(Source: The Hartford Courant, Connecticut)
By The Hartford Courant, Conn.
Feb. 12--The New Haven-based parent of NewAlliance Bank has been added to a widely followed index of mid-sized companies.
NewAlliance Bancshares joined the Standard & Poor's Midcap 400 index at the close of trading Wednesday. The index consists of companies with a market capitalization of $750 million to $3.3 billion. Market capitalization is a corporation's value based on the stock price multiplied by outstanding common shares.
The bank said the index will give its stock more visibility among investors and index fund portfolio managers. NewAlliance shares closed at $11.68 Wednesday, off 63 cents.
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