WYOMISSING, Pa., April 19 /PRNewswire-FirstCall/ -- VIST Financial
Corp. (Nasdaq: VIST) announced today it sold its 25% ownership in
First HSA, LLC, Reading PA to
HealthEquity, Inc., Draper, Utah.
First HSA, one of the first administrators of health savings
accounts, was founded in 1999 by Dr. William West and Brian
Miskovitz. VIST Financial became a 25% owner in First
HSA, LLC in 2005. VIST Bank, a subsidiary of VIST Financial
Corp. is the custodian on the health savings accounts and over time
will transfer the custodial relationship and processing of the
$84 million in deposits to
HealthEquity.
"We have been pleased to partner with First HSA since 2005 as we
have witnessed the rise in popularity of consumer-directed
healthcare solutions," stated Robert D.
Davis, President and Chief Executive Officer, VIST
Financial. "However, the opportunity to monetize our investment,
reduce our cost of funds and improve operating efficiency is
in the best interest of VIST Financial shareholders," he added.
The transaction will result in a second quarter pre-tax gain
of approximately $1.9 million.
VIST expects to transfer the accounts and related balances by
the beginning of the third quarter 2010.
Once the transfer is complete there will be an annual savings of
approximately $500,000 as well
as an improvement in overall cost of funds.
About HealthEquity®, Inc.
HealthEquity Inc. is the nation's first and largest non-bank
trustee providing healthcare financial services to more than 7,000
employers and over 350,000 members. Founded in 2002 by a
practicing surgeon, Dr. Stephen
Neeleman, HealthEquity utilizes state-of-the-art healthcare
payment platform technology along with 24 / 7 / 365 live member
service specialists to help employers and employees build health
savings. To learn more visit www.healthequity.com.
First HSA is a leading administrator of health savings accounts,
founded in 1999 by Dr. William West
and Brian Miskovitz, based in
Reading, PA. First HSA provides
the most comprehensive HSA solution for individuals, employers,
brokers and insurance companies. To learn more visit
www.1hsa.com.
VIST Financial Corp is a diversified financial services company
headquartered in Wyomissing, PA,
offering banking, insurance, investments, and wealth management,
services throughout Berks,
Southern Schuylkill, Montgomery, Delaware, and Philadelphia Counties. To learn more visit
www.VISTfc.com.
This release may contain forward-looking statements with respect
to the Company's beliefs, plans, objectives, goals, expectations,
anticipations, estimates, and intentions that are subject to
significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company's
control. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company.
SOURCE VIST Financial Corp.