MIDDLEFIELD, Ohio, Dec. 01, 2022 (GLOBE NEWSWIRE) -- Middlefield Banc Corp. (“Middlefield”, or the “Company”) (NASDAQ: MBCN), the bank holding company for The Middlefield Banking Company, announced today that it has completed the merger with Liberty Bancshares, Inc. (“Liberty”). As a result of the merger, shares of Liberty are no longer traded on the OTC Market.
In connection with the merger, Ronald L. Zimmerly, Jr., Liberty’s former President and Chief Executive Officer, has assumed the role of President of Middlefield Banc Corp. and The Middlefield Banking Company. In addition, Middlefield added three new members to its Board of Directors including Mr. Zimmerly, Mark R. Watkins, Liberty’s Chairman of the Board, and Spencer T. Cohn, a representative of Castle Creek Capital, Liberty’s largest shareholder.
James R. Heslop, II, Chief Executive Officer of Middlefield, stated, “We are excited to complete the merger between these two banks and are thrilled with the opportunity to create additional value for our mutual customers, team members, communities, and shareholders. Middlefield’s footprint has expanded in the Central and Northwest Ohio regions, and we are delighted to bring our common philosophies to customers within these markets. I look forward to working with Ron and his team, as well as Mark and Spencer, as we serve our local communities and create value for our shareholders.”
Mr. Zimmerly stated, “I am excited for the future and what these two banks can accomplish together. With 22 full-service banking centers across 12 compelling Ohio counties and assets over $1.7 billion, we have created a stronger organization with expanded capabilities. I look forward to growing our local relationships across our larger footprint and share in the success of the combined banks.”
With the addition of Liberty, Middlefield has grown its branch network across the Central and Northwest Ohio regions by adding Liberty’s six branches located in the communities of Ada, Bellefontaine, Kenton, Marysville, and Westerville, Ohio. As a result, Middlefield now operates a total of 22 full-service banking centers across a 12-county operating footprint. Middlefield also operates a loan production office in Mentor, Ohio.
Customers will continue to be served through their respective Middlefield and Liberty branches, websites, mobile apps, financial advisors, and relationship managers until Liberty converts to Middlefield’s systems, which is expected to occur on April 24, 2023.