Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that the company’s board of directors has declared a quarterly cash dividend of $0.26 per common share payable on September 12, 2008, to shareholders of record on August 29, 2008. Adjusted for a 5% stock dividend paid in the fourth quarter of 2007, this cash dividend represents a 6.1% increase over the dividend paid by Middlefield Banc Corp. in the third quarter of 2007. It also represents a 4% increase from the cash dividend paid in the first quarter of 2008.
Thomas G. Caldwell, President and Chief Executive Officer of Middlefield, commented, “While many within our industry are reporting earnings losses and are dramatically reducing their cash dividends, we are very pleased to continue a pattern of positive earnings and to maintain a strong cash dividend. We sincerely appreciate the confidence that our investors have placed in our stewardship and will continue our efforts to provide a proper return for that trust.”
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a financial holding company with over $447 million in assets. Its subsidiary, The Middlefield Banking Company, operates full service banking centers and a UVEST Financial Services® brokerage office serving Chardon, Cortland, Garrettsville, Mantua, Middlefield, Newbury and Orwell, Ohio. It also serves the central Ohio market through Emerald Bank, headquartered in Dublin. 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.