Ohio-based Middlefield Banc Corp., the holding company for Middlefield Banking Co., received the required regulatory approvals to complete its merger with in-state peer Liberty Bancshares Inc. the holding company of Liberty National Bank.
Middlefield Banc on Oct. 21 received confirmation from the Federal Reserve Bank of Cleveland that it will not require the company to file a bank holding company act application for the approval of its acquisition of Liberty Bancshares. The Ohio Division of Financial Institutions then approved the merger of Middlefield Bank and Liberty National Bank, according to an Oct. 24 news release.
The deal remains subject to the approval of the two companies' shareholders and other closing conditions. Middlefield Banc shareholders will meet virtually Nov. 3, while Liberty Bancshares shareholders will meet Nov. 1 at the company's office in Ada, Ohio.
Independent proxy advisory firm Institutional Shareholder Services Inc. recommended that Middlefield Banc shareholders vote in favor of the proposed merger, the release noted.
The merger is expected to be completed in the fourth quarter.