WILMINGTON, Del. & KANSAS CITY, Mo.--(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.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20160920006124/en/
“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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160920006124/en/
UMB Financial Corporation
Kelli Christman
816-860-5088
Kelli.Christman@umb.com
or
The
Bancorp Media Relations
Rob Tacey, Director, Public Relations
302-385-1418
rtacey@thebancorp.com
or
The
Bancorp, Inc. Investor Relations
Andres Viroslav, Director,
Investor Relations
215-861-7990
aviroslav@thebancorp.com
Source: UMB Financial Corporation