UMB Financial in Kansas City, Mo., has agreed to buy the health savings account business of Old National Bancorp in Evansville, Ind.
The $40.6 billion-asset UMB said in a press release Monday that it will obtain about $500 million of client assets. About $400 million of those assets are held in deposit accounts.
UMB did not disclose the price it will pay.
“Our strategic focus continues to be on growth in the direct-to-employer space,” Phil Mason, UMB’s director of healthcare services, said in the release. “This acquisition provides significant business gain and a strong, experienced team that will complement our organic growth efforts.”
The deal is expected to close in the fourth quarter.