BIRMINGHAM, Ala.--(BUSINESS WIRE)-- In response to unprecedented flooding following Hurricane Harvey, Regions Bank on Tuesday announced the company is giving $100,000 to support relief efforts, rebuilding and recovery. The funds will be divided between the United Way of Greater Houston’s Flood Relief Fund and a relief program to assist Regions associates directly affected by the flooding.

“The Greater Houston area faces a long road to recovery as historic flood waters recede and rebuilding begins,” said Grayson Hall, Chairman, President and CEO of Regions Financial Corp. “We are committed to providing long-term support to meet the needs of our clients, communities and associates personally affected by Hurricane Harvey. By providing financial resources, guidance and services, we hope we can make the recovery easier.”

The United Way of Greater Houston has established a Flood Relief Fund to help with the recovery needs of those most impacted by Hurricane Harvey. All funds raised by United Way’s Flood Relief Fund will be used to help with both immediate, basic needs and long-term recovery services such as case management and minor home repair.

Approximately 275 Regions associates call the greater Houston area home, and many have been personally affected by widespread flooding following Hurricane Harvey. The Regions Associate Relief Program, which is administered by a third party, provides financial assistance to associates who have been affected by disasters.

Regions is also offering a variety of financial services to help people in communities impacted by Hurricane Harvey and ongoing flooding related to the storm. Special offers include:

• Regions fees waived for our customers at other banks’ ATMs in the affected areas²
• Regions ATM fees waived for non-customers at Regions ATMs in the affected areas²
• One penalty-free CD withdrawal³
• Personal loan payment extensions and forbearances through the Regions Customer Assistance Program⁴
• Payment extensions available for existing credit card holders⁴
• Discounts on standard rates for new business loans up to $1 million to help with recovery needs for those in the affected disaster areas⁵
• Business loan payment deferrals for up to 90 days available on existing loans for those in the affected disaster areas⁴
• A dedicated team to assist Regions customers who are facing difficulties making payments on credit cards, loans or lines of credit. Customers may call 1-800-411-9393 for immediate assistance.

“Right now, there’s nothing more important than helping our customers, neighbors and coworkers begin to recover and rebuild,” said Marc Angle, Area President for Regions Bank in Texas. “We’ve seen first-hand the impact of Hurricane Harvey and its aftermath, and we stand with our communities as we work to recover together.”

Regions has established a dedicated toll-free number (1-800-411-9393) to expedite assistance to affected customers. Through its Customer Assistance Program Regions provides assistance to consumers and businesses facing financial challenges. General account services are also available at any time via regions.com and Regions’ mobile services.

For the safety of customers and associates, Regions branches in Houston remain closed. Branches in the impacted areas will be reopened as soon as possible.

About Regions Financial Corporation

Regions Financial Corporation (NYSE:RF), with $125 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, mortgage, and insurance products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 1,900 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.

© Regions Bank, Member FDIC.

1 Special offers are available for a limited time and only to individuals and businesses in a designated FEMA disaster area in the Houston area, may be subject to other exclusions and restrictions, and are subject to change without notice. All loans and lines, extensions and forbearances are subject to required documentation and credit approval. Residency restrictions may apply.

2 Regions’ customers who use non-Regions ATMs may be charged an ATM service fee by the owner of the ATM. Regions’ ATM services to non-customers may be subject to fees charged by their banks.

3 The no-penalty offer allows customers to make one partial or complete withdrawal without penalty. The penalty-free withdrawal must be made more than seven days after the issue date or the most recent renewal date (whichever is later). Any other withdrawals will be subject to penalties.

4 Payment extensions and forbearances are subject to credit approval. Interest will continue to accrue during the period that the payment is extended, skipped or deferred. For installment loans, extending, deferring or skipping payment will extend the maturity of your loan but will not automatically extend any optional insurance.

5 New business loan rate discount may not be combined with other special offers or discounts.

6 Payment deferrals are subject to credit approval. Interest will continue to accrue during the period that the payment is skipped or deferred. For installment loans, deferring or skipping payment will extend the maturity of your loan but will not automatically extend any optional insurance.

Regions and the Regions logo are registered trademarks of Regions Bank. The LifeGreen color is a trademark of Regions Bank.

View source version on businesswire.com: http://www.businesswire.com/news/home/20170829006208/en/

Regions Bank

Evelyn Mitchell, 205-264-4551

www.regionsbanknews.com

Regions News on Twitter: @RegionsNews

Source: Regions Financial Corporation

The liquidation of PHL Variable Insurance Co. will not happen until next year at the earliest, Connecticut Insurance Commissioner Josh Hershman said in a status update filed Tuesday.

State insurance guaranty associations are preparing to seek bids from insurers willing to assume portions of the troubled company's business, Hershman explained, a process that will take months. The court-appointed rehabilitator for PHL, Hershman had maintained that a liquidation order would be entered by the end of 2026.

The National Organization of Life and Health Insurance Guaranty Associations is handling the request for proposals to take PHL business, the report said.

The organization "anticipates that its RFP process will commence in the third quarter of 2026," he wrote. "After the RFP process commences, the timing of critical next steps will vary depending on the proposals that are received."

Connecticut regulators placed PHL Variable into rehabilitation in May 2024 due to hazardous financial conditions, attaching a moratorium on benefits and premiums. In December, a judge approved changes to the moratorium that could reduce universal life death benefits owed by up to $4.1 billion.

Bumpy road to liquidation

Regulators tried for months to rehabilitate PHL, before abruptly pivoting to a liquidation plan announced in the rehabilitator's year-end 2025 filing.

Hershman remains confident that insurers are interested in assuming some of PHL's guaranteed insurance and annuity obligations.

The rehabilitator said the bidding process also could include proposals that provide policyholders with benefits above state guaranty association coverage limits, funded by assets remaining in the receivership estate. Any enhanced benefits would depend on factors including the proposals received, available estate assets, applicable guaranty association coverage and court approval.

"The shared goal is to protect policyholders as provided for under receivership and guaranty association statutes while maximizing the value of the estate assets," the report said.

The report also provided an update on policyholder elections under a court-approved modification of the rehabilitation moratorium. Universal life and fixed indexed annuity holders were given options to receive fixed amounts under their policies.

According to the filing, nearly all eligible policyholders and annuity contract holders have received election packages outlining available modification options. About 350 customized election packages remain outstanding for certain universal life policyholders who own multiple policies or annuity contracts covering the same insured. Those mailings are expected to be completed in July, Hershman reported.

As of June 23, about 40% of eligible policyholders and annuity holders had submitted elections selecting one of the available modification options.

PHL's administrative service provider has processed approximately 80% of the fixed indexed annuity election forms received and about 60% of universal life election forms, the report said, with processing continuing within the timeframes outlined in the election materials.

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