The Bancorp Announces the Sale of $400 million HSA Portfolio to HealthEquity
October 23 2015 - 9:00AM
Business Wire
The Bancorp, Inc. (NASDAQ:TBBK) and HealthEquity, Inc.
(NASDAQ:HQY), today announced the sale of a majority of The
Bancorp’s Health Savings Account (HSA) portfolio to HealthEquity
for $34.4 million. The transaction, which includes approximately
170,000 accounts totaling more than $400 million in deposits,
allows both companies to focus on growth within their respective
areas of expertise and provide an optimal experience for account
holders.
“As The Bancorp deploys its previously-announced strategic plan
to exit from $900 million of certain deposit relationships, we are
confident knowing that our HSA clients and customers will be
entrusted to an outstanding organization and service team,” said
Frank M. Mastrangelo, The Bancorp CEO.
HealthEquity, known for its industry-leading technology, focus
on HSA education and commitment to delivering remarkable service to
members every hour of every day, is one of the nation’s leading HSA
custodians, currently managing more than 1.5 million HSAs, with
deposits over $2.6 billion. “We aim to delight The Bancorp’s HSA
account holders as they transition to HealthEquity membership,”
stated HealthEquity’s President and CEO, Jon Kessler. “Employers,
health plans and other Bancorp HSA partners should also draw
confidence from HealthEquity’s experience with transitions of this
type.”
While exiting from the majority of its HSA portfolio, The
Bancorp will continue its partnerships with non-bank financial
service companies in the healthcare sector, including HealthEquity.
The Bancorp intends to maintain and grow its card-issuing services
for pre-tax benefit programs. Along with today’s transaction, The
Bancorp and HealthEquity announced an extension of their
longstanding card issuance partnership through June 2019.
About The Bancorp, Inc.
With operations in the US and Europe, The Bancorp (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 Bancorp Bank, one of its financial
institutions, has been repeatedly recognized in the payments
industry as the Top Issuer of Prepaid Cards (US), 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.
thebancorp.com
About HealthEquity, Inc.
Founded in 2002, HealthEquity is one of the nation’s oldest and
largest dedicated health savings custodians. The company’s
innovative technology platform and tax-advantaged accounts help
members build health savings, while controlling health care costs.
HealthEquity services more than 1.5 million health savings accounts
for 70 health plan partners and employees at approximately 27,000
companies across the United States.
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version on businesswire.com: http://www.businesswire.com/news/home/20151023005428/en/
The Bancorp, Inc.Andres Viroslav,
215-861-7990aviroslav@thebancorp.comorHealthEquity, Inc.Cody
Dingus, 801-633-5466Vice President of
Marketingcdingus@healthequity.com
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