October 23, 2015
Willkie client HealthEquity will acquire a $400 million health savings account portfolio from The Bancorp.
On October 23, Willkie client HealthEquity, one of the nation's oldest and largest health savings custodians, announced that it will acquire a majority of The Bancorp’s health savings account (HSA) portfolio for $34.4 million. The transaction includes approximately 170,000 accounts totaling more than $400 million in deposits.
Founded in 2002, HealthEquity (NASDAQ: HQY) services more than 1.5 million health savings accounts for 70 health plan partners and employees at approximately 27,000 companies across the United States. With operations in the United States and Europe, The Bancorp (NASDAQ: TBBK) is dedicated to serving the needs of non-bank financial service companies.
The Willkie deal team was led by partners Gordon Caplan and Jeffrey Hochman and included partner Anthony Carbone, associates Matthew Haddad and Christopher Edwab, and law clerk Ransel Potter.
The firm also represented HealthEquity in its August 2014 initial public offering and in follow-on offerings. View the IPO announcement here.
