Costa Mesa-based Pacific Mercantile Bancorp will join the Russell 3000 Index after the market opens on June 27.
The Russell US indexes change annually to include the 4,000 largest U.S. stocks by market capitalization at the end of May.
Pacific Mercantile will be part of the Russell 3000 Index for at least the one year.
“Being added to the Russell indexes is an important milestone for the Company and reflects the strong progress we have made in growing the value of our franchise,” said Tom Vertin, Pacific Mercantile Bancorp president and chief executive. “The Russell indexes are widely followed within the investment community, and we believe our inclusion will lead to increased liquidity in our stock and greater awareness for our Company as an attractive investment.”
Investment managers and institutional investors use Russell Indexes as benchmarks for active investment strategies, and about $6 trillion in assets are benchmarked against the Russell US indexes.
Pacific Mercantile Bank is held by Carpenter Bank Partners Inc., a private equity fund in Irvine that invests in community banks.
It’s the No. 6 OC-based bank by assets, which stand at about $1.1 billion, has nine offices and employs 153.
