WILMINGTON, Del. & DRAPER, Utah--(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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151023005428/en/
The Bancorp, Inc.
Andres Viroslav, 215-861-7990
Cody Dingus, 801-633-5466
Vice President of Marketing
Source: The Bancorp, Inc. and HealthEquity, Inc.
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