Middlefield Banc Corp. Increases Share Repurchase Program
Middlefield Banc Corp. (NASDAQ: MBCN) announced an additional share repurchase capacity of 300,000 shares under its repurchase program, reflecting the company's strong capital and liquidity position. This brings the total authorized repurchase to 328,721 shares, or about 5.4% of outstanding shares. Since 2019, the company has repurchased 527,143 shares at an average price of $18.52. The buyback program aims to enhance shareholder value and reflects confidence in the company's future.
- Authorized repurchase of 300,000 shares, totaling 328,721 shares, enhancing shareholder value.
- Since April 2019, 527,143 shares repurchased at an average price of $18.52, indicating a strong commitment to returning value to shareholders.
- None.
MIDDLEFIELD, Ohio, Aug. 13, 2021 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (NASDAQ: MBCN) today announced its Board of Directors approved additional share repurchase capacity for the Company's repurchase program (the “Program”).
“With strong capital levels, and excess liquidity, we believe investing in our common stock at compelling valuations is a good return for our shareholders. In addition, the expanded repurchase program demonstrates our confidence in the strength of our business and our continued commitment to delivering value to our shareholders. Since April 2019, we have repurchased 527,143 shares of our common stock at an average price of
On August 9, 2021, Middlefield’s Board of Directors authorized the Company to repurchase an additional 300,000 shares under the Program. Combined with the 28,721 shares available for repurchase pursuant to the Board's November 9, 2020 authorization, the Program permits the Company to repurchase a total of 328,721 shares, equating to approximately
The increased share repurchase authorization positions the Company to enhance the value of its stock and to manage its capital. The Board’s action will allow management to make repurchases, without further Board approval, when stock purchases are deemed prudent. The Board believes that the Program is an important corporate finance strategy that can enhance long-term shareholder value. Share repurchases will be made periodically as permitted by securities laws and other legal requirements and will be subject to market conditions as well as other factors. Repurchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions. Share purchases may be commenced or suspended at any time without notice.
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
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) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; or (9) 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: |
| Thomas G. Caldwell President/Chief Executive Officer Middlefield Banc Corp. (440) 632-1666 Ext. 3200 tcaldwell@middlefieldbank.com | Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
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