Middlefield Banc Corp. - MBCN STOCK NEWS

Welcome to our dedicated page for Middlefield Banc news (Ticker: MBCN), a resource for investors and traders seeking the latest updates and insights on Middlefield Banc stock.

Middlefield Banc Corp. (NASDAQ: MBCN) is a United States-based bank holding company established in 1901, headquartered in Middlefield, Ohio. The company operates primarily through its wholly-owned subsidiary, The Middlefield Banking Company (MBC), which offers an extensive range of banking services. These include checking and savings accounts, negotiable order of withdrawal (NOW) accounts, money market accounts, and time certificates of deposit. MBC also provides various loan options, such as commercial loans, real estate loans, and consumer loans, as well as safe deposit facilities and travelers' checks.

In addition to traditional banking services, Middlefield Banc Corp. has embraced technology by offering online banking and bill payment services for individuals and online cash management services for business customers through its website, www.middlefieldbank.bank.

Recently, Middlefield Banc Corp. reported financial highlights demonstrating strong performance. For the nine-month period ended September 30, 2023, net interest income increased by 38.0% to $49.8 million compared to the same period last year. The company's total assets reached $1.79 billion, a notable increase from $1.35 billion the previous year, primarily driven by the merger with Liberty Bancshares, Inc. and organic loan growth.

Middlefield Banc Corp. continues to focus on enhancing shareholder value, increasing total deposits to $1.46 billion by September 30, 2023, compared to $1.13 billion in the previous year. Stockholders' equity also saw a significant rise to $193.7 million, marking a 57.7% year-over-year increase. The company declared cash dividends totaling $0.60 per share for the nine-month period ended September 30, 2023, reflecting a 17.6% increase over the same period last year.

In corporate governance, Middlefield Banc Corp. announced the appointment of Ronald L. Zimmerly, Jr. as Chief Executive Officer effective January 1, 2024. Mr. Zimmerly, who joined Middlefield following the acquisition of Liberty Bancshares, Inc., brings over 35 years of experience in the Ohio community banking industry.

Looking ahead, Middlefield Banc Corp. remains committed to its core values and community-oriented approach, striving for continued growth and excellent financial performance while addressing potential risks such as competitive pressures, interest rate changes, and regulatory developments.