Friday 18 November 2022

US-based HSA Bank, a division of Webster Bank, N.A., and Webster Financial Corp. (NYSE: WBS), the holding company for Webster Bank, N.A., has acquired the health savings accounts of Inland Bank and Trust, the company said.

This acquisition offers Inland Bank and Trust'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 4,800 accounts, including an estimated USD 15.5m in deposits, have transitioned from Inland Bank and Trust to HSA Bank, the nation's leading bank administrator and depository of HSAs.

The transaction was subject to regulatory approval and customary closing conditions.

Current Inland Bank and Trust HSA accountholders do not need to take any action. Accountholders have received communications in advance of the transition.

As of September 30, 2022, HSA Bank had USD 11.1bn in total footings comprising USD 7.9bn in deposit balances and USD 3.2bn in assets under administration through linked investment accounts and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC.