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UMB Healthcare Services to Acquire HSA Business from Old National Bank.

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MANews-(C)2009-2022

Missouri, US-based bank holding company UMB Financial Corp's (NASDAQ: UMBF) UMB Bank, n.a. subsidiary has executed a definitive agreement to acquire the health savings account business of Indiana, US-based Old National Bancorp's (NASDAQ: ONB) Old National Bank subsidiary, the company said.

The transaction contemplates the transfer of approximately USD 500m in client assets of which approximately USD 400m are held in deposit accounts (based on numbers as of March 31, 2022).

The assets, which are comprised of approximately 157,000 accounts across more than 3,000 employer groups, will significantly expand UMB's direct-to-employer accounts.

Old National Bancorp, one of the largest bank holding companies headquartered in the Midwest, has offered direct-to-employer HSAs since 2004.

UMB Healthcare Services provides solutions for 4.9 m healthcare spending account cards, and services more than 1.2m HSAs, totaling more than USD 2.7bn in HSA assets and deposits as of March 31, 2022.

At year-end 2021, UMB Healthcare Services ranked as the No. 6 HSA provider in the US based on number of accounts, according to Devenir.

This news follows UMB Healthcare Services' recent...

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