Latest news with #RussellIndex
Yahoo
01-07-2025
- Business
- Yahoo
Ohio Valley Banc Corp. Joins Russell 3000 Index
GALLIPOLIS, Ohio, July 1, 2025 /PRNewswire/ -- Ohio Valley Banc Corp. [Nasdaq: OVBC] was added as a member of the broad-market Russell 3000® Index, effective after the US market opened June 30 as part of the 2025 Russell indexes' reconstitution. Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest US stocks as of April 30, ranking them by total market capitalization. Membership in the Russell 3000® Index, which remains in place for one year, means Ohio Valley Banc Corp. is also included in the small-cap Russell 2000® Index as well as appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. Russell Index mutual funds are required to own the shares of the member companies' stock. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. According to data as of the end of June 2024, about $10.6 trillion in assets are benchmarked against the Russell US indexes, which belong to FTSE Russell, the global index provider. Fiona Bassett, CEO of FTSE Russell, an LSEG business, comments: "The Russell indexes have continuously adapted to the evolving dynamic US economy, and it's crucial to fully recalibrate the suite of Russell US Indexes, ensuring the indexes maintain accurate representation of the market. The transition to a semi-annual reconstitution frequency from 2026 will ensure our indexes continue to represent the market and maintain the purpose of the index as a profitable benchmark." Ohio Valley Banc Corp. is based in Gallipolis, Ohio. The company owns The Ohio Valley Bank Company, with 17 offices in Ohio and West Virginia, and Loan Central, Inc., with six consumer finance offices in Ohio. Learn more about Ohio Valley Banc Corp. at Contact: Bryna Butler, 740-578-3400, bsbutler@ View original content to download multimedia: SOURCE Ohio Valley Banc Corp.
The Star
16-05-2025
- Business
- The Star
Firms flee Delaware in growing ‘Dexit' trend
NEW YORK: In the coming weeks, investors in nine public companies worth at least US$1bil each will vote on proposals to ditch Delaware as their place of incorporation, potentially denting the state's longtime reputation as Corporate America's capital, Reuters has found. Five companies with a stock market value of at least US$1bil have moved their legal home out of Delaware since last year, in what some have nicknamed 'Dexit'. Tesla made a high-profile move to Texas last year and in April, President Donald Trump's social media company Trump Media & Technology, which owns the Truth Social platform, decamped to Florida. Most of the companies are dominated by a significant shareholder or founder. Delaware judges have expanded the court's most stringent legal standard to a growing range of situations involving controllers, increasing the risk of shareholder lawsuits. The decisions culminated with the blockbuster ruling last year that rescinded Elon Musk's US$56bil pay package from Tesla. Less than an hour after the ruling, Musk said on X: 'Never incorporate your company in the state of Delaware.' Musk's SpaceX and Tesla soon reincorporated in Texas. Musk did not respond to a request for comment. Trump Media, which is controlled by a trust that owns shares on behalf of Trump and is overseen by his oldest son, said in its March proxy statement that Delaware's 'increasingly litigious environment facing corporations with controlling stockholders has created unpredictability in decision-making.' The company cited the Musk pay ruling as an example. It is now incorporated in Florida. Dropbox and The Trade Desk, which each have a large shareholder, and Cannae Holdings have moved their charter to Nevada from Delaware. They did not respond to a request for comment. Among the companies set to vote on proposals to leave are Simon Property Group, which is seeking shareholder approval on Wednesday to reincorporate in Indiana, and gaming platform Roblox, which wants to move to Nevada. Unlike many of the other companies that have proposed a 'Dexit', Simon does not have a controlling shareholder. It declined to comment on its reasons for proposing a move, referring to its latest proxy statement. Roblox said that Nevada law provides greater predictability. To be sure, the share of Delaware-based companies in the Russell 3000 index, which covers nearly all public companies, continues to grow, rising to 62% last year from 56% in 2020, according to ISS-Corporate. However, 2024 was the first year that more companies in the Russell Index left Delaware than moved their incorporation to the state. 'On the Richter scale, it's not that high,' said Benjamin Edwards, a professor at the UNLV School of Law, of the changes. 'But it's still shaking the ground.' Delaware, which has no sales tax, gets around a third of its general budget revenue from fees and taxes related to chartering businesses. Fearing an exodus of companies leaving after the judicial rulings, the state enacted legislation in March that limits the role of the state's judges in reviewing certain corporate deals. It also limited the scope of so-called 'books and records' requests, a legal tool often used by shareholder attorneys to try to obtain directors' emails and texts. Despite the recent changes, corporate law in Delaware remains relatively strict when it comes to insiders making deals that would likely benefit them directly, such as a deal to buy assets from a controlling shareholder or Musk and his Tesla pay arrangement, legal experts said. 