Webster Financial Corporation announced on Wednesday that it had signed a definitive agreement to acquire Bend Financial, Inc., a cloud-based platform solution provider for health savings accounts (HSA).
The bank was drawn by Bend’s platform, which offers “user-centered design to offer a simplified and modern approach to HSA management and engagement,” according to a company statement.
Under the deal, Bend will continue to operate and serve its clients as it gradually expands service to customers in Webster’s HSA Bank division. HSA Bank had $7.4 billion in deposit balances and $3.7 billion in assets under administration through linked investment accounts as of Dec. 31.
The deal is slated to close in the first quarter of this year; terms were not disclosed.
Webster President and CEO John R. Ciulla said, “This acquisition demonstrates Webster’s commitment to enhance HSA Bank’s client experience through strategic technology investments.”
Wachtell, Lipton, Rosen & Katz is serving as Webster’s legal advisor in the transaction.
Webster Financial Corporation is the holding company for Webster Bank, National Association and HSA Bank.
Webster completed its $10.3 billion merger with New York’s Sterling Bancorp on Feb. 1, in a deal that retained the bank’s name but moved its headquarters to Stamford from its historic home in Waterbury.
