MIDDLEFIELD, OHIO, Middlefield Banc Corp. (OTCQB: MBCN) (the “Company”) today announced that Carolyn J. Turk, C.P.A. 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 board of directors of the bank in 2003, Turk joined the board of the Company in 2004. She is the Controller of Molded Fiberglass Companies, Ashtabula, Ohio, and is a licensed C.P.A. A native of Orwell, Ohio, she earned her B. S. in Accountancy from Youngstown State University. Turk has served as Chairman of the Audit Committee and as a member of the Corporate Governance and Nominating Committee. She succeeds Richard T. Coyne in the position of Chairman. Turk and her husband Ralph reside in Orwell.
Coyne, previously General Manager of Jaco Products, headquartered in Middlefield, retired in accordance with the Company’s retirement policy. He was elected to the boards of directors of both the Company and the bank in 1997 and became Chairman of the Board in 2007. During his tenure the company grew from a three office bank with assets of less than $140 million to become a bank holding company with two banking subsidiaries and assets of approximately $667 million.
“We are very pleased with the election of Carolyn Turk as our new board chair,” commented President and Chief Executive Officer Thomas G. Caldwell. “In her ten years as a member of the board of directors, she has brought keen insights and a strong business acumen. We look forward to continuing to work with her to develop the full potential of the Company’s franchise.”
Caldwell continued, “On behalf of the Company and its shareholders, I want to commend Dick Coyne for his commitment to his duties as a member and Chairman of our Board of Directors. He has shared of his wisdom and talents abundantly and we are a better organization because of it.”
Middlefield Banc Corp. headquartered in Middlefield, Ohio is a multi-bank holding company with total assets of $667.0 million. The company’s lead bank, The Middlefield Banking Company, operates full service banking centers and an LPL Financial® brokerage office serving Chardon, Cortland, Garrettsville, Mantua, Middlefield, Newbury, and Orwell. The company also serves the central Ohio market through its Emerald Bank subsidiary, with offices in Dublin and Westerville, Ohio. Additional information is available at www.middlefieldbank.com and www.emeraldbank.com
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain "forward-looking statements" relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.'s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.'s financial operations or customers; (7) changes in the securities markets; or (8) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.