TSFG to be removed from S&P index
The South Financial Group will be dropped from the S&P SmallCap 600 index in the next week or so, after its acquisition by TD Financial Group is completed.
South Financial shareholders will vote on the proposed merger on Sept. 28 in Greenville.
Liquidity Services Inc. will replace TSFG in the S&P SmallCap 600. Based in Washington, D.C., Liquidity Services operates an online auction marketplace for surplus and salvage assets.
In May, South Financial announced it would be acquired by TD for 28 cents a share. As recently as early 2008, TSFG was trading for $17 a share. South Financial has lost more than $1.7 billion over the past two-plus years, including $400 million during 2010.
South Financial traces its history on the S&P SmallCap 600 back to the summer of 1998, when it was known as Carolina First Corp.
TD Financial Group is a member of the S&P Global 1200.