MIDDLEFIELD, OHIO Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that Richard T. Coyne has been elected as Chairman of the Board of Directors of both Middlefield Banc Corp. and its wholly-owned subsidiary The Middlefield Banking Company.
Having first been elected to the boards of both companies in 1997, Coyne has served as Chairman of the Audit Committee and as a member of the Corporate Governance and Nominating Committee. Having retired in 2006 as General Manager of Jaco Products and Vice President — Operations for Capital Plastics, Coyne succeeds Donald D. Hunter in the position of Chairman.
Hunter, former owner of H&H Hardware in Middlefield, has retired after thirty years of service, having been elected to the board of directors of The Middlefield Banking Company in May of 1977 and to a like position with Middlefield Banc Corp. when it was founded in 1988. During his tenure the company grew from a single office bank with assets of less than $20 million to become a bank holding company with two banking subsidiaries and assets of approximately $400 million.
“We are very pleased with the election of Richard Coyne as our next board chair,” commented President and Chief Executive Officer Thomas G. Caldwell. “In his ten years as a member of the board of directors, he has brought keen insights and a strong business acumen.”
Caldwell continued, “It goes without saying, however, that we will miss the strong community focus that Don Hunter brought to our organization. He has shared of his wisdom and talents abundantly and we are a better company because of it.”
Middlefield Banc Corp. is a financial holding company headquartered in Middlefield, Ohio. Its subsidiary, The Middlefield Banking Company, operates full service banking centers and a LPL Financial brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, Newbury, and Orwell, as well as a loan production office in Cortland, Ohio. On April 19, 2007, Middlefield Banc Corp. completed its acquisition of Emerald Bank, headquartered in Dublin, Ohio. Further 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.