UMB Bank Acquires The Bancorp HSA Portfolio
September 20 2016 - 9:15AM
Business Wire
The Bancorp, Inc. (Nasdaq: TBBK) and UMB Bank, n.a. (Nasdaq:
UMBF) today announced that they have entered into an agreement for
UMB to acquire a subset of The Bancorp’s remaining health savings
accounts (HSAs). The portfolio includes approximately 40,000
accounts with $76 million in deposits and investment assets. The
transaction is pending regulatory approval and is a continuation of
The Bancorp’s exit from the HSA business, which began in 2015.
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“This transaction is yet another important step toward The
Bancorp focusing its businesses and increasing the efficiency of
its financial service infrastructure,” said Damian Kozlowski,
President and CEO of The Bancorp. “This sale will allow us to
continue to streamline our operations and reduce the associated
costs and resources supporting a non-core franchise.”
“This transaction represents our ongoing commitment to our HSA
business by taking advantage of opportunities that allow us to
scale and grow our business as the industry consolidates,” said
Begonya Klumb, CEO of UMB Healthcare Services, a division of UMB
Bank n.a. “We are focused on providing a seamless transition to The
Bancorp account holders with our user-friendly technology and
personalized customer service. Ultimately, we believe this
acquisition will be beneficial for both account holders and
business partners.”
The Bancorp will continue its partnerships with non-bank
financial service companies in the healthcare sector, including
maintaining and growing its card-issuing services for pre-tax
benefit programs.
UMB Healthcare Services is one of the top HSA custodians in the
nation with 826,000 HSAs and $1.6 billion in HSA deposits and
investment assets. According to the 2016 Devenir Midyear HSA Market
Statistics & Trends report, UMB holds 5 percent market share
and ranks sixth in the industry by number of HSAs and seventh by
HSA deposits and investment assets.
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (Nasdaq:
TBBK) is dedicated to serving the unique needs of non-bank
financial service companies, ranging from entrepreneurial start-ups
to those on the Fortune 500. The company’s primary subsidiary, The
Bancorp Bank (Member FDIC, Equal Housing Lender), has been
repeatedly recognized in the payments industry as the Top Issuer of
Prepaid Cards (U.S.), a top merchant sponsor bank, and a top ACH
originator. Specialized lending distinctions include National
Preferred SBA Lender, a leading provider of securities-backed lines
of credit, and one of the few bank-owned commercial leasing groups
in the nation. For more information, please
visit www.thebancorp.com.
About UMB:
UMB Financial Corporation (Nasdaq: UMBF) is a diversified
financial holding company headquartered in Kansas City, Mo.,
offering complete banking services, payment solutions, asset
servicing and institutional investment management to customers. UMB
operates banking and wealth management centers throughout Missouri,
Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas,
as well as two national specialty-lending businesses. Subsidiaries
of the holding company include companies that offer services to
mutual funds and alternative-investment entities and registered
investment advisors that offer equity and fixed income strategies
to institutions and individual investors. For more information,
visit umb.com, umbfinancial.com, blog.umb.com or follow us on
Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn
at linkedin.com/company/umb-bank.
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version on businesswire.com: http://www.businesswire.com/news/home/20160920006124/en/
UMB Financial CorporationKelli
Christman816-860-5088Kelli.Christman@umb.comorThe Bancorp Media
RelationsRob Tacey, Director, Public
Relations302-385-1418rtacey@thebancorp.comorThe Bancorp, Inc.
Investor RelationsAndres Viroslav, Director, Investor
Relations215-861-7990aviroslav@thebancorp.com
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