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Banks, Trustees
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METAVANTE COMPLETES ACQUISITION OF MED-i-BANK
Marshall & Ilsley’s Metavante Corp. (Milwaukee) has completed the acquisition of Med-i-Bank (Waltham, MA) for $138 million in stock and $7 million in cash, dramatically expanding its presence in the healthcare debit card business (HMN, May).
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SYNOVUS ADDS FIDELITY MUTUAL FUNDS TO HSAs
Synovus (Columbus, GA) announced that it would offer health savings account holders the option of investing their HSA funds in seven mutual funds from Fidelity Investments, ranging from conservative money market funds to aggressive stock funds. Synouvs banks began offering HSAs last fall.
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BANK OF AMERICA TO OFFER HSAs
Bank of America (Charlotte, NC), one of the nation’s largest financial institutions, announced that it would offer HSA custodial and administrative services through health plans and employers in time for the fall 2005 open enrollment season.
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TREASURY ISSUES COMPARABILITY RULE PROPOSALS
The Treasury Dept. proposed several clarifications to the HSA comparability rule, including one that would make comparability apply separately to fulltime, part-time and former employees (except those under COBRA).
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