Middlefield Banc Corp. (MBCN)

A significant event was the proposed merger with Farmers National Banc Corp., with a definitive agreement signed on October 22, 2025. The merger received regulatory approvals on February 5, 2026, and is expected to close in the first quarter of 2026. Middlefield Banc Corp.'s stock price has fluctuated, with a 52-week high of $37.67 and a low of $22.73. As of February 4, 2026, the closing stock price was $34.00. The company repurchased 43,858 shares at an average price of $24.00 per share during the first quarter of 2024 and declared cash dividends of $0.80 per share for the twelve months ended December 31, 2024.

The demand for Middlefield Banc Corp.'s products and services, particularly lending products, can exhibit seasonality. The bank offers flexible financial solutions to address seasonal cash flow challenges faced by businesses, indicating a potential seasonal demand for these products. The bank expects stable economic activity in its Ohio markets to support loan demand throughout 2025.

Middlefield Banc Corp. is a bank holding company based in Middlefield, Ohio, operating through The Middlefield Banking Company. It provides a range of banking services to individuals and small businesses, including checking, savings, and various loan products. The company also offers online banking, cash management, and brokerage services. As of December 31, 2024, Middlefield Banc Corp. had total assets of $1.85 billion.

Middlefield Banc Corp. operates 21 full-service banking centers and an LPL Financial® brokerage office across Central, Western, and Northeast Ohio. It serves locations including Ada, Beachwood, and Westerville, and operates a Loan Production Office in Mentor, Ohio. The Middlefield Banking Company aims to be the largest independent community bank in its region, with a strong presence in Central and Western Ohio.

Middlefield Banc Corp. emphasizes community banking values, local decision-making, and service to its stakeholders. The announced merger with Farmers National Banc Corp. led to investigations regarding the fairness of the deal, but ISS recommended shareholders vote in favor of the merger.

Middlefield Banc Corp. has a notable institutional ownership presence, with 158 institutional owners and shareholders holding 3,191,849 shares. Major institutional shareholders include Castle Creek Capital Partners VI, LP, BlackRock, Inc., and Vanguard Group Inc. Insider ownership stands at 3.81%.