UMB Bank reached a definitive agreement to acquire the health savings account (HSA) business of Old National Bank, a wholly owned subsidiary of Old National Bancorp.
The transaction contemplates the transfer of approximately $500 million in client assets of which approximately $400 million are held in deposit accounts (based on numbers as of March 31). 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. Read more.
