Standard & Poor's is dropping Colonial BancGroup Inc., Montgomery, Ala. — a major mortgage warehouse lender — from the S&P MidCap 400 index after the close of trading on June 23. In its statement, S&P said Colonial had a market capitalization of approximately $206 million at the close of trading on June 16, where the minimum market cap needed to be a part of that index is currently $750 million. It will be replaced in the MidCap 400 by S&P SmallCap 600 constituent WMS Industries Inc., a provider of gaming products to the legalized gaming industry. As of late morning on June 17, Colonial's common stock was trading at $0.92 per share, a decline of $0.10 from the previous day's close.
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