Webster Signs Definitive Agreement to Acquire Bend Financial

STAMFORD, Conn., Feb. 16, 2022 /PRNewswire/ -- Webster Financial Corporation (NYSE: WBS) ("Webster") today announced that it has signed a definitive agreement to acquire Bend Financial, Inc. ("Bend"), a cloud-based platform solution provider for health savings accounts (HSA).

Bend's client-facing experience utilizes cloud native technology and user-centered design to offer a simplified and modern approach to HSA management and engagement.

"This acquisition demonstrates Webster's commitment to enhance HSA Bank's client experience through strategic technology investments," said John R. Ciulla, President and CEO of Webster.

Under the agreement, Bend will continue to operate and serve its clients as it does today. Over time Bend's personalized and connected user experience will be expanded to HSA Bank consumers.

"Bend complements HSA Bank's ability to drive even better outcomes and value for the millions of consumers we serve. This accelerates efforts underway to deliver enhanced user experiences," said Chad Wilkins, President of HSA Bank.

"Our goal is to simplify healthcare saving and make it easy for everyone to manage their long-term financial wellness. We're excited that this transaction allows us to expand on that mission," said Tom Torre, President and CEO of Bend.

Terms of the transaction were not disclosed. The transaction is expected to be completed promptly in the first quarter of 2022.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Webster.

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 HSA Bank:
At HSA Bank, 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 and is a division of Webster Bank, N.A., Member FDIC Plan Administrative Services and Benefit Services are administered by Webster Servicing LLC. To learn more, visit hsabank.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
[email protected]

Investor Contact:
Emlen Harmon, 212-309-7646
[email protected]

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Webster, and other statements that are not historical facts.  Such statements are subject to numerous assumptions, risks, and uncertainties.  Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements.  Forward-looking statements may be identified by words such as expect, anticipate, believe, intend, estimate, plan, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations.  The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements:  changes in general economic, political, or industry conditions; the magnitude and duration of the COVID-19 pandemic and its impact on the global economy and financial market conditions and our business, results of operations, and financial condition; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve Board; volatility and disruptions in global capital and credit markets; movements in interest rates; reform of LIBOR; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the OCC, Federal Reserve, FDIC, and CFPB; the outcome of any legal proceedings that may be instituted against Webster; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; and other factors that may affect the future results of Webster.  Additional factors that could cause results to differ materially from those described above can be found in Webster's Annual Report on Form 10-K for the year ended December 31, 2020, which is on file with the Securities and Exchange Commission (the "SEC") and available on Webster's investor relations website, https://webster.gcs-web.com/, under the heading "Financials" and in other documents Webster files with the SEC.

All forward-looking statements speak only as of the date they are made and are based on information available at that time.  Webster does not assume any obligation to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.  As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

SOURCE Webster Financial Corporation