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Preliminary additions, deletions to Russell indexes

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Preliminary additions, deletions to Russell indexes

FTSE Russell announced on June 8 the preliminary additions to and deletions from the Russell 3000 and Russell Microcap indexes. The newly reconstituted indexes will become effective after markets close June 22.

Thirty-five financial companies were added to the Russell 3000. Of those, 28 are banks, including Fair Lawn, N.J.-based Columbia Financial Inc. (MHC); Ruston, La.-based Origin Bancorp Inc.; and Fort Lauderdale, Fla.-based BFC Financial Corp. Two are asset managers — AXA Equitable Holdings Inc. and Ashford Inc. — and two are mortgage real estate investment trusts.

Life and health insurer FGL Holdings was also added to the list, as well as insurance broker Goosehead Insurance Inc. and investment company Siebert Financial Corp.

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Meanwhile, 10 financial companies were included in the preliminary list of deletions from the Russell 3000 index. Two are mortgage REITs, one is a property and casualty insurance company and another is a reinsurer.

Three of the four banks included in the preliminary list of deletions — Tinton Falls, N.J.-based Two River Bancorp; Downingtown, Pa.-based DNB Financial Corp.; and Hampton, Va.-based Old Point Financial Corp. — were added to the index in 2017. Asset manager Medley Management Inc. and payments infrastructure company CPI Card Group Inc. are also slated to be cut.

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Thirty financial companies were included in the preliminary list of additions to the Russell Microcap index.

The list includes Massachusetts-based Cambridge Bancorp and 20 other banks; investment bank Greenhill & Co. Inc.; reinsurance firm Greenlight Capital Re Ltd.; and payments processor Net Element Inc.

Property and casualty insurance company Global Indemnity Ltd., mortgage broker PHH Corp., and financial media and data solutions company Donnelley Financial Solutions Inc. were also included.

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Fourteen financial companies were part of the preliminary list of Russell Microcap deletions. Seven are banks, including Stuart-based Seacoast Banking Corp. of Florida; Toms River, N.J.-based OceanFirst Financial Corp.; and Nashville, Tenn.-based FB Financial Corp.

Property and casualty insurance companies Universal Insurance Holdings Inc. and Kinsale Capital Group Inc. were also part of the list.

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