The Bancorp in Wilmington, Del., has agreed to sell a portfolio of health savings accounts to UMB Financial in Kansas City, Mo.
The Bancorp, which has $4.4 billion in assets, said in a press release Tuesday that it is selling the $19.7 billion-asset UMB a portfolio with about 40,000 accounts with $76 million in deposits and investment assets. The Bancorp did not disclose the price.
"This transaction is yet another important step toward The Bancorp focusing its businesses and increasing the efficiency of its financial service infrastructure," Damian Kozlowski, The Bancorp's president and chief executive, said in the release. "This sale will allow us to continue to streamline our operations and reduce the associated costs and resources supporting a non-core franchise."
The Bancorp said it will continue its partnerships with nonbank financial service companies in the health care sector, including card-issuing services for pretax benefit programs.