Middlefield Shareholders Approve Merger with Liberty

MIDDLEFIELD, Ohio – Middlefield Banc Corp. received shareholder approval earlier this week for a merger with Liberty Bancshares Inc.

The completion of the merger is expected during the fourth quarter.

Middlefield Banc Corp., headquartered here, is the holding company of The Middlefield Banking Co., with total assets of $1.35 billion as of Sept. 30. The bank operates 16 banking centers and an LPL Financial brokerage office. It operates in branches in Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg and Westerville. The bank’s loan production office is in Mentor.

Libery Bancshares Inc., is headquartered in Ada, Ohio, and the holding company of Liberty National Bank.

The two banks announced May 26 they had agreed to merge. At that time, Liberty said each Liberty Bancshares shareholder would receive 2.752 Middlefield Banc common shares valued at a closing share price of $24.95 from May 25.

At that time, it was estimated the combined company would have combined assets of about $1.8 billion, $1.3 billion in total loans and $1.5 billion in total deposits.

Middlefield’s shareholders met on Nov. 3, but the vote was postponed until a special meeting on Nov. 8 giving shareholders additional time to vote on the proposal.

Published by The Business Journal, Youngstown, Ohio.