Middlefield Banc Corp. Announces Chief Executive Officer Transition
14 November 2023 - 1:58PM
Middlefield Banc Corp. (NASDAQ: MBCN) today announced the Company
has appointed Ronald L. Zimmerly, Jr. as Chief Executive Officer,
succeeding James R. Heslop, II. Mr. Zimmerly, currently President
and Director of Middlefield Banc Corp. (“Middlefield” or the
“Company”) and The Middlefield Banking Company (the “Bank”), will
assume the role of Chief Executive Officer of both entities on
January 1, 2024, upon Mr. Heslop’s retirement. Mr. Heslop will
resign from the Middlefield Banc Corp. Board of Directors on
December 31, 2023. The Company’s Board of Directors has taken
action to reduce the size of its Board of Directors from 13 to 12
effective on December 31, 2023.
William J. Skidmore, Chair of the Board of Middlefield Banc
Corp., stated, “Ron is a proven leader who brings over 35 years of
experience as an active member of the Ohio community banking
industry. As President of Middlefield and the former Chief
Executive Officer of Liberty Bancshares, Ron has the requisite
skill set to ensure a seamless transition and continue our legacy
of strong financial and operating performance. For over 120 years,
Middlefield has focused on providing its Ohio communities with
financial solutions and expert guidance that are tailored to meet
our customers’ needs. Ron exemplifies these core values that have
guided Middlefield’s success, and I am thrilled to announce Ron as
the Company’s new Chief Executive Officer.”
Mr. Zimmerly joined Middlefield as President following the
acquisition of Liberty Bancshares, Inc. on December 1, 2022. Prior
to joining Middlefield, Mr. Zimmerly was the President and Chief
Executive Officer of Liberty Bancshares, Inc. from 2010 to 2022.
Mr. Zimmerly currently serves on the Board of the Hardin County
Foundation Board of Directors, 2024 Chairman-Elect of the Ohio
Bankers League and as a Board member of the Ohio Bankers Benefits
Trust Board. In 1986, Mr. Zimmerly graduated from The Ohio State
University with a Bachelor of Science Degree in Agriculture
Economics, with a specialization in Finance. Mr. Zimmerly completed
the Graduate School of Banking in Madison, Wisconsin.
Mr. Skidmore continued, “On behalf of the Board and everyone at
Middlefield, I want to thank Jim for his service and commitment to
Middlefield Banc Corp. and The Middlefield Banking Company over the
past 27 years. During this period, Jim has played a key role in
Middlefield’s growth, which has seen the Company’s assets increase
to $1.79 billion at September 30, 2023. Most recently as Chief
Executive Officer, Jim has successfully led the Company through the
integration of the Liberty Bancshares acquisition. On behalf of
Middlefield’s employees, management team, and Board of Directors, I
want to thank Jim for his dedication and service. We wish Jim and
his family the best on his much-deserved retirement.”
Mr. Zimmerly commented, “Middlefield has a legacy of success as
a result of its commitment to the communities, customers,
employees, and shareholders the Bank serves. I believe this
dedication supports a powerful foundation that will drive our
future performance. In addition, Middlefield has assembled a strong
team of proven bankers and leaders, and I am honored to lead
Middlefield as Chief Executive Officer. I believe the opportunities
to create value for Middlefield are immense as we bring our
community-oriented banking approach to more customers across our
Northeast, Central and Western Ohio markets.”
About Middlefield Banc
Corp.Middlefield Banc Corp., headquartered in Middlefield,
Ohio, is the bank holding company of The Middlefield Banking
Company, with total assets of $1.79 billion at September 30, 2023.
The Bank operates 21 full-service banking centers and an LPL
Financial® brokerage office serving Ada, Beachwood, Bellefontaine,
Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua,
Marysville, Middlefield, Newbury, Orwell, Plain City, Powell,
Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates
a Loan Production Office in Mentor, Ohio.
Additional information is available at
www.middlefieldbank.bank
FORWARD-LOOKING STATEMENTSThis 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.
Company
Contact: |
Investor and Media
Contact: |
James R. Heslop, IIChief
Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext.
3219JHeslop@middlefieldbank.com |
Andrew M. BergerManaging
DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/913a8579-4914-43ef-9c28-bf249596f928
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