The Bancorp in Wilmington, Del., has agreed to sell most of its health-savings account portfolio to HealthEquity in Draper, Utah.
The $4.7 billion-asset Bancorp, which is in the middle of an aggressive corporate turnaround, said in a press release Friday that it is selling the portfolio for $34.4 million. The sale includes about 170,000 accounts totaling more than $400 million in deposits.
The move is part of Bancorp’s bigger plan to shed about $900 million in deposit relationships, Frank Mastrangelo, the company’s chief executive, said in the release.
HealthEquity, one of the nation’s leading HSA custodians, manages more than 1.5 million HSAs with more than $2.6 billion in deposits. Bancorp said that it also extended its existing card issuance program with HealthEquity through June 2019.
Bancorp said it will continue its partnerships with nonbank financial service companies in the health care sector, including HealthEquity. The company also said it intends to maintain and grow its card-issuing services for pretax benefit programs.