'That's one area where Delaware has consistently said, 'Look, we're going to kick the tyres of those decisions with a little bit extra force',' said Eric Talley, a professor at Columbia Law School. Delaware law typically requires a company that strikes a deal with a controlling shareholder to prove the arrangement met a strict standard showing the price and process were fair, unless it was negotiated by independent directors or approved by shareholders. In Nevada, the same controlling shareholder deal would likely be protected by a legal standard known as the business judgment rule, which shields against lawsuits, regardless of how it was negotiated and approved, legal experts said. Talley said Nevada directors are protected unless they engage in fraud. 'It's actually okay to engage in self-dealing, as long as you don't lie about it,' he said. A state's corporate law governs a company's relationship with shareholders and typically does not affect legal rights of employees or consumers. In Texas, where Tesla and SpaceX are now incorporated, governor Greg Abbott signed into law on Wednesday amendments to its corporate code that are aimed at reducing the threat of shareholder litigation, in part by allowing companies to set stock ownership thresholds for lawsuits. The plaintiff in the Musk pay case owned just nine shares when he filed suit in 2018. The Texas law is effective immediately. Eric Lentell, the general counsel at Delaware-chartered Archer Aviation, said the aircraft developer is considering reincorporating in Texas and believes directors of other public companies should reconsider Delaware. After a Delaware judge refused last year to recognise a vote by Tesla investors to reinstate Musk's pay, Lentell said it signalled that Delaware judges 'have become kind of activist in nature' by appearing to rewrite settled law. 'I think that's where people get nervous,' he said. — Reuters
The Star
14-05-2025
- Business
- The Star
In Tesla's wake, more big companies propose voting 'Dexit" to depart Delaware
WILMINGTON, DEL. (Reuters) -In the coming weeks, investors in nine public companies worth at least $1 billion each will vote on proposals to ditch Delaware as their place of incorporation, potentially denting the state's longtime reputation as Corporate America's capital, Reuters has found. Five companies with a stock market value of at least $1 billion have moved their legal home out of Delaware since last year, in what some have nicknamed "Dexit." Tesla made a high-profile move to Texas last year and in April, President Donald Trump's social media company Trump Media & Technology, which owns the Truth Social platform, decamped to Florida. Most of the companies are dominated by a significant shareholder or founder. Delaware judges have expanded the court's most stringent legal standard to a growing range of situations involving controllers, increasing the risk of shareholder lawsuits. The decisions culminated with the blockbuster ruling last year that rescinded Musk's $56 billion pay package from Tesla. Less than an hour after the ruling, Musk said on X: 'Never incorporate your company in the state of Delaware.' Musk's SpaceX and Tesla soon reincorporated in Texas. Musk did not respond to a request for comment. Trump Media, which is controlled by a trust that owns shares on behalf of President Trump and is overseen by his oldest son, said in its March proxy statement that Delaware's "increasingly litigious environment facing corporations with controlling stockholders has created unpredictability in decision-making.' The company cited the Musk pay ruling as an example. It is now incorporated in Florida. Dropbox and The Trade Desk, which each has a large shareholder, and Cannae Holdings have moved their charter to Nevada from Delaware. They did not respond to a request for comment. Among the companies set to vote on proposals to leave are Simon Property Group, which is seeking shareholder approval on Wednesday to reincorporate in Indiana, and gaming platform Roblox, which wants to move to Nevada. Unlike many of the other companies that have proposed a "Dexit," Simon does not have a controlling shareholder. It declined to comment on its reasons for proposing a move, referring to its latest proxy statement. Roblox said that Nevada law provides greater predictability. To be sure, the share of Delaware-based companies in the Russell 3000 index, which covers nearly all public companies, continues to grow, rising to 62% last year from 56% in 2020, according to ISS-Corporate. However, 2024 was the first year that more companies in the Russell Index left Delaware than moved their incorporation to the state. 