Full Press Release Details
Fifth Third Bank HSAs Moving to HealthEquity
- (GLOBE NEWSWIRE) - April 27, 2021 - HealthEquity, Inc. (NASDAQ: HQY) ("HealthEquity"
or the "Company"), the largest independent HSA custodian, today announced it has entered into a definitive agreement
with Fifth Third Bank, National Association ("Fifth Third"), to transition custodianship of Fifth Third's health savings
account (HSA) portfolio to HealthEquity.
The definitive agreement contemplates a
$60.8 million dollar purchase price for a transfer of approximately 149,000 current HSA members and their approximately $477.0
million of HSA assets. The definitive agreement includes a mechanism to adjust the purchase price based on the amount of HSA assets
actually transferred.
"We are eager to welcome Fifth Third
HSA members and employers to HealthEquity with remarkable Purple service from HSA experts and the industry's leading platform for
connecting health and wealth," said HealthEquity's CEO, Jon Kessler
"HealthEquity has a culture and dedication
to taking care of its customers," said Tim Spence, president of Fifth Third Bancorp. "We believe this transition is the best
path forward for our HSA members to maintain the highest quality of delivery in services now and in the future."
The transition of custodianship of Fifth Third Bank's HSA portfolio
to HealthEquity, which will also entail a transfer of the underlying assets held in the HSAs, is subject to regulatory approval and satisfaction
of other customary closing conditions.
HealthEquity and its subsidiaries administer
HSAs and other consumer-directed benefits for our more than 12 million accounts in partnership with employers, benefits advisors, and
health and retirement plan providers who share our mission to connect health and wealth and value our culture of remarkable "Purple"
service. For more information, visit www.healthequity.com.
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