Connecticut-based Webster Bank has completed the acquisition of Ametros Financial Corp., a firm that administers medical claims settlements.
Ametros provides post-settlement medical administration for those receiving funds from workers’ compensation and liability settlements though a technology platform, CareGuard. CareGuard provides settlement advisory support, discounts on medical expenses, and compliance with government reporting.
The business will continue to operate under the Ametros and CareGuard brands. Ametros is headquartered in Wilmington, Massachusetts.
The bank acquired the firm from funds managed by Long Ridge Equity Partners. Terms were not disclosed.
Webster Bank said the acquisition provides it with a source of low-cost and long-duration deposits, further diversifying Webster’s deposits as well as non-interest income. Its operations will be fully integrated into Webster during the first quarter of 2024, the banks said.
Headquartered in Stamford, Webster Bank serves the Northeast from New York to Massachusetts and has more than $70 billion in assets. Its HSA Bank division provides employee benefits products.
Topics Mergers & Acquisitions Claims
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