EXECUTIVE CHANGES

Richard Paraday elected chairman of the Supervisory Committee for Meriwest Credit Union; Carl E. Mergele appointed to the board of SER Systems AG; James Durack named president of European Operations for Cutter Associates; Denis A. Bovin of Bear Stearns joins the BISYS board of directors; Richard D. Lane named president of Domania.

Richard Paraday has been elected chairman of the Supervisory Committee for Meriwest Credit Union, a Silicon Valley financial institution. Paraday, who had served seven years on the Supervisory Committee, replaces Frank Rose, who helped found the Committee and served as its chairman for most of its 40-year existence. Meriwest also announced that Richard Alves had been re-elected chairman of the board for the bank.

-----------------------------------------------------------------------------------

Carl E. Mergele has been appointed to the board of SER Systems, AG, the Germany-based parent of Herndon, Va.-based SER Solutions, a global software supplier of knowledge management systems and workflow solutions. In addition to this new role, Mergele will continue as CEO of SER Solutions. In this dual role, he will be responsible for the strategic focus of the SER American affiliates.

-----------------------------------------------------------------------------------

James Durack has been named president of European Operations for Cutter Associates, a Duxbury, Mass.-based technology consultancy to investment management firms. Durack will manage the company's growing European consulting business out of offices in London. Prior to this appointment, Durack held executive positions at Financial Models Limited and DST International.

-----------------------------------------------------------------------------------

Denis A. Bovin, vice chairman-Investment Banking and senior managing director of Bear Stearns & Co., has joined the BISYS board of directors. In this role, Bovin will help guide BISYS decisions concerning securities, technology, communications and domestic and international business. Bovin also serves on the board of directors or executive committees for Bear Stearns & Co., Business Executives for National Security, IDT Corp., M.I.T., and the Intrepid Air, Sea and Space Museum.

-----------------------------------------------------------------------------------

Richard D. Lane has been named president of Domania, a Boston-based financial services software firm for the real estate and mortgage industries. Lane was also appointed to Domania's board of directors. He brings over 20 years of telecommunications experience to the company, including various executive stints at AT&T/Pacific Telesis Group, PacTel Mobile Services, AT&T Wireless and KPMG Peat Marwick.