HSA Bank, the trade name for State Bank of Howards Grove, Wis., which is a leading custodian and administrator of health savings accounts, said Wednesday that it has agreed with a unit of Trustmark Mutual Holding Co. to be the primary financial trustee of the HSAs associated with the latter's high-deductible health plans.
Under the agreement, Trustmark's CoreSource unit, a third-party employee benefit administrator, is to recommend that customers establish health savings accounts with HSA Bank, which is an FDIC-insured institution and qualified health savings account trustee. It has customers in every state and is one of the first financial institutions to offer health savings accounts.
On Sept. 7, HSA Bank announced a definitive agreement to be acquired by Webster Bank of Waterbury, Conn., the 45th-largest U.S. bank. It is to become a division of Webster Bank.
