First Republic no longer eligible for inclusion in S&P Dow Jones Indices

S&P Dow Jones Indices issued the following statement to clients: "The Federal Deposit Insurance Corporation announced that it has taken First Republic Bank (FRC) into FDIC receivership and entered into a purchase and assumption agreement with JPMorgan Chase & Co. (JPM) to assume all of the deposits and substantially all of the assets of First Republic Bank. Therefore, First Republic Bank is no longer eligible for inclusion in S&P DJ Indices. It is currently in a trading halt on NYSE. The index removal date will be announced at 5:15 pm through the normal channels. For index purposes, if a stock is not trading on its primary exchange or the OTC market prior to its removal date, its price will be frozen at the last traded price on the primary exchange. The removal price will depend on the stock’s trading status. If it is trading on its primary exchange on the removal date, then the primary exchange closing price will be used. If it is not trading on its primary exchange but is trading on the OTC market at 4pm on the removal date, then the 4pm OTC price will be used. If it is not trading on either its primary exchange or the OTC market, then the removal price will be zero."