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Webster Financial in Waterbury, Conn., reported an increase in quarterly profit on the strength of its loan growth.
October 16 -
The Connecticut company was an early adopter of branch modernization, starting an effort four years ago that has led to the closure of underperforming locations, enhanced digital offerings and use of universal bankers.
August 18 -
JPMorgan Chase (JPM) is seeking a buyer for its corporate payroll, tax refund and health-savings prepaid card business.
January 9
Webster Financial in Waterbury, Conn., has received regulatory approval to acquire the health savings account business of JPMorgan Chase.
The transaction includes approximately $1.3 billion in deposits and $175 million of investments. The purchase price for the all-cash deal, which is expected to close in the first quarter, was not disclosed.
The $21.8 billion-asset Webster is planning to use approximately 60% of the deposits to "pay down short-term borrowings" and will invest the remaining funds in securities, the company said in September
The new accounts would be administered by HSA Bank, a subsidiary of Webster that currently manages $2.4 billion in assets for approximately 700,000 health care accounts. HSA Bank is based in Sheboygan, Wis.
