ONB - UMB Financial to acquire Old National's health savings account business

UMB Financial (NASDAQ:UMBF) stated Monday that its subsidiary UMB Bank has signed a definitive agreement to acquire health savings account business of Old National Bank (NASDAQ:ONB). That would mean transfer of ~$500M in client assets to UMB of which approximately $400M are held in deposit accounts as of Mar. 31, 2022. Financial terms of the transaction were not disclosed. “Our strategic focus continues to be on growth in the direct-to-employer space,” UMB Director of Healthcare Services Phil Mason said. “This acquisition provides significant business gain and a strong, experienced team that will complement our organic growth efforts.” Closing of the acquisition deal is expected in Q4 2022, subject to pending regulatory approval.

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UMB Financial to acquire Old National's health savings account business