MIDDLEFIELD, OHIO Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that the company’s board of directors has declared a 5 percent share dividend for shareholders of record on December 1, 2006, and a quarterly cash dividend of $0.24 per common share.
On December 15, 2006, shareholders of record will receive additional stock shares equal to 5% of their present holdings plus payment representing any fractional shares on the record date. Payment of the fourth quarter cash dividend in the amount of $0.24 per share will be on the total holdings including the share dividend. The fourth quarter cash dividend, after adjustment for the stock dividend, is 7.2% higher than the fourth quarter 2005 cash payout.
Thomas G. Caldwell, President and Chief Executive Officer, noted, “This combination of cash and stock dividends follows with the Company’s mission of providing consistent returns to its shareholders. The level of payout reflects our strong operating performance and the positive historic growth of MBCN.” The company also paid a 5% stock dividend in 2002, 2003, 2004, and 2005 as well as 10% stock dividends in 1997 and 1998, and a two for one stock split effected in 2000.
Middlefield Banc Corp. and The Middlefield Banking Company are headquartered in Middlefield, Ohio. With assets in excess of $325 million, the bank operates full service banking centers and a UVEST Financial Services® brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, and Orwell, Ohio. The bank has also recently opened a loan production office in Cortland, Ohio, and has a seventh branch banking office under construction in Newbury, Ohio.
This announcement contains forward-looking statements that involve risk and uncertainties, including changes in general economic and financial market conditions and the Company's ability to execute its business plans. Although management believes the expectations reflected in such statements are reasonable, actual results may differ materially.