Parent Webster Financial Corporation to Acquire Bend Financial

MILWAUKEE, WI – HSA Bank today announced that its parent Webster Financial Corporation (NYSE: WBS) has signed a definitive agreement to acquire Bend Financial, Inc., a cloudbased health savings account (HSA) solutions provider.

This investment will further advance efforts to deliver differentiation to customers through a simplified and modern approach to HSA management and engagement.

“Leveraging Bend’s cloud native technology and user-centered design, HSA Bank will enhance our digital experience for clients in an engaging and intuitive way,” said Chad Wilkins, President of HSA Bank. “This will enable our customers to better understand the financial impact of their healthcare decisions to make smart choices for long-term savings.”

The Bend technology provides detailed guidance to help consumers fully understand and optimize their healthcare savings account and the choices that affect short- and long-term financial goals.

“Our goal has always been to simplify healthcare saving and make it easy for everyone to manage their financial wellness. The Bend team is looking forward to joining HSA Bank and expanding on that mission,” said Tom Torre, President and CEO of Bend.

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About HSA Bank:

At HSA Bank, a division of Webster Bank, N.A., we’re working toward a world where everyone is empowered to save for a healthy future. By providing the right tools and resources, we make it simple for our 3 million members nationwide to maximize their savings for healthcare and long-term goals. As a leader in health accounts for over two decades, we continue to innovate. Our offerings in the healthcare savings space drive down healthcare costs, increase access, and assist with decision-making for consumers, health plans, partners, and advisors. As of December 31, 2021, HSA Bank had $11.1 billion in total footings comprising $7.4 billion in deposit balances and $3.7 billion in assets under administration through linked investment accounts. Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.com.

About Webster Financial Corporation

Webster Financial Corporation (NYSE:WBS) is the holding company for Webster Bank, National Association and its HSA Bank division. Webster is a leading commercial bank in the Northeast that provides a wide range of financial solutions across three differentiated lines of business: Commercial Banking, Consumer Banking and its HSA Bank division, one of the country’s largest providers of employee benefits solutions. Headquartered in Stamford, CT, Webster is a values-guided organization with more than $65 billion in assets. Its core footprint spans the northeastern U.S. from New York to Massachusetts, with certain businesses operating in extended geographies. Webster Bank is a member of the FDIC and an equal housing lender. For more information about Webster, including past press releases and the latest annual report, visit the Webster website at www.websterbank.com.

About Bend Financial

Bend Financial helps accountholders and partners improve their financial wellness through a next-generation health savings account (HSA) platform and complementary financial solutions, while providing employers, brokers, health plans and financial institutions of all types and sizes unique, leading-edge benefit offerings. Headquartered in Boston, Bend’s forward-thinking, user-friendly approach simplifies healthcare saving and offers real-time, personalized guidance that makes it easy for anyone to maximize their HSA. For more information, visit bendhsa.com, read Bend’s blog and follow Bend on Twitter and LinkedIn.

Media Contact:

Alice Ferreira, 203-578-2610
acferreira@websterbank.com