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Middlefield Banc Corp. Reports Continued Strong Earnings
| 12:20 PM | By PR Newswire Association LLC. |
10-31-2011 OTC and PINK News.
MIDDLEFIELD, Ohio, Oct. 31, 2011 /PRNewswire/ -- Middlefield Banc Corp. (OTCQB: MBCN), parent of The Middlefield Banking Company and Emerald Bank, today announced results for the quarter and nine months ended September 30, 2011. Net income of $1,079,000, up 133% from the third quarter of...
Related News: Similar Content, By PR Newswire Association LLC., Earnings
http://www.prnewswire.com/news-releases/middlefield-banc-corp-reports-continued-strong-earnings-132932173.html#rssowlmlink
10-31-2011 OTC and PINK News.
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The Middlefield Banking Company is a full service commercial bank that has been proud to serve its community since 1901.
The mission of The Middlefield Banking Company is to:
• profitably serve our communities by being dedicated to quality, safety and soundness, and maximizing shareholder value.
• provide superior financial products and responsive personalized service, while promoting economic growth.
• remain an independent and community-oriented financial services provider, while taking advantage of available options to expand the trade area as opportunities develop.
Our History
Recognizing the need for a local bank within the community, a group of local business men met in early 1901 to fulfill this need. On September 16, 1901, The Middlefield Banking Company was opened with an authorized capital of $25,000.
The organizers of the bank were: Joe E. Johnson, A. W. Belden, W. S. Hodges, F. P. Work, C. E. Lampson and E. H. Brigden. Organization was completed by electing the original Board of Directors: C. E. Lampson, J. J. Rose, William Pinks, W. S. Hodges, E. G. Norris, A. W. Belden, C. F. Harrison, Henry Thompson and William Cromwell. This newly elected Board of Directors selected A. W. Belden as President, J.J. Rose as Vice President and Henry Thompson as Secretary/Treasurer. Walter E. Norris was elected as Cashier of the bank and charged with its proper opening and operation.
From these humble beginnings, the bank has continued to grow and expand in an effort to better serve the community. To this end, a branch office was established in 1985 on West High Street in Middlefield. The establishment of this office was necessitated by the inability to acquire sufficient land to expand the main office. However, in the early 1990s, additional land became available and in 1993 a newly expanded Main Office facility was opened. In conjunction with this move, the bank constructed Middlefield Village Center. This project represented a major redevelopment of a key section of Middlefield and represented the bank's commitment to its community.
Expansion opportunities presented themselves in other areas also and were coupled closely with an expanding customer base. An office in Garrettsville, in Portage County, was opened in November of 1986. This office was relocated in January 1999 to a newly constructed facility designed to accommodate the growth of the area and to provide maximum customer service. In November of 1998, an office was opened in the Portage County community of Mantua. Chardon, the county seat of Geauga County, became home to the bank's fifth office in 2001. Extending the Bank's presence into Ashtabula County came with the opening of the Orwell Branch in 2003. Another Geauga County location was added with the opening of the Newbury Branch in 2006. And in 2008, the Bank ventured into the Trumbull County market by opening their eighth branch in Cortland.
In an effort to better position the bank for the future, the Board of Directors, in 1988, formed Middlefield Banc Corp. This Bank Holding Company became the parent of The Middlefield Banking Company through the one-for-one exchange of shares by stockholders in January 1989.
The growth and success of The Middlefield Banking Company and Middlefield Banc Corp. may be attributed to the association of many dedicated men and women who have served as Directors, Officers and Employees. Throughout our 100 year history, only eight individuals have had the distinction to serve as president. They are:
| 1901 - 1902 | Alfonso W. Belden | |
| 1902 - 1920 | J. J. Rose | |
| 1920 - 1933 | Joe E. Johnson | |
| 1934 - 1963 | Hugh G. Johnson | |
| 1963 - 1981 | Dale McClurg | |
| 1981 - 1985 | Robert E. Stewart | |
| 1986 - 1995 | Joseph P. Robb | |
| 1995 - present | Thomas G. Caldwell |
A shared philosophy of customer respect, friendliness, and professionalism brought Emerald Bank and Middlefield Banc Corp. together in April 2007. Emerald Bank was a de novo, single office institution opened in 2004. To the original office in Dublin, Ohio, a second office, in Westerville, Ohio, was added in 2008.
January 2014 brought the consolidation of Emerald Bank into the charter of The Middlefield Banking Company. This has created a financial institution that offers enhanced customer service and improved technology spread across two distinct regions within the State of Ohio.
The Middlefield Banking Company operates with the general objective to remain a state-chartered independent commercial bank and to aggressively expand its asset base and market share. As a full-service, FDIC-insured commercial bank, The Middlefield Banking Company is proud to offer a full array of financial services.
| Market Value1 | $67,951,063 | a/o Nov 11, 2014 |
| Shares Outstanding | 2,042,873 | a/o Aug 12, 2014 |
| Float | 1,289,602 | a/o Sep 30, 2004 |
| Authorized Shares | 10,000,000 | a/o Dec 20, 2013 |
| Par Value | No Par Value |
