Evans Bancorp, Inc. Set to Join Russell 3000® Index

Rhea-AI Summary

Evans Bancorp, Inc. will be added to the Russell 3000® Index, which will increase visibility and exposure to the investment community. This could lead to greater liquidity in the stock.

Positive

• Evans Bancorp, Inc. will be added to the Russell 3000® Index, increasing visibility and exposure to the investment community. This could lead to greater liquidity in the stock.

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• None.

WILLIAMSVILLE, N.Y.--(BUSINESS WIRE)-- Evans Bancorp, Inc. (the “Company” or “Evans”) (NYSE American: EVBN), a community financial services company serving Western New York since 1920, today announced it will be added to the Russell 3000® Index, effective after the U.S. market opens on June 26, 2023, as part of the 2023 Russell indexes reconstitution. Based upon its membership in the Russell 3000^® Index, Evans will also become a member of the small-cap Russell 2000^® Index.

David J. Nasca, President and CEO of Evans Bancorp, Inc., commented, “Rejoining the Russell indexes marks an important milestone, which we believe will help increase our visibility and exposure to the investment community and lead to greater liquidity in our stock.”

Membership in the Russell 3000^® Index, which remains in place for one year, means automatic inclusion in the small-cap Russell 2000^® Index as well as the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1 trillion in assets are benchmarked against Russell’s US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.

For more information on the Russell 2000® Index and the Russell indexes reconstitution, go to the “Russell Reconstitution” section on the FTSE Russell website.

About Evans Bancorp, Inc.

Evans Bancorp, Inc. is a financial holding company and the parent company of Evans Bank, N.A., a commercial bank with $2.1 billion in assets and $1.8 billion in deposits at March 31, 2023. Evans is a full-service community bank with 18 branches providing comprehensive financial services to consumer, business and municipal customers throughout Western New York. Evans Insurance Agency, a wholly owned subsidiary, provides life insurance, employee benefits, and property and casualty insurance through eight offices in the Western New York region. Evans Investment Services provides non-deposit investment products, such as annuities and mutual funds.

Evans Bancorp, Inc. and Evans Bank routinely post news and other important information on their websites, at www.evansbancorp.com and www.evansbank.com.

Safe Harbor Statement: This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements concerning future business, revenue and earnings. These statements are not historical facts or guarantees of future performance, events or results. There are risks, uncertainties and other factors that could cause the actual results of Evans Bancorp to differ materially from the results expressed or implied by such statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include competitive pressures among financial services companies, interest rate trends, general economic conditions, changes in legislation or regulatory requirements, effectiveness at achieving stated goals and strategies, and difficulties in achieving operating efficiencies. These risks and uncertainties are more fully described in Evans Bancorp’s Annual and Quarterly Reports filed with the Securities and Exchange Commission. Forward-looking statements speak only as of the date they are made. Evans Bancorp undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new, updated information, future events or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230622372383/en/

For more information contact:

John B. Connerton

Executive Vice President and Chief Financial Officer

(716) 926-2000

jconnerton@evansbank.com

Media Contact:

Kathleen Rizzo Young

Group VP/Public & Community Relations Director

716-343-5562

krizzoyoung@evansbank.com

-OR-

Deborah K. Pawlowski/Craig Mychajluk

Kei Advisors LLC

(716) 843-3908

dpawlowski@keiadvisors.com

cmychajluk@keiadvisors.com

Source: Evans Bancorp, Inc.

FAQ

What is the Russell 3000® Index?

The Russell 3000® Index is a stock market index that includes the 3000 largest U.S. stocks based on market capitalization.

What are the benefits of being added to the Russell 3000® Index?

Being added to the Russell 3000® Index can increase visibility and exposure to the investment community, potentially leading to greater liquidity in the stock.

How are companies selected for the Russell 3000® Index?

Companies are selected for the Russell 3000® Index based on objective market-capitalization rankings and style attributes.

What is the significance of the Russell 2000® Index?

The Russell 2000® Index is a small-cap stock market index that is a subset of the Russell 3000® Index. Being added to the Russell 3000® Index automatically includes a company in the Russell 2000® Index.

What is the purpose of the Russell indexes?

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.