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. The assets are comprised of roughly 157,000 accounts across more than 3,000 employer groups.
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.”
Old National has offered direct-to-employer HSAs since 2004. All nine Old National employees will join UMB.
The deal is expected to close in the fourth quarter.