'On the Richter scale, it's not that high,' said Benjamin Edwards, a professor at the UNLV School of Law, of the changes. 'But it's still shaking the ground.' FEARING AN EXODUS Delaware, which has no sales tax, gets around a third of its general budget revenue from fees and taxes related to chartering businesses. Fearing an exodus of companies leaving after the judicial rulings, the state enacted legislation in March that limits the role of the state's judges in reviewing certain corporate deals. It also limited the scope of so-called "books and records" requests, a legal tool often used by shareholder attorneys to try to obtain directors' emails and texts. Despite the recent changes, corporate law in Delaware remains relatively strict when it comes to insiders making deals that would likely benefit them directly, such as a deal to buy assets from a controlling shareholder or Musk and his Tesla pay arrangement, legal experts said. "That's one area where Delaware has consistently said, 'Look, we're going to kick the tires of those decisions with a little bit extra force'," said Eric Talley, a professor at Columbia Law School. Delaware law typically requires a company that strikes a deal with a controlling shareholder to prove the arrangement met a strict standard showing the price and process were fair, unless it was negotiated by independent directors or approved by shareholders. In Nevada, the same controlling shareholder deal would likely be protected by a legal standard known as the business judgment rule, which shields against lawsuits, regardless of how it was negotiated and approved, legal experts said. Talley said Nevada directors are protected unless they engage in fraud. "It's actually okay to engage in self-dealing, as long as you don't lie about it," he said. A state's corporate law governs a company's relationship with shareholders and typically does not affect legal rights of employees or consumers. In Texas, where Tesla and SpaceX are now incorporated, lawmakers last week approved amendments to its corporate law that are aimed at reducing the threat of shareholder litigation, in part by allowing companies to set stock ownership thresholds for lawsuits. The plaintiff in the Musk pay case owned just nine shares when he filed suit in 2018. Governor Greg Abbott has not signed the bill and his office did not respond to a request for comment. Eric Lentell, the general counsel at Delaware-chartered Archer Aviation, said the aircraft developer is considering reincorporating in Texas and believes directors of other public companies should reconsider Delaware. After a Delaware judge refused last year to recognize a vote by Tesla investors to reinstate Musk's pay, Lentell said it signaled that Delaware judges 'have become kind of activist in nature" by appearing to rewrite settled law. 'I think that's where people get nervous,' he said. (Reporting by Tom Hals in Wilmington, Delaware; editing by Amy Stevens, Noeleen Walder and Anna Driver )
Yahoo
14-05-2025
- Business
- Yahoo
In Tesla's wake, more big companies propose voting 'Dexit" to depart Delaware
By Tom Hals WILMINGTON, DEL. (Reuters) -In the coming weeks, investors in nine public companies worth at least $1 billion each will vote on proposals to ditch Delaware as their place of incorporation, potentially denting the state's longtime reputation as Corporate America's capital, Reuters has found. Five companies with a stock market value of at least $1 billion have moved their legal home out of Delaware since last year, in what some have nicknamed "Dexit." Tesla made a high-profile move to Texas last year and in April, President Donald Trump's social media company Trump Media & Technology, which owns the Truth Social platform, decamped to Florida. Most of the companies are dominated by a significant shareholder or founder. Delaware judges have expanded the court's most stringent legal standard to a growing range of situations involving controllers, increasing the risk of shareholder lawsuits. The decisions culminated with the blockbuster ruling last year that rescinded Musk's $56 billion pay package from Tesla. Less than an hour after the ruling, Musk said on X: 'Never incorporate your company in the state of Delaware.' Musk's SpaceX and Tesla soon reincorporated in Texas. Musk did not respond to a request for comment. Trump Media, which is controlled by a trust that owns shares on behalf of President Trump and is overseen by his oldest son, said in its March proxy statement that Delaware's "increasingly litigious environment facing corporations with controlling stockholders has created unpredictability in decision-making.' The company cited the Musk pay ruling as an example. It is now incorporated in Florida. Dropbox and The Trade Desk, which each has a large shareholder, and Cannae Holdings have moved their charter to Nevada from Delaware. They did not respond to a request for comment. Among the companies set to vote on proposals to leave are Simon Property Group, which is seeking shareholder approval on Wednesday to reincorporate in Indiana, and gaming platform Roblox, which wants to move to Nevada. Unlike many of the other companies that have proposed a "Dexit," Simon does not have a controlling shareholder. It declined to comment on its reasons for proposing a move, referring to its latest proxy statement. Roblox said that Nevada law provides greater predictability. To be sure, the share of Delaware-based companies in the Russell 3000 index, which covers nearly all public companies, continues to grow, rising to 62% last year from 56% in 2020, according to ISS-Corporate. However, 2024 was the first year that more companies in the Russell Index left Delaware than moved their incorporation to the state. 