MIDDLEFIELD, OHIO The Board of Directors of Middlefield Banc Corp. (Pink Sheets: MBCN) announced that on November 18, 2002, it declared a quarterly cash dividend of $0.20 per share. This dividend will be payable on December 13, 2002, to shareholders of record on December 3, 2002.
This dividend reflects the Companys strong operating performance and is consistent with the Companys mission of providing consistent returns to its shareholders. Adjusted for the five percent stock dividend paid during the second quarter of 2002, this fourth quarter pay-out represents an increase of 31.25% over the regular cash dividend paid during the fourth quarter of 2001.
In addition to the five percent stock dividend, shareholders will have received total 2002 cash dividends of $0.741 per share, an 11% increase over total 2001 cash dividends. 2002s total cash dividend compares with $0.667 per share, adjusted for the stock dividend, paid during 2001. During 2002, the company also instituted a dividend reinvestment program for the benefit of its shareholders.
Headquartered in Middlefield, Ohio, Middlefield Banc Corp. is a one-bank holding company for The Middlefield Banking Company. The Middlefield Banking Company, which operates offices in Chardon, Garrettsville, Mantua and Middlefield, has received regulatory approval for a new office in Orwell, Ohio. At September 30, 2002, the company had total assets of $224.8 million.
The information contained in this press release contains forward-looking statements regarding future performance which are not historical facts and which involve risk and uncertainties. Actual results and performance could differ materially from those contemplated by these forward looking statements.