HealthEquity Inc. (Nasdaq: HQY) is buying the Bancorp Inc.'s (Nasdaq: TBBK) health savings account portfolio for $34.4 million.
The deal includes about 170,000 accounts with more than $400 million in deposits. Bancorp, a Wilmington, Delaware-based bank, previously announced a plan to divest about $900 million in deposits.
Draper, Utah-based HealthEquity manages health savings accounts worth about $2.6 billion.
Willkie Farr & Gallagher LLP advised HealthEquity on the deal.
There have been a handful of financial services deals recently. Also on Oct. 23, Regions Financial Corp. (NYSE: RF) made a deal for middle-market investment bank BlackArch. Earlier in October, Deluxe Corp. (NYSE: DLX) agreed to acquire data services provider Datamyx LLC.