Middlefield Banc Corp. Declares Quarterly Cash Dividend

Middlefield Banc Corp. 2003 Press Releases

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Contact Info: James R. Heslop, 2nd
Executive Vice President/Chief Operating Officer
440.632.1666 Ext. 3219
Date: November 17, 2003

MIDDLEFIELD, OHIO  Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that the company’s board of directors has declared a 5 percent share dividend for shareholders of record on December 3, 2003, and a quarterly cash dividend of $0.21 per common share.

On December 12, 2003, shareholders of record will receive additional stock shares equal to 5% of their present holdings plus payment representing any fractional shares on the record date. Payment of the fourth quarter cash dividend in the amount of $0.21 per share will be on the total holdings including the share dividend. The fourth quarter cash dividend, after adjustment for the stock dividend, is 10.2% higher than the fourth quarter 2002 cash payout.

Thomas G. Caldwell, President and Chief Executive Officer, noted, "This combination of cash and stock dividends follows with the Company’s mission of providing consistent returns to its shareholders. The level of payout reflects our strong operating performance and the positive historic growth of MBCN." The company also paid a 5% stock dividend in 2002, as well as 10% stock dividends in 1997 and 1998, and a two for one stock split effected in 2000.

Middlefield Banc Corp. and The Middlefield Banking Company are headquartered in Middlefield, Ohio. With assets in excess of $250 million, the bank operates full service banking centers and a LPL Financial brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, and Orwell, Ohio.

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