Webster Financial Corporation, holding company for Webster Bank, has completed the completed the acquisition of the health savings account (HSA) business of JPMorgan Chase Bank.
Following the deal which involved acquisition of about 785,000 accounts by Webster, its HSA Bank division will have nearly $1.3bn in deposits and $185m in other assets under administration.
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Webster chairman and CEO James Smith said, "HSA Bank has been a fast-growing source of deposits for Webster with a 10-year compound growth rate of nearly 30 percent. The acquisition significantly augments a source of stable, low cost, long duration deposits to fund ongoing loan growth."
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