UMB expands HSA portfolio with Old National-Bremer deal

Kansas City, Mo.-based UMB Financial Corp. purchased more than 8,000 Health Savings Accounts and $32.5 million in related deposits from Evansville, Ind.-based Old National Bank, the company announced Sept. 2. .The accounts were part of Old National’s recent acquisition of St. Paul, Minn.-based Bremer Bank. According to UMB, the expansion strengthens its growing HSA business and gives customers access to its technology services, investment tools and mobile account management options. Following the acquisition, UMB Healthcare Services supports nearly 1.6 million HSAs, totaling more than $4.6 billion in assets and deposits as of June 30. The company also provides flexible spending accounts, health reimbursement arrangements, COBRA administration and commuter benefits. UMB reported $11.9 billion in purchase volume on its health care debit cards in 2024.“Health Savings Accounts are an increasingly important tool for individuals and families looking to manage today’s health care expense demands while also planning for future retirement needs,” said UMB Director of Healthcare Services Brian Hutchin. “This investment to grow our health care services business reflects our ongoing commitment to maintaining our position as an industry leader and delivering innovative, customer-focused solutions.”