WATERBURY, Conn., Nov. 25, 2014 /PRNewswire/ -- Webster
Financial Corporation (NYSE: WBS), the holding company for
Webster Bank, N.A., announced today
that it has received all regulatory approvals necessary to
consummate the acquisition of the health savings account (HSA)
business from JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan
Chase & Co. (NYSE: JPM). This follows Webster's announcement on
September 23, 2014 that it had signed
a definitive agreement to acquire the HSA business from JPMorgan
Chase Bank, N.A. The acquisition will solidify HSA Bank, a division
of Webster Bank, as a leading
provider of health savings accounts.
The transaction is expected to close early in the first quarter
of 2015, subject to satisfaction of customary closing conditions.
Transaction consideration will be all cash; the purchase price was
not disclosed.
About HSAs
First marketed in 2004, HSAs
increasingly are finding favor among employers and consumers. In
2013, the number of individuals with HSAs rose to 7.2 million from
6.6 million while assets in HSAs increased to $16.6 billion from $11.3
billion, according to the Employee Benefits Research
Institute. HSAs provide a tax-advantaged way for consumers to pay
and save for current and future medical expenses. Besides
being pre-tax, contributions to an HSA are fully portable and can
remain in the account and grow until withdrawn. Eligibility
to participate in an HSA is not subject to an income ceiling.
Annual contributions in 2014 are limited to $3,300 for an individual and $6,550 for a family. Withdrawals to pay for
qualified medical expenses are not taxable as income, and HSAs do
not require accountholders to take minimum annual distributions
upon reaching age 70 nor are they subject to ordinary income taxes
upon death.
About HSA Bank
HSA Bank is a trusted
leader in consumer-directed healthcare focusing on health savings
accounts (HSAs) since the beginning, serving as both the bank and
custodian. Discover how we can support your employee benefits
strategy with our comprehensive account-based benefit solutions
such as HSAs, HRAs, FSAs, and Commuter Benefits (Mass Transit and
Parking accounts). HSA Bank empowers over 700,000
accountholders to own their health. HSA Bank, with over
$2.4 billion in assets, is a division
of Webster Bank, Member FDIC.
www.hsabank.com
About Webster
Webster Financial Corporation is the
holding company for Webster Bank,
N.A. With $22 billion in assets,
Webster provides business and consumer banking, mortgages, private
banking, trust and investment services through 165 banking offices;
311 ATMs; telephone banking; mobile banking; and the Internet.
Webster Bank owns the asset based
lending firm Webster Business Credit Corporation; the equipment
finance firm Webster Capital Finance Corporation; and provides
health savings account trustee and administrative services through
HSA Bank, a division of Webster
Bank. Member FDIC and equal housing lender. For more
information about Webster, including past press releases and the
latest annual report, visit the Webster website at
www.websterbank.com or follow us on LinkedIn
http://linkedin.com/company/webster-bank and
Twitter
https://twitter.com/WebsterBank.
Media
Contact
|
Investor
Contact
|
Bob Guenther,
203-578-2391
|
Terry Mangan,
203-578-2318
|
rguenther@websterbank.com
|
tmangan@websterbank.com
|
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SOURCE Webster Financial Corporation