The American Bankers Association added three banks to its Nasdaq Community Bank Index (ABAQ) today. The index now includes 309 community banks with a combined market cap of $222.5 billion. The newest additions are: Texas Capital Bancshares, Dallas; South Plains Financial, Lubbock, Texas, and Partners Bancorp, Salisbury, Maryland.
Popular Inc. was removed from the index as it now holds one of the 50 largest banking charters. The index, launched in 2003, represents all Nasdaq-listed banks and savings associations except the 50 largest banks and those with international or credit card specializations.
The ABAQ index is the most broadly representative stock index for community banks and remains an important tool for giving banks more visibility with analysts and investors.