DNB Financial Corp. (symbol: DNBF), parent company of Downingtown-based DNB First National Association, has been added as a member of the broad-market Russell 3000 Index.
The addition, effective Monday, is part of the Russell indexes’ annual “reconstitution,” which captures the 4,000 largest U.S. stocks as of the end of May, ranked by market capitalization. DNB’s membership in the Russell 3000 Index, which will remain in place for one year, means automatic inclusion in the small-cap Russell 2000 Index as well.
In a statement, William J. Hieb, DNB Financial’s president and CEO, said: “Our inclusion in the Russell 3000 is an important milestone that reflects the solid growth DNB has achieved over the past several years, including our successful acquisition and integration of East River Bank in 2016.”
The Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. About $8.4 trillion in assets are benchmarked against Russell’s U.S. indexes.