Big changes in financial stocks in Russell 3000

The sector that will see the most companies added to the Russell 3000 index this year is the financial services sector. That sector will also see the most companies removed, Russell Investments said Monday.

The altered financial services representation in the broad-market Russell 3000 index illustrates the big changes happening in the industry, as it struggles through a tough climate of tight credit.

"Index reconstitution objectively captures the changing fortunes of companies and industries in the U.S. equity market," said Lori Richards, client service director for Russell Indexes.

The Russell 3000, which will be reconstituted at the market's close on Friday, will add 56 financial services firms, including State Bancorp Inc., Fox Chase Bancorp and Bryn Mawr Bank Corp., and delete 47 financial services firms, including Franklin Bank Corp., Community Bancorp and BankAtlantic Bancorp.

Most of the companies dropped from the Russell 3000 will land in the Russell Microcap Index, the company said.