FirstMerit Corp., Akron, Ohio, hired Charles Schwab as record keeper of its 401(k) plan, according to the plan's website.
The hire of Schwab is the result of the completion of the firm's acquisition of Citizens Republic Bancorp, Flint, Mich. The change was effective Jan. 1.
Previously, the firm's FirstMerit Bank subsidiary was FirstMerit's record keeper, while Prudential Retirement was the Citizens Republic's 401(k) plan record keeper. The Citizens Republic plan merged into the FirstMerit plan, also effective Jan. 1.
It could not be learned by press time why FirstMerit decided to switch to an external firm for its record-keeping services. A blackout period began at noon EST Dec. 23 and is in effect until Jan. 17, according to a recent 8-K filing with the SEC.
As of Dec. 31, 2012, the FirstMerit Corp. and Affiliated Employees' Salary Savings Retirement Plan had $139 million in assets, according to the company's most recent 11-K filing. The Citizens Republic Bancorp 401(k) Plan had $123 million in assets on the same date, according to the company's most recent Form 5500 filing.
Phone calls to Christopher J. Maurer, executive vice president-human resources, and Robert Leggett, chief investment strategist, were not returned by press time.