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Webster Bank to buy First Tennessee health savings accounts

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Webster Bank to buy First Tennessee health savings accounts

Waterbury, Conn.-based Webster Bank NA has applied to acquire certain health savings accounts from First Tennessee Bank NA of Memphis.

The transaction will include related assets, certain deposits and other liabilities but no loans or branches.

Webster Financial Corp. is the $26.49 billion-asset holding company of Webster Bank. First Tennessee, a First Horizon National Corp. subsidiary, had $41.20 billion in assets at the end of 2017.

The parties executed their purchase-and-assumption agreement on Feb. 27, according to the filing, and hope to close the deal by May 4. They are requesting the Office of the Comptroller of the Currency to grant approval by April 15.