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Bank Affiliate Makes HSA Deal

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UMB Healthcare Services has acquired a block of 315 health savings accounts and a block of 308 medical savings accounts from Benefit Administrators.

The accounts in the HSA and MSA blocks hold a total of $3.6 million in assets, according to UMB Healthcare, a unit of UMB Financial Corp., Kansas City, Mo.

UMB, a bank holding company that has been active in the personal health account market, and Benefit Administrators, a subsidiary of E.G. Lee & Company Insurance Services Inc., Lafayette, Calif., have not announced the price of the deal.

Benefit Administrators says it is selling the HSA and MSA blocks because it feels it does not have a big enough health account business to manage the business efficiently.