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HealthEquity closes The Bancorp, M&T HSA portfolio deals

HealthEquityInc., during the year ended Jan. 31, acquired the rights to be the of and health savingsaccount portfoliosfor about $34.2 million and about $6.2 million, respectively.

HealthEquity used funds received from its certain commonshare offerings to fund both transactions. The remainder of the funds from theofferings has been invested in registered money market accounts and mutualfunds, according to a Form 10-K filed March 31.

The Bancorp and M&T HSA portfolios consisted of about$390.0 million of AUM and $63.0 million of AUM, respectively.

Also, The Bancorp and M&T HSA portfolios had about160,000 HSA members and 35,000 HSA members, respectively, the latter of whichtransitioned to HealthEquity's platform subsequent to Jan. 31.