SOUTHFIELD, Mich.--(BUSINESS WIRE)--Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B., today announced that it is set to join the broad-market Russell 3000® Index effective after the US market closes on March 16, according to a preliminary list of IPO additions posted by FTSE Russell.
The Russell US indexes are comprised of the 4,000 largest US stocks, ranked by total market capitalization. For the Company, membership in the Russell 3000® means automatic inclusion in the small-cap Russell 2000® Index, which includes approximately 2,000 U.S. small and mid-cap companies, as well as inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes by objective, market-capitalization rankings and style attributes.
“We are very pleased to be added to the Russell indexes,” said Gary Judd, Chairman and CEO of Sterling Bancorp. “The Russell indexes are widely followed within the investment community, and we believe Sterling’s inclusion will lead to increased liquidity in the stock and greater awareness for Sterling Bancorp as an attractive investment.”
Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. More than $8 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
More information on IPO additions to the Russell Indexes can be found on the FTSE Russell website.
About Sterling Bancorp, Inc.
Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City, and a loan production office in Seattle, Washington. Sterling offers a broad range of loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company’s website at www.sterlingbank.com.
Readers should note that in addition to the historical information contained herein, this press release includes "forward-looking statements," within the meeting of the federal securities laws including, without limitation, statements concerning plans, estimates, calculations, forecasts and projections with respect to the anticipated future performance of the Company. Readers should note that the forward-looking statements included in this press release are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "will," "propose," "may," "plan," "seek," "expect," "intend," "estimate," "anticipate," "believe" or "continue," or similar terminology. Any forward-looking statements presented herein are made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.