First American Bank Partners with Devenir to Offer Best in Class HSA Investment Options

Elk Grove Village, IL, October 14 – As a leader in offering comprehensive on-line banking for Health Savings Accounts, First American Bank is pleased to announce an exciting new addition to its HSA Banking platform. Through a strategic partnership with Devenir, the national leader in HSA investment options, First American Bank is offering its HSA account holders the option of investing in eight “best in class” mutual funds. The funds cover a variety of recognizable fund families and asset classes and are self-managed by the HSA accountholder.

“The Health SavingsPLUS account provides our customers with another choice beyond our standard Health Savings Account”, said Adelbert Spaan, Senior Vice President, First American Bank. “We really feel that offering an investment alternative is a very attractive option for people who use a Health Savings Accounts as a long term savings vehicle”.

“Experts predict that the average 65 year old couple will need an additional $200,000 in retirement to pay for medical expenses, over and above Medicare. The addition of best in class investment options allow First American Bank HSA customers the opportunity to grow their HSA dollars to help pay for those future healthcare needs”, said Lori Gluth, Devenir Corporate Services.

About First American Bank
First American Bank is an Illinois-chartered, full-service bank with over 43 Chicago area locations and more than $2 billion in assets. First American Bank offers HSA accounts nation wide and works with individuals, employer groups, TPAs and Brokers to service their HSA needs. A recent Vimo report gave First American the highest ranking, as most affordable HSA account in the nation. For more information about First American Bank’s HSA services, email HSA@firstambank.com or visit www.firstambank.com.

About Devenir
Devenir, a full-service broker dealer and registered investment advisor based in Minneapolis is the national leader in providing customized investment solutions to the HSA Custodian marketplace. As an independent investment firm, Devenir offers a host of investment options to suit the unique needs of employers, banks, third party administrators and plan participants. Devenir designs and implements convenient, user-friendly and cost-effective investment platforms by integrating quality investment choices with streamlined administrative functions. This approach allows any bank or third party administrator to attach a robust back-end investment process to most health benefit plans.