Searches and Hires

Regions Financial signs Reliance Trust as DC plan custodian

Regions Financial Corp., Birmingham, Ala., hired Reliance Trust Co. as custodian of its 401(k) plan, said Evelyn J. Mitchell, company spokeswoman, in an email.

Reliance replaced State Street Bank this month, the filing said. It did not provide a reason for the change.

Separately, the company also disclosed Monday in its 11-K filing with the SEC that, effective Jan. 1, the plan added an auto-escalation feature "in which certain participants' deferral elections were automatically increased by 1%."

As of Dec. 31, the Regions Financial Corp. 401(k) Plan had $2 billion in assets.

Ms. Mitchell would not provide further information.