A total of 19 banks are set to make their debuts in the Russell 3000 index of the largest US companies when it is revised in the coming weeks.
The first provisional list of new entrants to the index was published on June 3, and includes Florida-based US Century Bank, Colorado-headquartered First Western Financial, and Virginia-based John Marshall Bank.
Luis de la Aguilera, president and CEO of US Century Bank, said: “Joining the Russell 3000 Index is an important milestone, which will broaden [parent company] USCB Financial Holding’s overall investor awareness and exposure within the investment community.”
As well as being included in the Russell 3000 index, First Western Financial and John Marshall Bank have also both qualified for the Russell 2000 small cap index.
Christopher Bergstrom, president and CEO of John Marshall Bank, said its inclusion would “increase our visibility among key institutional investors, provide increased trading volume for our shareholders and improve the attractiveness of our stock as a potential acquisition currency”.
Scott Wylie, chairman and CEO of First Western Financial, said his company’s “strong execution on our organic and acquisitive growth strategies” had powered the growth necessary to qualify got the Russell indexes.
The full list of banks is as follows, and is subject to further revisions by index provider FTSE Russell over the course of June.
- ACNB Bank
- Bankwell Financial Group
- BCB Bancorp
- Colony Bankcorp
- Esquire Financial Holdings
- Farmers & Merchants Bancorp
- First Guaranty Bancshares
- First Western Financial
- John Marshall Bancorp
- Northeast Bank
- Parke Bancorp
- PCB Bancorp
- Professional Holding
- Shore Bancshares
- Sterling Bancorp
- Unity Bancorp
- USCB Financial Holdings
Separately, the American Bankers Association (ABA) added eight banks to its community bank index, run by Nasdaq.
The new additions are: Virginia’s FVCBancorp and John Marshall Bank, NSTS Bancorp in Illinois, Florida-based BayFirst Financial Corporation, CFSB Bancorp of Massachusetts, Indiana’s Finward Bancorp, Utah-based FinWise Bancorp, and Third Coast Bancshares of Texas.
BOK Financial Corporation has been removed from the index as it now holds one of the 50 largest banking charters in the country.
The ABA NASDAQ Community Bank Index now includes 288 community banks with a combined market cap of $256.2 billion.