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The Bancorp To Sell $400 Million Hsa Portfolio To Healthequity

The following excerpt is from the company's SEC filing.

WILMINGTON, Del. and DRAPER, Utah—October 23, 2015— The Bancorp, Inc. (NASDAQ:TBBK) and HealthEquity, Inc. (NASDAQ:HQY), today announced the sale of a majority of The Bancorp’s Health Savings Account (HSA) portfolio to HealthEquity for $34.4 million. The transaction, which includes approximately 170,000 accounts totaling more than $400 million in deposits, allows both companies to focus on growth within their respective areas of expertise and provide an optimal experience for account holders.

“As The Bancorp deploys its previously-announced strategic plan to exit from $900 million of certain deposit relatio nships, we are confident knowing that our HSA clients and customers will be entrusted to an outstanding organization and service team,” said Frank M. Mastrangelo, The Bancorp CEO.

HealthEquity, known for its industry-leading technology, focus on HSA education and commitment to delivering remarkable service to members every hour of every day, is one of the nation’s leading HSA custodians, currently managing more than 1.5 million HSAs, with deposits...