By 1808Delaware; Special to 1808Delaware
A banking company with a presence in Delaware County is poised to complete a merger of another financial institution with six Ohio locations.
Middlefield Banc Corp., the bank holding company for The Middlefield Banking Company, today announced that it has received the necessary regulatory approvals to complete the proposed merger of Liberty Bancshares, Inc.. Middlefield also announced that Institutional Shareholder Services, Inc. (“ISS”) recommends that Middlefield shareholders vote in favor of the proposed merger transaction. ISS is widely recognized as a leading independent voting and corporate governance advisory firm. ISS analyses and recommendations are relied on by many major institutional investment firms, mutual funds and fiduciaries throughout North America.
On Friday, October 21, 2022, Middlefield received confirmation from the Federal Reserve Bank of Cleveland of a waiver of the obligation to file a bank holding company act application for approval of the acquisition of Liberty. The Ohio Division of Financial Institutions has issued approval for the merger of Liberty National Bank into The Middlefield Banking Company. All regulatory approvals required for completion of the merger have been received.
Shareholder meetings of both institutions will be held in early November.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company, with total assets of $1.35 billion at September 30, 2022. 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. Liberty National Bank has a presence in Ada, Bellefontaine (2), Kenton, Marysville, and Westerville.
More information is available here.
