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Commercial banks

Summit Bancorporation Selected for S&P SmallCap 600 Index

Strategic Insights

— 1 min read

The Summit Bancorporation, a $5.5 billion New Jersey bank holding company, has been selected for inclusion in the S&P SmallCap 600, a new index designed by Standard & Poor's to track the stock performance of smaller capitalization companies. This inclusion is expected to provide increased visibility, wider coverage by securities analysts, and increased trading in the company's stock. The S&P SmallCap 600 Index accurately represents the small-cap sector of the domestic equities market, with a combined market capitalization of $181 billion as of September 30, 1994.

Key Takeaways:

  • The Summit Bancorporation was selected for inclusion in the S&P SmallCap 600 Index, a new benchmark for smaller capitalization companies.
  • The company's market capitalization of approximately $630 million will make it among the largest companies represented in the Index nationwide.
  • Inclusion in the S&P SmallCap 600 can provide increased visibility, wider coverage by securities analysts, and increased trading in the company's stock.
  • The S&P SmallCap 600 Index accurately represents the small-cap sector of the domestic equities market.
  • The Index has a combined market capitalization of $181 billion, with a median market capitalization of approximately $267 million.
  • The company's commercial bank subsidiary, Summit Bank, operates 91 banking offices in 11 New Jersey counties.
  • The Summit Mortgage Company and Beechwood Insurance Agency, Inc. are specialized financial services affiliates of the company.

Statistics:

  • The Summit Bancorporation has a market capitalization of approximately $630 million.
  • The S&P SmallCap 600 Index has a combined market capitalization of $181 billion as of September 30, 1994.
  • The median market capitalization of stocks in the Index is approximately $267 million.
  • Summit Bank operates 91 banking offices in 11 New Jersey counties.
  • Summit Bank provides a full range of banking services, including commercial banking, retail consumer banking, private banking, and investment services.

Sources:

  • Business Wire - November 2, 1994
  • Standard & Poor's press release - October 31, 1994
  • The Summit Bancorporation's website - accessed on [no date]
  • Federal Deposit Insurance Corporation (FDIC) website - accessed on [no date]
  • Automated Data Processing press release - [no date]
  • Bridge Data press release - [no date]

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