MIDDLEFIELD, Ohio, April 20 /PRNewswire-FirstCall/ -- Middlefield Banc
Corp. (Pink Sheets: MBCN), parent company of The Middlefield Banking Company,
announced today that it completed the acquisition of Dublin, Ohio-based
Emerald Bank on April 19, 2007, in a cash and stock transaction valued at
approximately $7.3 million. Emerald Bank will operate as a separate banking
subsidiary of Middlefield under the Emerald Bank name, employing a commercial
bank charter.
Thomas G. Caldwell, Middlefield's President and Chief Executive Officer,
commented, "We are pleased with the strategic acquisition of Emerald Bank.
The Dublin, Ohio market is one of the most robust in the state, and nicely
complements our existing northeastern Ohio franchise. We anticipate adding
additional commercial bankers over the next year to effectively serve the
needs of consumers and small businesses in Emerald Bank's market."
Glenn E. Aidt, President and Chief Executive Officer of Emerald Bank,
stated, "We are pleased that our stockholders voted in favor of this
transaction. Emerald Bank will now be able to expand our capabilities and
improve service to our customers. It is a pleasure to be partnering with a
community focused organization like Middlefield Banc Corp."
Middlefield Banc Corp. is a financial holding company headquartered in
Middlefield, Ohio. Its subsidiary, The Middlefield Banking Company, operates
full service banking centers and a UVEST Financial Services(R) brokerage
office serving Chardon, Garrettsville, Mantua, Middlefield, Newbury and
Orwell, Ohio. A loan production office is located in Cortland, Ohio.
Additional information is available at www.middlefieldbank.com.
FORWARD-LOOKING STATEMENT
This press release contains certain forward-looking statements, including
certain plans, expectations, goals, and projections, which are subject to
numerous assumptions, risks, and uncertainties. Actual results could differ
materially from those contained or implied by such statements for a variety of
factors including: changes in economic conditions; movements in interest
rates; competitive pressures on product pricing and services; success and
timing of business strategies; the nature, extent, and timing of governmental
actions and reforms; and extended disruption of vital infrastructure. All
forward-looking statements included in this news release are based on
information available at the time of the release. Middlefield assumes no
obligation to update any forward-looking statement.
Contact: James R. Heslop, II
Executive Vice President/Chief Operating Officer
(440) 632-1666
jheslop@middlefieldbank.comSOURCE Middlefield Banc Corp.
Contact: James R. Heslop, II, Executive Vice President/Chief Operating Officer of Middlefield Banc Corp., +1-440-632-1666, jheslop@middlefieldbank.com