Unity Bancorp on Tuesday announced that, effective June 27, it 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.
A Times Square message board in New York City congratulated the Clinton-based financial institution for its achievement membership, which remains in place for one year.
Unity’s stock was automatically added to the appropriate growth and value indexes. Unity holds approximately $2.1 billion in assets and $1.8 billion in deposits.
“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,” Unity Bank CEO and President James Hughes stated. “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 every day.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12 trillion in assets are benchmarked against Russell’s U.S. indexes. Russell indexes are part of FTSE Russell, a leading global index provider.