UMB Bank buys 8,000 health savings accounts

Kansas City-based UMB Financial Corp. (Nasdaq: UMBF) has finalized a deal for more than 8,000 health savings accounts.

The UMB Bank operator bought the HSAs and roughly $32.5 million in related deposits from Old National Bank. The deal is associated with the latter company's recent purchase of Bremer Bank.

“Health savings accounts are an increasingly important tool for individuals and families looking to manage today’s health care expense demands while also planning for future retirement needs,” said Brian Hutchin, director of health care services at UMB, in a news release. “This investment to grow our health care services business reflects our ongoing commitment to maintaining our position as an industry leader and delivering innovative, customer-focused solutions to our accountholders.”

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