MIDDLEFIELD, OHIO Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that the company’s board of directors has declared a quarterly cash dividend of $0.24 per common share payable on March 15, 2007, to shareholders of record on March 2, 2007. Adjusted for a 5% stock dividend paid in the fourth quarter of 2006, this cash dividend represents a 7.2% increase over the dividend paid by Middlefield Banc Corp. in the first quarter of 2006.
Middlefield Banc Corp. and The Middlefield Banking Company are headquartered in Middlefield, Ohio. The bank operates full service banking centers and a UVEST Financial Services® brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, Newbury and Orwell, Ohio. A loan production office is located in Cortland, Ohio. Additional information is available at www.middlefieldbank.com.
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.