WILMINGTON, Del. & KANSAS CITY, Mo.--(BUSINESS WIRE)--

The Bancorp, Inc. (Nasdaq: TBBK) and UMB Bank, n.a. (Nasdaq: UMBF) today announced that they have entered into an agreement for UMB to acquire a subset of The Bancorp’s remaining health savings accounts (HSAs). The portfolio includes approximately 40,000 accounts with $76 million in deposits and investment assets. The transaction is pending regulatory approval and is a continuation of The Bancorp’s exit from the HSA business, which began in 2015.

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“This transaction is yet another important step toward The Bancorp focusing its businesses and increasing the efficiency of its financial service infrastructure,” said Damian Kozlowski, President and CEO of The Bancorp. “This sale will allow us to continue to streamline our operations and reduce the associated costs and resources supporting a non-core franchise.”

“This transaction represents our ongoing commitment to our HSA business by taking advantage of opportunities that allow us to scale and grow our business as the industry consolidates,” said Begonya Klumb, CEO of UMB Healthcare Services, a division of UMB Bank n.a. “We are focused on providing a seamless transition to The Bancorp account holders with our user-friendly technology and personalized customer service. Ultimately, we believe this acquisition will be beneficial for both account holders and business partners.”

The Bancorp will continue its partnerships with non-bank financial service companies in the healthcare sector, including maintaining and growing its card-issuing services for pre-tax benefit programs.

UMB Healthcare Services is one of the top HSA custodians in the nation with 826,000 HSAs and $1.6 billion in HSA deposits and investment assets. According to the 2016 Devenir Midyear HSA Market Statistics & Trends report, UMB holds 5 percent market share and ranks sixth in the industry by number of HSAs and seventh by HSA deposits and investment assets.

About The Bancorp

With operations in the US and Europe, The Bancorp, Inc. (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 company’s primary subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (U.S.), 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. For more information, please visit www.thebancorp.com.

About UMB:

UMB Financial Corporation (Nasdaq: UMBF) is a diversified financial holding company headquartered in Kansas City, Mo., offering complete banking services, payment solutions, asset servicing and institutional investment management to customers. UMB operates banking and wealth management centers throughout Missouri, Illinois, Colorado, Kansas, Oklahoma, Nebraska, Arizona and Texas, as well as two national specialty-lending businesses. Subsidiaries of the holding company include companies that offer services to mutual funds and alternative-investment entities and registered investment advisors that offer equity and fixed income strategies to institutions and individual investors. For more information, visit umb.com, umbfinancial.com, blog.umb.com or follow us on Twitter at @UMBBank, Facebook at facebook.com/UMBBank and LinkedIn at linkedin.com/company/umb-bank.

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