Webster Financial Corporation’s (WBS - Free Report) division HSA Bank acquired health savings accounts (HSAs) of Inland Bank and Trust, thereby strengthening the former’s position as the nation's preeminent bank administrator and depository of HSAs.
Per the agreement, around 4,800 accounts, with $15.5 million in deposits, have transitioned from Inland Bank and Trust to HSA Bank. The transaction was subject to regulatory approvals and customary closing norms.
The buyout offers Inland Bank and Trust's HSA accountholders easy ways to manage their healthcare spending and savings by being associated with HAS Bank.
Per HSA Bank management, "We are well-equipped to help accountholders make the most of their health and wealth, now and into retirement with tools and experiences that drive exceptional outcomes."
Notably, the company has been actively involved in inorganic activities to expand HSA Bank's offerings. In February 2022, Webster Financial completed its merger with Bend Financial to accelerate digital transformation for HSA Bank. In 2020, HSA Bank completed the acquisition of the existing 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.
In January 2022, it acquired Sterling Bancorp in an all-stock deal valued at $5.2 billion, making it one of the largest commercial banks in the Northeast United States. The combined company strengthened its loan balance and deposit franchise.
However, as WBS prioritizes capital utilization for organic growth opportunities, portfolio acquisitions and enhancement of other differentiated business lines, its unfavorable debt/equity ratio makes capital-deployment activities unsustainable.
In the past six months, shares of the company have gained 14.3% compared with the industry’s growth of 3.3%.
Stocks Worth a Look
A couple of better-ranked stocks from the finance space are Ares Capital Corporation (ARCC - Free Report) and Gladstone Investment Corporation (GAIN - Free Report) .
The Zacks Consensus Estimate for Ares Capital’s current-year earnings has moved 6.1% higher over the past 30 days. Its shares have gained 8.5% in the past month. Currently, ARCC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Gladstone Investment currently sports a Zacks Rank #1. Its earnings estimates for the current fiscal year have been revised 21.5% upward over the past 30 days. In the past month, GAIN’s shares have rallied 12.8%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s an American AI company that’s riding low right now, but it has rounded up clients like BMW, GE, Dell Computer, and Bosch. It has prospects for not just doubling but quadrupling in the year to come. Of course, all our picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
Webster Financial Corporation’s (WBS - Free Report) division HSA Bank acquired health savings accounts (HSAs) of Inland Bank and Trust, thereby strengthening the former’s position as the nation's preeminent bank administrator and depository of HSAs.
Per the agreement, around 4,800 accounts, with $15.5 million in deposits, have transitioned from Inland Bank and Trust to HSA Bank. The transaction was subject to regulatory approvals and customary closing norms.
The buyout offers Inland Bank and Trust's HSA accountholders easy ways to manage their healthcare spending and savings by being associated with HAS Bank.
Per HSA Bank management, "We are well-equipped to help accountholders make the most of their health and wealth, now and into retirement with tools and experiences that drive exceptional outcomes."
Notably, the company has been actively involved in inorganic activities to expand HSA Bank's offerings. In February 2022, Webster Financial completed its merger with Bend Financial to accelerate digital transformation for HSA Bank. In 2020, HSA Bank completed the acquisition of the existing 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.
In January 2022, it acquired Sterling Bancorp in an all-stock deal valued at $5.2 billion, making it one of the largest commercial banks in the Northeast United States. The combined company strengthened its loan balance and deposit franchise.
However, as WBS prioritizes capital utilization for organic growth opportunities, portfolio acquisitions and enhancement of other differentiated business lines, its unfavorable debt/equity ratio makes capital-deployment activities unsustainable.
In the past six months, shares of the company have gained 14.3% compared with the industry’s growth of 3.3%.
Stocks Worth a Look
A couple of better-ranked stocks from the finance space are Ares Capital Corporation (ARCC - Free Report) and Gladstone Investment Corporation (GAIN - Free Report) .
The Zacks Consensus Estimate for Ares Capital’s current-year earnings has moved 6.1% higher over the past 30 days. Its shares have gained 8.5% in the past month. Currently, ARCC carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Gladstone Investment currently sports a Zacks Rank #1. Its earnings estimates for the current fiscal year have been revised 21.5% upward over the past 30 days. In the past month, GAIN’s shares have rallied 12.8%.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s an American AI company that’s riding low right now, but it has rounded up clients like BMW, GE, Dell Computer, and Bosch. It has prospects for not just doubling but quadrupling in the year to come. Of course, all our picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock And 4 Runners Up
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