SelectAccount, a market leading provider of medical spending accounts solutions, announced it has agreed to acquire HSA Resources and the health savings account (HSA) portfolios of Falcon National Bank and its affiliate financial institutions. As part of the agreement, Falcon National Bank will continue to offer HSAs through a co-branded distribution arrangement with SelectAccount. The transaction is expected to close in December 2016.
“In order to provide leading HSA solutions to all of our clients, we have decided to partner with SelectAccount,” stated John Herges, CEO Falcon National Bank. “After an extensive evaluation of many top HSA administrators, we concluded that SelectAccount has the right level of expertise and resources to provide our clients with the most innovative, flexible, and customer-focused HSA solution in the market today.”
“SelectAccount continues to work diligently to evolve health savings account administration, investing in technology and resources that keep client’s financial and physical health at the center of our decision making,” said Matt Marek, President and CEO of SelectAccount. “We look forward to building upon the fantastic work and customer service experience that HSA Resources and its partner financial institutions provided account holders and to serving their future needs through insightful solutions.”
SelectAccount has been driving innovation in medical spending administration for over 25 years. By offering a full suite of tax-advantaged solutions – HSA, HRA, FSA, VEBA, transportation and dependent care accounts – as well as WalletDoc consumer tools, SelectAccount is positioned to meet clients’ changing needs as they plan for upcoming health care expenditures. SelectAccount is one of the leading medical spending administrators in the country, serving over 450,000 account holders and managing nearly $1 billion dollars in consumer medical account savings assets. SelectAccount integrates with numerous partner data exchange connections, serving over 8,500 employers with account holders in all 50 states. MII Life, Inc., d.b.a. SelectAccount is an approved U.S. Department of Treasury non-bank HSA Trustee. SelectAccount is headquartered in Eagan, Minnesota. Visit www.SelectAccount.com to learn more.
About HSA Resources and Falcon National Bank
HSA Resources, a division of Falcon National Bank, has been committed to helping agents, employers and individuals get the most of their HSAs through education and exceptional service since 2004.
Falcon National Bank, headquartered in Foley, MN, was founded in 2003, by a local group of investors. Falcon National Bank has continued to build long-term relationships focused on mutual respect, positive relations, and active partnerships with businesses and organizations in our Central Minnesota communities. Falcon National Bank was recognized by the Star Tribune as “Top Work Place 2016”.