S&P to add City Holding regional bank on SmallCap 600 index once Tween Brands is bought
By APWednesday, November 18, 2009
S&P to add City Holding to SmallCap 600 index
NEW YORK — Standard & Poor’s said Wednesday it will add City Holding Co. to its SmallCap 600 index to replace Tween Brands Inc. on a yet-to-be-determined date.
Another S&P SmallCap 600 index company, The Dress Barn Inc., is buying Tween Brands in a deal that is expected to close soon. S&P said it would monitor the transaction and post changes to its Web site.
City Holding, based in Charleston, W. Va., will be added to the index’s regional banks sub-index.
Shares of City Holding rose 53 cents to $31.90 in after-hours trading Wednesday after closing at $31.37, up 38 cents from a day earlier. Stocks often rise after they are added to major indices because they are bought up by managers of investment funds that track those benchmarks.
Tween Brands shares rose 3 cents to close at $9.97.
