These regional banks are at risk of being booted from the S&P 500

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The stock selloff that hit regional banks this year has exposed lenders including Zions and Comerica to the risk of being delisted from the Standard & Poor's 500 index.

The banks, each with market capitalizations of around $5 billion, were the fourth- and sixth-smallest members of the 500-company listing as of this week, according to FactSet.

That leaves the companies in a similar position to Lincoln National, which got shunted from the S&P 500 last month and placed into a small cap index. Blackstone, the world's largest alternative asset manager, took Lincoln National's spot.

This year's regional banking crisis has already caused changes in the composition of the S&P 500, the most popular broad measure of large American companies in the investing world. Silicon Valley Bank and First Republic were removed from the benchmark after deposit runs led to their government seizure. More changes may be coming, especially if the industry faces a protracted slump, according to analysts.

«It's absolutely a risk,» Chris Marinac, research director at Janney Montgomery Scott, said in an interview. «If the market were to further change the valuation of these companies, especially if we have higher rates, I wouldn't rule it out.»

Banks begin disclosing third-quarter results Friday, led by JPMorgan Chase. Investors are keen to hear how rising interest rates affected bond holdings and deposits in the period.

Companies that no longer qualify as large cap stocks are at heightened risk of demotion from the S&P 500. There were seven members valued at $6 billion or less at the end of August. Two of them were removed the following month: insurer Lincoln National and consumer firm Newell Brands.

Those that join the benchmark