HealthEquity has acquired health savings account administrator First Horizon Msaver from First Tennessee Bank National Association. The sales amount was not disclosed.

The combined company creates the nation's largest non-bank HSA custodian, with more than $600 million in assets under management and 17,000 employer customers.

"I am very excited about the benefits of this acquisition for our customers," says Msaver President E. Craig Keohan. "They will continue to enjoy Msaver's concierge-level customer service and gain access to additional capabilities and product features."

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