Middlefield Banc Corp. Announces 2023 Fourth Quarter Cash Dividend Payment and Declares a $0.05 Special Cash Dividend Payment
14 November 2023 - 2:00PM
Middlefield Banc Corp. (NASDAQ: MBCN) today announced that its
Board of Directors declared a special cash dividend of $0.05 per
common share and a regular quarterly cash dividend of $0.20 per
common share. Both dividends are payable on December 15, 2023, to
shareholders of record as of December 1, 2023.
James R. Heslop, II, Chief Executive Officer of
Middlefield, stated, “The ability to increase our dividend in 2023,
combined with this year’s special dividend, reflects the strength
of our balance sheet and business model, as well as our
long-standing commitment to reward shareholders. In fact, our
annual cash dividend has increased from $0.57 per share in 2019 to
$0.85 per share in 2023, representing a 10.5% compound annual
growth rate. Our focus on serving our communities, customers, and
employees through a commitment to profitability, quality, safety,
and soundness continues to drive our success, while delivering
value to our shareholders.”
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
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.
Company
Contact: |
Investor and Media
Contact: |
James R. Heslop, II Chief
Executive OfficerMiddlefield Banc Corp.(440) 632-1666 Ext.
3219JHeslop@middlefieldbank.com |
Andrew M. BergerManaging
DirectorSM Berger & Company, Inc. (216)
464-6400andrew@smberger.com |
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