MIDDLEFIELD, Ohio--(BUSINESS WIRE)--
Middlefield Banc Corp. (NASDAQ: MBCN) completed the sale of 400,000
shares of common stock at the price of $40.00 per share on Wednesday,
May 10, 2017.
The offering was to accredited investors only, without the use of a
general solicitation or general advertising. The gross proceeds of the
offering were $16,000,000 before compensation to the investment bank
acting as placement agent. As a result of the offering, the company now
has 3,204,858 shares outstanding and a market capitalization at May 11,
2017 of approximately $147,000,000.
Boenning & Scattergood, Inc. acted as sole placement agent in connection
with the private placement, with Grady & Associates serving as legal
counsel.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank
holding company with total assets of $1,071.5 million at March 31, 2017.
The bank operates 14 full-service banking centers and an LPL Financial®
brokerage office serving Beachwood, Chardon, Cortland, Dublin,
Garrettsville, Mantua, Middlefield, Newbury, Orwell, Solon, Sunbury,
Twinsburg, 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/20170511006444/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.