Banking & Finance

Russell 3000 Index Adds Middlefield Banc Corp.

MIDDLEFIELD, Ohio — Middlefield Banc Corp., holding company for Middlefield Bank, today announced that it has been added to the broad-market Russell 3000 Index as a result of the indexes’ annual reconstitution.

“After joining the Russell Microcap Index last year, I am pleased with our continued growth, strong financial performance, and history of creating value for shareholders. This has allowed the company to increase its valuation and position the bank to join the small-cap Russell 2000 Index,” said Thomas G. Caldwell, Middlefield president and CEO, in a prepared statement.

Middlefield Bank operates offices in the region and a loan production office in Mentor.

“As of the 2017 first quarter, ” Caldwell noted, “Middlefield has successfully completed the Liberty acquisition, increased assets to over $1.0 billion, and experienced organic loan growth of 20.4%. Inclusion in the small-cap Russell 2000 Index helps enhance Middlefield’s daily liquidity, while furthering increasing the company’s exposure to the financial community.”

The annual Russell indexes reconstitution captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. Membership in the U.S. all-cap Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes, Middlefield said in the announcement.

Russell indexes are part of FTSE Russell, based in the United Kingdom. They are used by investment managers and institutional investors as benchmarks for investment strategies. Approximately $8.4 trillion in assets are benchmarked against Russell’s U.S. indexes.

SOURCE: Middle Banc Corp.

Published by The Business Journal, Youngstown, Ohio.