{"id":482801,"date":"2021-04-27T16:23:07","date_gmt":"2021-04-27T20:23:07","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/fifth-third-bank-hsas-moving-to-healthequity\/"},"modified":"2021-04-27T16:23:07","modified_gmt":"2021-04-27T20:23:07","slug":"fifth-third-bank-hsas-moving-to-healthequity","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/fifth-third-bank-hsas-moving-to-healthequity\/","title":{"rendered":"Fifth Third Bank HSAs Moving to HealthEquity"},"content":{"rendered":"
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DRAPER, Utah, April 27, 2021 (GLOBE NEWSWIRE) — HealthEquity, Inc. (NASDAQ: HQY) (\u201cHealthEquity\u201d or the \u201cCompany\u201d), the largest independent HSA custodian, today announced\u00a0it has entered into a definitive agreement with Fifth Third Bank, National Association (“Fifth Third”), to transition custodianship of Fifth Third\u2019s health savings account (HSA) portfolio to HealthEquity.<\/p>\n

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.\u00a0 The definitive agreement includes a mechanism to adjust the purchase price based on the amount of HSA assets actually transferred.\u00a0<\/p>\n

“We are eager to welcome Fifth Third HSA members and employers to HealthEquity with remarkable Purple service from HSA experts and the industry\u2019s leading platform for connecting health and wealth,” said HealthEquity’s CEO, Jon Kessler<\/p>\n

\u201cHealthEquity has a culture and dedication to taking care of its customers,\u201d said Tim Spence, president of Fifth Third Bancorp. \u201cWe 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.\u201d<\/p>\n

The transition of custodianship of Fifth Third Bank\u2019s 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.<\/p>\n

\n About\u00a0HealthEquity<\/strong>\n <\/p>\n

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 \u201cPurple\u201d service. For more information, visit www.healthequity.com<\/a>.<\/p>\n

\n Forward-looking statements <\/strong>\n <\/p>\n

This press release contains \u201cforward-looking statements” within the meaning of the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our industry, business strategy, plans, goals and expectations concerning our markets and market position, product expansion, future operations, expenses and other results of operations, revenue, margins, profitability, future efficiencies, tax rates, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words \u201cmay,\u201d \u201cbelieves,\u201d \u201cintends,\u201d \u201cseeks,\u201d \u201canticipates,\u201d \u201cplans,\u201d \u201cestimates,\u201d \u201cexpects,\u201d \u201cshould,\u201d \u201cassumes,\u201d \u201ccontinues,\u201d \u201ccould,\u201d \u201cwill,\u201d \u201cfuture\u201d and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this press release.<\/p>\n

Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to be correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, risks related to the following:<\/p>\n