Unity Bank Added to Membership of US Small-Cap Russell 2000 Index
Unity Bancorp, Inc. (Nasdaq: UNTY) was added to the Russell 2000® Index effective June 27, 2022.
Sentiment and the balance of points
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Rhea-AI Summary
Unity Bancorp, Inc. (Nasdaq: UNTY) was added to the Russell 2000® Index effective June 27, 2022. This membership reflects Unity's financial strength and performance in the small-cap sector, which is vital for U.S. economic indicators. Unity Bancorp holds approximately $2.1 billion in assets and $1.8 billion in deposits. The Russell 2000® Index, used by numerous investment managers, is a key benchmark in the investment community, with about $12 trillion in assets indexed against it. Unity's inclusion enhances its visibility and potential attractiveness to investors.
Positive
- Added to the Russell 2000® Index, enhancing visibility to investors.
- Reflects Unity's financial strength with $2.1 billion in assets and $1.8 billion in deposits.
Negative
- None.
Details
News Market Reaction – UNTY
The recorded move for UNTY in the trading session of this news was +0.04%.
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CLINTON, N.J., July 12, 2022 (GLOBE NEWSWIRE) -- Unity Bancorp, Inc. (Nasdaq: UNTY), parent company of Unity Bank, was added as a member of the U.S. small-cap Russell 2000® Index, widely regarded as a bellwether of the U.S. economy due to its focus on American small businesses.
The Russell 2000® membership became effective on June 27th, as part of the 2022 Russell indexes reconstitution. Membership in the Russell 2000® Index, which remains in place for one year, is based on membership in the broad-market Russell 3000® Index. Unity’s stock also was automatically added to the appropriate growth and value indexes. Unity holds approximately
“We are extremely pleased to have been added as a member of the Russell 2000® Index as it illustrates Unity’s continued financial strength and performance,” said Unity Bank President & CEO James A. Hughes. “We measure the bank’s performance on both financial metrics and Unity’s ability to come together with our customers to fulfill their needs and deliver extraordinary service. The bank’s mission is to grow with the communities we serve and the dedication of Unity’s employees and the loyalty and trust of our customers help the bank achieve those goals everyday.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately
For more information on the Russell 2000® Index and the Russell indexes reconstitution, please visit https://www.ftserussell.com/resources/russell-reconstitution.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (Nasdaq: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, New Jersey. Unity Bank provides financial services to businesses and consumers at 19 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit unitybank.com or call 800-618-BANK (800-618-2265).
About FTSE Russell
FTSE Russell is a global index leader that provides innovative benchmarking, analytics and data solutions for investors worldwide. FTSE Russell calculates thousands of indexes that measure and benchmark markets and asset classes in more than 70 countries, covering
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/971f8e84-aab7-4c61-9f3a-f59b7d565739
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