'On the Richter scale, it's not that high,' said Benjamin Edwards, a professor at the UNLV School of Law, of the changes. 'But it's still shaking the ground.' FEARING AN EXODUS Delaware, which has no sales tax, gets around a third of its general budget revenue from fees and taxes related to chartering businesses. Fearing an exodus of companies leaving after the judicial rulings, the state enacted legislation in March that limits the role of the state's judges in reviewing certain corporate deals. It also limited the scope of so-called "books and records" requests, a legal tool often used by shareholder attorneys to try to obtain directors' emails and texts. Despite the recent changes, corporate law in Delaware remains relatively strict when it comes to insiders making deals that would likely benefit them directly, such as a deal to buy assets from a controlling shareholder or Musk and his Tesla pay arrangement, legal experts said. "That's one area where Delaware has consistently said, 'Look, we're going to kick the tires of those decisions with a little bit extra force'," said Eric Talley, a professor at Columbia Law School. Delaware law typically requires a company that strikes a deal with a controlling shareholder to prove the arrangement met a strict standard showing the price and process were fair, unless it was negotiated by independent directors or approved by shareholders. In Nevada, the same controlling shareholder deal would likely be protected by a legal standard known as the business judgment rule, which shields against lawsuits, regardless of how it was negotiated and approved, legal experts said. Talley said Nevada directors are protected unless they engage in fraud. "It's actually okay to engage in self-dealing, as long as you don't lie about it," he said. A state's corporate law governs a company's relationship with shareholders and typically does not affect legal rights of employees or consumers. In Texas, where Tesla and SpaceX are now incorporated, lawmakers last week approved amendments to its corporate law that are aimed at reducing the threat of shareholder litigation, in part by allowing companies to set stock ownership thresholds for lawsuits. The plaintiff in the Musk pay case owned just nine shares when he filed suit in 2018. Governor Greg Abbott has not signed the bill and his office did not respond to a request for comment. Eric Lentell, the general counsel at Delaware-chartered Archer Aviation, said the aircraft developer is considering reincorporating in Texas and believes directors of other public companies should reconsider Delaware. After a Delaware judge refused last year to recognize a vote by Tesla investors to reinstate Musk's pay, Lentell said it signaled that Delaware judges 'have become kind of activist in nature" by appearing to rewrite settled law. 'I think that's where people get nervous,' he said. 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Yahoo
28-03-2025
- Business
- Yahoo
Potomac Bancshares, Inc. Participates in VirtualBankConference.com
CHARLES TOWN, March 28, 2025 /PRNewswire/ -- (OTC: PTBS) – Potomac Bancshares, Inc. ("the Company") (OTC: PTBS), the bank holding company for Bank of Charles Town, also known as The Community's Bank (the "Bank" or "BCT"), announced its recent participation in the successful online conference for bank investors and industry professionals, held on Thursday, March 13, 2025. Potomac Bancshares joined other esteemed banks, including CB Financial Services, Inc. (CBFV), FinWise Bancorp (FINW), First Savings Financial Group, Inc. (FSFG), and Meridian Corporation (MRBK), in presenting at this event. The conference provided valuable insights and connections between banks and investors in an efficient and engaging manner. Keynote speaker Melissa Roberts, Managing Director at Stephens, Inc., delivered a keynote address on the impact of the Russell Index on bank stocks and upcoming changes to the index methodology. Alice Frazier, President and CEO of Potomac Bancshares, presented on behalf of the company. Joining Alice was Shane Bell, EVP and CFO. A copy of their presentation can be found at To learn more about Potomac Bancshares, visit was founded by Julienne Cassarino and Ian Green to facilitate meaningful connections between banks and investors. Potomac Bancshares, Inc. is proud to have been part of this innovative platform and looks forward to continued engagement with industry professionals and investors. For more information about the conference, in general, please visit or contact: Julienne Coe Cassarino, Sycamore Analytics, 860-349-1557 Ian Green, Pendragon Capital, Ian@ 917-837-2287 NON-GAAP FINANCIAL MEASURES In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company uses certain non-GAAP financial measures that the Company's management believes provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets. The Company believes certain non-GAAP financial measures enhance the understanding of its business, performance, and financial position. