UMB Bank, a subsidiary of UMB Financial Corporation, has acquired the health savings account business of Old National Bank, a subsidiary of Old National Bancorp.

The transaction contemplates the transfer of approximately $500 million in client assets.

“Our strategic focus continues to be on growth in the direct-to-employer space,” said Phil Mason, director of healthcare services at UMB. “This acquisition provides significant business gain and a strong, experienced team that will complement our organic growth efforts.”