HSA Bank, a division of Webster Bank, has acquired the health savings accounts of State Farm Bank FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. The terms of the transaction were not disclosed.
According to a press statement issued by the companies, approximately 24,000 accounts, including an estimated $140 million in deposits, will transfer from State Farm Bank to HSA Bank, with closing in either the second or third quarter of this year.
HSA Bank is the nation’s leading bank administrator and depository of HSAs and State Farm is the nation’s largest property and casualty insurance provider, the companies added.
“We look forward to welcoming State Farm Bank HSA account holders to HSA Bank,” said Chad Wilkins, president of HSA Bank. “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.”
“State Farm and HSA Bank share a common goal to help people live confidently, ” said Joe Monk, president and CEO of State Farm Bank. “HSA Bank is well positioned to help accountholders save and plan for healthcare expenses today and in retirement, and we believe it is a positive move for customers.”
Webster Bank operates 177 branches and 316 ATMs in Connecticut, Westchester County, Massachusetts and Rhode Island.