and operator of the STAR(SM) network, today announced that it has signed a non-binding letter of intent with Credit Union 24, Inc. to acquire the Credit Union 24(R) Network, a member-owned ATM and point-of-sale network based in Tallahassee, Florida. The Credit Union 24(R) Network connects over 400 credit unions via 7,200 ATMs and 7 million cardholders in 35 states. A definitive agreement is currently expected to be reached during the first quarter of 2003, with closing of the transaction subject to final approval by the shareholders of Credit Union 24(R) and other customary conditions.

"The Credit Union 24(R) Network is a strong franchise that has grown by focusing on meeting the unique needs of credit unions," said Edward A. Labry III, Concord president and CEO-elect. "We believe that the combination of Concord's processing engine and STAR's national connectivity with the Credit Union 24(R) Network's strong brand and segment expertise will create a powerful platform for a dedicated credit union network."

"We are confident that Concord will provide the best combination of value, service, and access for Credit Union 24(R) Network participants in a dramatically evolving payments industry," said James H. Park, president and CEO of Credit Union 24, Inc. "Concord serves more credit unions than any other network, including those owned by credit unions, and they've demonstrated a strong commitment to the credit union industry. The entire Credit Union 24, Inc. team looks forward to working with Concord to build a network that is designed by and for credit unions."

Concord is a leading vertically integrated electronic transaction processor, providing transaction authorization, data capture, settlement and funds transfer services to financial institutions, supermarkets, petroleum retailers, convenience stores, restaurants, and other independent retailers. Concord's primary activities include Network Services, providing ATM driving, PIN-secured and signature debit card processing, deposit risk management, and STAR(SM) network access to the financial services industry; and Payment Services, providing credit, debit, check authorization, and electronic benefits transfer processing services to selected retail segments. Concord news releases, links to SEC filings, and other information are available at www.concordefs.com.

This release may contain or incorporate by reference forward-looking statements made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any such statements are not guarantees of future performance and involve risks, uncertainties, and other factors which may cause our actual performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by those statements. Concord undertakes no obligation to publicly update or revise any forward-looking statements to reflect changed assumptions, the occurrence of anticipated or unanticipated events, or changes to future results over time. See the cautionary statements included as Exhibit 99.4 to our Quarterly Report on Form 10-Q filed on November 13, 2002 for a more detailed discussion of certain of the factors that could cause our actual results to differ materially from those included in the forward-looking statements.