Home Banking & Finance Webster Bank division acquires 24K HSA accounts from State Farm

Webster Bank division acquires 24K HSA accounts from State Farm

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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.

webster bankAccording 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.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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