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BancorpRI Joins Russell 3000 Index for the First Time Since 1998 NASDAQ Listing

Strategic Insights

— 1 min read

Bancorp Rhode Island, Inc., the parent company of Bank Rhode Island, has announced its selection to join the broad-market Russell 3000 Index, marking its first inclusion in the index since BankRI's NASDAQ listing in 1998. The Russell 3000 Index is a prestigious benchmark for top companies and banking institutions, featuring notable stocks such as Apple, AT&T, and Citigroup. The inclusion is a result of BancorpRI's strong equity and reputation as Rhode Island's bank for business, according to President & CEO Merrill W. Sherman. The membership remains in place for one year and also earns automatic inclusion in the Russell 2000 Index, representing small-cap securities.

Key Takeaways:

  • BancorpRI, the parent company of Bank Rhode Island, has been selected to join the Russell 3000 Index, marking its first inclusion since 1998.
  • The company's membership in the Russell 3000 Index is a result of its strong equity and reputation as Rhode Island's bank for business.
  • The Russell 3000 Index includes notable stocks such as Apple, AT&T, and Citigroup, and is used as a benchmark by investment managers and investors.
  • BancorpRI's membership in the Russell 3000 Index will remain in place for one year and also earns automatic inclusion in the Russell 2000 Index.
  • The Russell Investments company, a subsidiary of Northwestern Mutual, compiles the list of stocks in the Russell 3000 Index.
  • BancorpRI has operated 16 branches and more than 60 ATMs throughout Providence, Kent, and Washington Counties as of March 31, 2009.
  • The company has more than $1.5 billion in assets and $1.0 billion in deposits as of March 31, 2009.

Statistics:

  • BancorpRI has over $1.5 billion in assets as of March 31, 2009.
  • The company has $1.0 billion in deposits as of March 31, 2009.
  • The Russell 3000 Index is reconstituted annually by Russell Investments, a subsidiary of Northwestern Mutual.
  • The Russell 3000 Index features over 3,000 top companies and banking institutions.
  • BancorpRI's membership in the Russell 3000 Index will remain in place for one year.

Sources:

  • "Bancorp Rhode Island Announces Selection to Join Russell 3000 Index." Bancorp Rhode Island, 2009.
  • "Russell 3000 Reconstitution FAQs." Russell Investments.

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