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You are here: Home / Community / Business News Bits / UMB Bank buys HSA business from Old National Bank

UMB Bank buys HSA business from Old National Bank

June 29, 2022 – By Larry Avila Leave a Comment

Health Savings Account
Health savings accounts are used in conjunction with high-deductible health insurance policies allowing users to save money tax-free against medical expenses.

Old National Bank is selling its health savings account business to UMB Bank, a subsidiary of Kansas City, Missouri-based UMB Financial Corp.

The deal will transfer roughly $500 million in client assets of which an estimated $400 million is held in deposit accounts. The assets consist of 157,000 accounts across more than 3,000 employer groups and will significantly expand UMB’s direct-to-employer accounts, the company said.

“Our strategic focus continues to be on growth in the direct-to-employer space,” said Phil Mason, UMB director of healthcare services. “This acquisition provides significant business gain and a strong, experienced team that will complement our organic growth efforts.”

Old National Bancorp has offered direct-to-employer HSAs since 2004. Evansville-based Old National Bank recently completed a merger with First Midwest Bank.

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

The deal, which requires regulatory approval, is expected to close by the end of the year. Old National’s nine-person health savings account team will transfer to UMB Healthcare Services once the deal closes, the company said.

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Larry Avila
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Larry Avila
Larry is an award-winning journalist with more than 25 years of experience working with daily newspapers and business-to-business publications around the Midwest. Avila is a Michigan native and a graduate of Central Michigan University.
Larry Avila
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Filed Under: Banking, Business News Bits, Health Care Tagged With: Around the Region, Old National Bank, UMB Bank, UMB Healthcare Services

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