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release. ABOUT POTOMAC BANCSHARES, INC. Potomac Bancshares, Inc. (OTCPK: PTBS) is the bank holding company of Bank of Charles Town, which was founded in 1871. The Bank also does business under the names BCT and The Community's Bank. The Bank conducts operations through its main office, an additional eight branch offices, and two loan production offices. The Bank's offices are in Jefferson and Berkeley Counties (WV), Washington County (MD), and Loudoun and Stafford Counties (VA). The Bank offers commercial lines and term loans, residential and commercial construction loans, commercial real estate loans, agricultural loans, and government contractor loans. The Bank is also a Small Business Administration (SBA) Preferred Lender. The Residential Lending division offers secondary market and portfolio mortgage loans, one-time close construction to permanent loans, as well as home equity loans and lines of credit. For over 70 years, BCT Wealth Advisors has provided caring and personalized trust services, growing into a premier financial management, investments, and estate services provider. The Bank also provides convenient online and mobile banking for individuals, businesses, and local governments plus free access to over 55,000 ATMs through the Allpoint® network plus another approximately 675 free access ATMs through another partnership. BCT was voted WINNER in the LoudounNow 2024 Loudoun's Favorites readers' poll in four categories: Bank, Mortgage Company, Banker, and Financial Planner. In 2023, American Banker selected BCT as a "Top 200 Community Bank," an annual listing of the best performing banks in the United States with assets under $2 billion. BCT was voted a "Best of the Best" winner in the 2024 Journal-News Readers' Choice Awards in three categories: Bank, Loan Services, and Financial Planning. The Bank was named a "Best Bank to Work For" by American Banker five of the last six years. The Company's shares are quoted on the OTC Pink Sheet marketplace under the symbol "PTBS." For more information about Potomac Bancshares, Inc., and the Bank, please visit our website at FORWARD-LOOKING STATEMENTS Certain statements made in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that include projections, predictions, expectations, or beliefs about events or results or otherwise are not statements of historical facts, such as statements about the Company's growth strategy and deployment of capital. Although the Company believes that its expectations with respect to such forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in such forward-looking statements include, but are not limited to, the following: (1) general economic conditions, especially in the communities and markets in which the Company conducts its business; (2) credit risk, including risk that negative credit quality trends may lead to a deterioration of asset quality, risk that our allowance for credit losses may not be sufficient to absorb actual losses in the Company's loan portfolio, and risk from concentrations in the Company's loan portfolio; (3) changes in the real estate market, including the value of collateral securing portions of the Company's loan portfolio; (4) changes in the interest rate environment; (5) operational risk, including cybersecurity risk and risk of fraud, data processing system failures, and network breaches; (6) changes in technology and increased competition, including competition from non-bank financial institutions; (7) changes in consumer preferences, spending and borrowing habits, demand for our products and services, and customers' performance and creditworthiness; (8) difficulty growing loan and deposit balances; (9) the Company's ability to effectively execute its business plan; (10) changes in regulations, laws, taxes, government policies, monetary policies and accounting policies affecting bank holding companies and their subsidiaries, including changes in deposit insurance premiums; (11) deterioration in the financial condition of the U.S. banking system may impact the valuations of investments the Company has made in the securities of other financial institutions; (12) regulatory enforcement actions and adverse legal actions; (13) difficulty attracting and retaining key employees; and (14) other economic, competitive, technological, operational, governmental, regulatory, and market factors affecting the Company's operations. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law. View original content to download multimedia: SOURCE Potomac Bancshares, Inc. Sign in to access your portfolio
