Webster Bank affiliate HSA Bank has brokered a deal to acquire existing health savings accounts (HSA) of State Farm Bank (SFB).
The financial details of the deal have not been made public.
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Under the deal terms, nearly 24,000 HSA accounts and $140m in total deposits will transition from SFB to HSA Bank.
After the acquisition, SFB’s HSA accountholders will receive new and simple ways to spend and save their healthcare money from HSA Bank.
The current SFB HSA account holders will be automatically transitioned to HSA Bank bank.
SFB is a subsidiary of State Farm Mutual Automobile Insurance Company (SFMAIC), one of the major property and casualty insurance providers in the US.
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By GlobalDataState Farm Bank president and CEO Joe Monk said: “HSA Bank is well-positioned to help account holders save and plan for healthcare expenses today and in retirement, and we believe it is a positive move for customers.”
HSA Bank president Chad Wilkins said: “We are excited that State Farm selected HSA Bank as the HSA custodian of choice, and are well-equipped to help accountholders make healthcare financial decisions that are best for them in every stage of life.”
Founded in 1913, HSA Bank deals in consumer-directed healthcare (CDH) focusing on health savings accounts and serving as an administrator and a bank.
Subject to the receipt of regulatory approvals, the transaction is expected to be concluded in the second or third quarter of 2020.
