The Bank Slate

INSIGHTS INTO THE BANKING INDUSTRY

UMB buys Old National’s HSA business

UMB Financial in Kansas City, Mo., has acquired the health savings account business of Old National Bancorp in Evansville, Ind.

The $46.2 billion-asset Old National disclosed in a regulatory filing that about $382 million of HSA-related deposits were transferred to the $37.6 billion-asset UMB.

UMB paid a roughly $92 million premium to Old National.

When the deal was announced earlier this year, the companies said that about $500 million of client assets, including $400 million held in deposit accounts, would change hands.

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