UMB Bank on Tuesday said it agreed to purchase approximately 40,000 health savings accounts, representing $76 million in deposits and investment assets, from The Bancorp.
In a joint news release, the companies said the transaction is pending regulatory approval. They did not provide a purchase price. Jory Mick, a UMB spokeswoman, declined to comment on the price or regulatory timetable. Rob Tacey, a spokesman for The Bancorp, did not return calls by press time.
The purchase by UMB Bank, part of UMB Financial Corp., would add to the company’s prominent role in HSA management. According to the news release, UMB manages health savings accounts for 826,000 people, with a total of $1.6 billion in deposits and investment assets.
“This transaction represents our ongoing commitment to our HSA business by taking advantage of opportunities that allow us to scale and grow our business as the industry consolidates,” Begonya Klumb, CEO of UMB Healthcare Services, a division of UMB Bank, said in the release.
The sale continues The Bancorp’s departure from the HSA business. “This sale will allow us to continue to streamline our operations and reduce the associated costs and resources supporting a non-core franchise,” Damian Kozlowski, president and CEO, said in the same release.
In December, The Bancorp sold health savings accounts of approximately 160,000 people, holding $390 million in deposits, to HealthEquity Inc.
