HSA Bank to Acquire Health Savings Accounts from State Farm Bank

HSA Bank, a division of Webster Bank, N.A., and Webster Financial Corporation (NYSE: WBS), the holding company for Webster, announced Monday that it had signed a definitive agreement to acquire the existing health savings accounts (HSA) of State Farm Bank, F.S.B., a subsidiary of State Farm Mutual Automobile Insurance Company, America’s largest property and casualty insurance provider. This acquisition offers State Farm Bank’s HSA accountholders new and easy ways to manage their healthcare spending and saving through an industry-leading HSA provider with more than two decades of experience. Under the agreement, approximately 24,000 accounts, including an estimated $140 million in deposits, will transition from State Farm Bank to HSA Bank, the nation’s leading bank administrator and depository of HSAs. Expected closing is in the second or third quarter of 2020. No other terms of the transaction are being disclosed. The transaction is subject to regulatory approval and customary closing conditions.

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Source: https://www.prnewswire.com/news-releases/hsa-bank-to-acquire-health-savings-accounts-from-state-farm-bank-301043747.html

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