MIDDLEFIELD, OHIO Middlefield Banc Corp. (Pink Sheets: MBCN) today announced that on February 10, 2003, its Board of Directors declared a quarterly cash dividend of $0.20 per share. This dividend will be payable on March 14, 2003, to shareholders of record on February 28, 2003. Adjusted for the five percent stock dividend paid during the second quarter of 2002, this current dividend represents an increase of 16.96%.
"Our commitment to our shareholders is to provide exceptional value and this dividend reflects that pledge," said Thomas G. Caldwell, President and Chief Executive Officer. "We are very pleased that our earning performance has permitted us to consistently provide these returns."
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 December 31, 2002, the company had total assets of $226.2 million.