Waterbury-based Webster Financial Corp., the holding company for Webster Bank NA, recently acquired the health savings account business of JPMorgan Chase Bank NA, a subsidiary of JPMorgan Chase & Co.
Webster in the transaction acquired about 785,000 accounts, including about $1.3 billion in deposits and $185 million in other assets under administration, for its Sheboygan, Wis.-based health savings division, HSA Bank. The division now has about 1.6 million accounts with more than $4 billion in assets under administration, including $3.2 billion in deposits.
The acquisition allowed HSA Bank to obtain multiple large-employer health savings account clients and two of the five largest health insurance providers in the U.S., Webster reported.
“HSA Bank has been a fast-growing source of deposits for Webster with a 10-year compound growth rate of nearly 30 percent,” said James C. Smith, chairman and CEO of Webster, in a statement. “The acquisition significantly augments a source of stable, low cost, long duration deposits to fund ongoing loan growth.”
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