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MIDDLEFIELD, Ohio - Middlefield Banc Corp. (NASDAQ: MBCN), a regional bank with a market capitalization of $237.6 million, has announced the retirement of Darryl E. Mast from its Board of Directors, effective last Thursday. Mast has been a part of the company’s board since 2011 and has played a significant role in its operations and growth during a period that saw the bank’s revenue grow at a 5-year CAGR of 8%.
During his tenure, Mast contributed to the strategic direction of Middlefield Banc Corp. and its subsidiary, The Middlefield Banking Company. Ronald L. Zimmerly, Jr., President and CEO, expressed gratitude for Mast’s dedication and leadership, acknowledging the impact of his work on the bank’s development. According to InvestingPro, the bank has maintained dividend payments for 23 consecutive years, demonstrating consistent shareholder returns. Additional insights and metrics are available with an InvestingPro subscription.
With Mast’s departure, the board will not seek a replacement, and the total number of directors will stand at 11. This decision comes as Middlefield Banc Corp. continues to serve its customers through 21 full-service banking centers and a brokerage office across various Ohio locations, managing assets totaling $1.89 billion as of March 31, 2025. The bank maintains healthy financial metrics with a P/E ratio of 14.7 and a dividend yield of 2.86%.
The bank also maintains a Loan Production Office in Mentor, Ohio, and offers a wide range of financial services to its clientele. Despite Mast’s retirement, Middlefield Banc Corp. aims to sustain its trajectory of growth and service in the competitive financial industry. InvestingPro analysis suggests the stock is fairly valued, with four analysts recently revising their earnings expectations upward for the upcoming period.
This transition occurs amid potential challenges outlined by the company, including increased competition, interest rate fluctuations, and economic conditions that could impact banking operations. However, Middlefield Banc Corp. has not indicated any immediate changes to its strategic plans or operations following Mast’s retirement. The company’s strong recent performance, with a 29.7% return over the past year, suggests resilience in the face of these challenges.
The information regarding Mast’s retirement and its implications for Middlefield Banc Corp. is based on a press release statement issued by the company.
In other recent news, Middlefield Banc Corp. announced a quarterly cash dividend of $0.21 per common share, payable on June 13, 2025, to shareholders of record as of May 30, 2025. This move continues the company’s tradition of providing dividends, highlighting its financial stability and commitment to shareholder value. Additionally, Middlefield Banc Corp. disclosed a 10.5% salary increase for its President and CEO, Ronald L. Zimmerly, Jr., bringing his annual base salary to $525,000. This decision was made by the Compensation Committee, which also set performance goals for the bank’s Annual Incentive Plan. The plan focuses on pre-tax pre-provision net income and other financial metrics, with cash rewards expected to be distributed in the first quarter of 2026. These developments were outlined in a recent SEC filing, reflecting Middlefield Banc Corp’s strategy to incentivize its leadership team. The bank reported total assets of $1.89 billion as of March 31, 2025, maintaining its presence across Ohio with 21 full-service banking centers.
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