MIDDLEFIELD, Ohio--(BUSINESS WIRE)--
Middlefield Banc Corp. (NASDAQ: MBCN) (“Middlefield”) today announced
that it has completed its merger with Liberty Bank, N.A. Simultaneous
with the close of the transaction, Middlefield added William A. Valerian
and Thomas W. Bevan from the Liberty Bank Board of Directors to the
Middlefield Board of Directors.
The merger, which was previously announced on July 28, 2016, was
approved by all appropriate regulatory agencies, as well as the
stockholders of both Liberty Bank and Middlefield. Under the terms of
the Agreement and Plan of Reorganization, Liberty Bank stockholders are
to receive either $37.96 in cash or 1.1934 shares of Middlefield common
stock for each share of Liberty Bank common stock held.
Thomas G. Caldwell, President and Chief Executive Officer of
Middlefield, stated, “We are pleased to welcome the customers,
employees, and shareholders of Liberty Bank to the Middlefield family.
The combination of these two high-quality banks creates a compelling
financial institution. Increasing our size, scale, and geographic
footprint allows Middlefield to extend services to additional retail and
business customers, while providing all customers with leading financial
products that are tailored to answer their own individual needs.”
“The merger with Liberty is an exciting milestone in our 115-year
history and I am excited about the opportunities this merger creates. We
are focused on completing the integration of Liberty Bank into The
Middlefield Banking Company during the 2017 first quarter, and I look
forward to updating our shareholders on our success throughout the New
Year,” Mr. Caldwell concluded.
The system conversion and Liberty Bank branch signage will transition to
The Middlefield Banking Company at the end of February, 2017.
Middlefield’s merger with Liberty Bank creates a bank holding company
with approximately $1.0 billion in total assets, providing financial
services through 14 banking offices in Geauga, Portage, Ashtabula,
Trumbull, Lake, Franklin, Delaware, Cuyahoga, and Summit Counties in
Ohio.
About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank
holding company with total assets of $786.3 million at December 31,
2016. The bank operates 11 full-service banking centers and an LPL
Financial® brokerage office serving Chardon, Cortland,
Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Sunbury,
and Westerville. The Bank also operates a Loan Production Office in
Mentor, Ohio. Additional information is available at www.middlefieldbank.bank.
This press release of Middlefield Banc Corp. and the reports
Middlefield Banc Corp. files with the Securities and Exchange Commission
often contain “forward-looking statements” relating to present or future
trends or factors affecting the banking industry and, specifically, the
financial operations, markets and products of Middlefield Banc Corp.These
forward-looking statements involve certain risks and uncertainties.There
are a number of important factors that could cause Middlefield Banc
Corp.’s future results to differ materially from historical performance
or projected performance.These factors include, but are not
limited to: (1) a significant increase in competitive pressures among
financial institutions; (2) changes in the interest rate environment
that may reduce interest margins; (3) changes in prepayment speeds,
charge-offs and loan loss provisions; (4) less favorable than expected
general economic conditions; (5) legislative or regulatory changes that
may adversely affect businesses in which Middlefield Banc Corp. is
engaged; (6) technological issues which may adversely affect Middlefield
Banc Corp.’s financial operations or customers; (7) changes in the
securities markets; or (8) risk factors mentioned in the reports and
registration statements Middlefield Banc Corp. files with the Securities
and Exchange Commission.Middlefield Banc Corp. undertakes no
obligation to release revisions to these forward-looking statements or
to reflect events or circumstances after the date of this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170113005035/en/
Company Contact:
Middlefield Banc Corp.
Thomas G.
Caldwell
President/Chief Executive Officer
440-632-1666 Ext.
3200
tcaldwell@middlefieldbank.com
or
Investor
and Media Contact:
SM Berger & Company, Inc.
Andrew M.
Berger
Managing Director
216-464-6400
andrew@smberger.com
Source: Middlefield Banc Corp.