Webster Financial (WBS) Acquires Bend Financial

Webster Financial Corporation (NYSE: WBS) ("Webster") today announced that it has signed a definitive agreement to acquire Bend Financial, Inc. ("Bend"), a cloud-based platform solution provider for health savings accounts (HSA).

Bend's client-facing experience utilizes cloud native technology and user-centered design to offer a simplified and modern approach to HSA management and engagement.

"This acquisition demonstrates Webster's commitment to enhance HSA Bank's client experience through strategic technology investments," said John R. Ciulla, President and CEO of Webster.

Under the agreement, Bend will continue to operate and serve its clients as it does today. Over time Bend's personalized and connected user experience will be expanded to HSA Bank consumers.

"Bend complements HSA Bank's ability to drive even better outcomes and value for the millions of consumers we serve. This accelerates efforts underway to deliver enhanced user experiences," said Chad Wilkins, President of HSA Bank.

"Our goal is to simplify healthcare saving and make it easy for everyone to manage their long-term financial wellness. We're excited that this transaction allows us to expand on that mission," said Tom Torre, President and CEO of Bend.

Terms of the transaction were not disclosed. The transaction is expected to be completed promptly in the first quarter of 2022.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Webster.

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