HSA Bank Accelerates Advanced Digital Experience Initiative

Rhea-AI Summary

Webster Financial Corporation (NYSE: WBS) has entered into a definitive agreement to acquire Bend Financial, a leader in cloud-based health savings account (HSA) solutions. This acquisition aims to enhance HSA Bank's capabilities by leveraging Bend's innovative technology to improve the digital experience for clients. As of December 31, 2021, HSA Bank reported $11.1 billion in total footings. The acquisition supports HSA Bank's mission to simplify healthcare savings for its three million members nationwide, reinforcing its position in the competitive healthcare finance market.

Positive

• Acquisition of Bend Financial enhances HSA Bank's digital offerings.
• HSA Bank aims to improve customer experience with user-centered design.
• The acquisition aligns with the goal of simplifying healthcare savings.

Negative

• None.

MILWAUKEE, Feb. 16, 2022 /PRNewswire/ -- HSA Bank today announced that its parent Webster Financial Corporation (NYSE: WBS) has signed a definitive agreement to acquire Bend Financial, Inc., a cloud-based health savings account (HSA) solutions provider.

This investment will further advance efforts to deliver differentiation to customers through a simplified and modern approach to HSA management and engagement.

"Leveraging Bend's cloud native technology and user-centered design, HSA Bank will enhance our digital experience for clients in an engaging and intuitive way," said Chad Wilkins, President of HSA Bank. "This will enable our customers to better understand the financial impact of their healthcare decisions to make smart choices for long-term savings."

The Bend technology provides detailed guidance to help consumers fully understand and optimize their healthcare savings account and the choices that affect short- and long-term financial goals.

"Our goal has always been to simplify healthcare saving and make it easy for everyone to manage their financial wellness. The Bend team is looking forward to joining HSA Bank and expanding on that mission," said Tom Torre, President and CEO of Bend.  

About HSA Bank:
At HSA Bank, a division of Webster Bank, N.A., we're working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of December 31, 2021, HSA Bank had $11.1 billion in total footings comprising $7.4 billion in deposit balances and $3.7 billion in assets under administration through linked investment accounts. Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.com. 

About Webster Financial Corporation
Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank division. Webster is a leading commercial bank in the Northeast that provides a wide range of financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country's largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-guided organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender.  For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

About Bend Financial
Bend Financial helps accountholders and partners improve their financial wellness through a next-generation health savings account (HSA) platform and complementary financial solutions, while providing employers, brokers, health plans and financial institutions of all types and sizes unique, leading-edge benefit offerings. Headquartered in Boston, Bend's forward-thinking, user-friendly approach simplifies healthcare saving and offers real-time, personalized guidance that makes it easy for anyone to maximize their HSA. For more information, visit bendhsa.com, read Bend's blog and follow Bend on Twitter and LinkedIn.

Media Contact:
Alice Ferreira, 203-578-2610
acferreira@websterbank.com

Investor Contact:
Emlen Harmon, 212-309-7646
eharmon@websterbank.com

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster, and other statements that are not historical facts.  Such statements are subject to numerous assumptions, risks, and uncertainties.  Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.  Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.  The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements:  changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the outcome of any legal proceedings that may be instituted against Webster; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; and other factors that may affect the future results of Webster.  Additional factors that could cause results to differ materially from those described above can be found in Webster's Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (the "SEC") and available on Webster's investor relations website, https://webster.gcs-web.com/, under the heading "Financials" and in other documents Webster files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time.  Webster does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.  As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

 

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SOURCE HSA Bank

FAQ

What is the recent acquisition involving Webster Financial Corporation (WBS)?

Webster Financial Corporation has signed an agreement to acquire Bend Financial, which specializes in cloud-based HSA solutions.

How will the acquisition of Bend Financial impact HSA Bank's services?

The acquisition will enhance HSA Bank's digital experience and simplify HSA management for its clients.

What are the financial standings of HSA Bank as of December 31, 2021?

HSA Bank reported total footings of $11.1 billion, including $7.4 billion in deposit balances.

How many members does HSA Bank serve nationwide?

HSA Bank serves approximately three million members across the United States.