Leesport Financial Corp. in Wyomissing, Pa., said Thursday that it had bought an equity position in First HSA LLC, a national health savings account administration company for which Leesport Bank acts as account custodian.
First HSA was founded in 1999 by Dr. William West Jr., a Wyomissing physician, who is its president.
Health savings accounts let account holders pay for qualified medical expenses with pretax dollars. Any money left in the account at yearend is rolled over to the next year.
"As health savings accounts become a popular low-cost vehicle for medical insurance for Americans, we thought it would provide us with an excellent source of low-cost deposits as the competition for deposits continues to increase," Edward Barrett, Leesport's chief financial officer, said in a press release.
