HealthEquity Inc. has bought First Horizon Msaver Inc., a health savings account (HSA) administrator, from First Tennessee Bank N.A.

HealthEquity, Salt Lake City, a non-bank HSA custodian, has about $400 million in managed assets, 12,000 employer customers and 250,000 custodial accounts.

HealthEquity will be getting about $170 million in deposits from the Msaver HSA program, according to First Horizon National Corp., Memphis, Tenn. (NYSE:FHN), the parent of First Tennessee.

First Horizon plans to recognize a $9 million pre-tax gain in connection with the deal.

Msaver customers will be getting access to 24-hour-a-day support, free mutual fund investing within an HSA, and the ability to make online payments to doctors and hospitals, HealthEquity says.

- Allison Bell

Other acquisition coverage from National Underwriter Life & Health: