Middlefield Banc Corp. (MBCN) announces CEO retirement and succession plan
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Middlefield Banc Corp. (NASDAQ: MBCN) announced today that President and CEO Thomas G. Caldwell is planning to retire from Middlefield Banc Corp. and The Middlefield Banking Company effective March 31, 2022. Mr. Caldwell intends to complete his term as a director of Middlefield Banc Corp. which will end at the annual meeting of shareholders of the Company in 2022. As part of the Company’s existing succession plan, internal and external research is currently underway and a successor should be appointed in the coming months, ensuring a smooth transition.
“On behalf of the employees, management team and board of directors of Middlefield, I would like to thank Tom for his 35 years of dedication and service, including 26 years as President and CEO of The Middlefield Banking Company, ”said William J. Skidmore, Chairman of the Board of Middlefield. “Under Tom’s leadership, Middlefield has grown significantly, delivered strong financial performance and built a solid platform for long-term success. Additionally, since going public in 2001, Middlefield has grown to reach a market cap of $ 153 million as of June 1, 2021. I wish Tom a happy retirement and look forward to working with the board to identify and hire a new CEO who embodies our core community banking values and our commitment to creating shareholder value.
Reflecting Mr. Caldwell’s exemplary and dedicated leadership throughout his tenure as CEO, Middlefield has grown from three offices in Northeast Ohio to 16 offices and an LPO in Northeast and Central of Ohio, has made three successful acquisitions and led three highly successful fundraisers in the past decade. . The Bank’s assets increased from $ 134.6 million as at December 31, 1995 to $ 1.39 billion as at March 31, 2021, while basic earnings before taxes and provisions increased from $ 2.6 million for the fiscal year ended December 31, 1995 at $ 19.6 million as of December 31, 2020.
Thomas G. Caldwell, President and CEO, said: “It has been an honor to serve The Middlefield Banking Company as 8th President and CEO and to have contributed to the success of the Company over the past two years. decades. I have very much enjoyed serving our communities and working with the talented associates at Middlefield and am extremely proud of the Bank’s accomplishments. I am leaving at a time when the Bank is in a strong position and look forward to witnessing the growth of a new generation of Middlefield leaders and the continued success of the Company.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the banking holding company of The Middlefield Banking Company with total assets of $ 1.39 billion as of March 31, 2021. The bank operates 16 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg and Westerville. The bank also operates a loan production office in Mentor, Ohio. Further information is available at www.middlefieldbank.bank