Webster Financial Corporation (NYSE: WBS), the holding company for Webster Bank, N.A. and its HSA Bank division, announced today that HSA Bank has signed a definitive agreement to acquire the existing health savings accounts (HSA) of State Farm Bank, F.S.B., a subsidiary of State Farm Mutual Automobile Insurance Company, America's largest property and casualty insurance provider. This acquisition offers State Farm Bank's HSA accountholders new and easy ways to manage their healthcare spending and saving through an industry-leading HSA provider with more than two decades of experience.

Under the agreement, approximately 24,000 accounts, including an estimated $140 million in deposits, will transition from State Farm Bank to HSA Bank, the nation's leading bank administrator and depository of HSAs. Expected closing is in the second or third quarter of 2020. No other terms of the transaction are being disclosed. The transaction is subject to regulatory approval and customary closing conditions.

"We look forward to welcoming State Farm Bank HSA accountholders to HSA Bank," said Chad Wilkins, President of HSA Bank. "We are excited that State Farm selected HSA Bank as the HSA custodian of choice, and are well-equipped to help accountholders make healthcare financial decisions that are best for them in every stage of life."

Joe Monk, President and CEO of State Farm Bank added, "State Farm and HSA Bank share a common goal to help people live confidently. HSA Bank is well positioned to help accountholders save and plan for healthcare expenses today and in retirement, and we believe it is a positive move for customers."

Current State Farm Bank HSA accountholders do not need to take any action. Accountholders will receive communications in advance of the transition.

Barclays Capital Inc. advised State Farm in connection with this transaction.