Microvast Holdings announces departure of chief financial officer
Kevin A. DiGeronimo, a director at Middlefield Banc Corp (NASDAQ:MBCN), a $232.58 million market cap regional bank trading at a P/E ratio of 14.99, recently acquired 1,950 shares of the company’s common stock, according to a recent SEC filing. The shares were purchased at a price of $25.65 each, totaling approximately $50,017. Following this transaction, DiGeronimo holds 4,666 shares directly. The company has maintained dividend payments for 23 consecutive years, currently offering a 3.03% yield. This move signals a vote of confidence in the company by one of its board members. InvestingPro subscribers can access detailed insider trading patterns and 6 additional key insights about MBCN’s financial health.
In other recent news, Middlefield Banc Corp disclosed an increase in the base salary of its President and CEO, Ronald L. Zimmerly Jr., by 10.5%, bringing his annual pay to $525,000. This decision was part of a broader plan to align executive compensation with performance goals, as outlined in the bank’s Annual Incentive Plan. Additionally, Middlefield Banc Corp announced a 5% increase in its dividend to $0.21 per share for the first quarter of 2025, which Keefe, Bruyette & Woods noted while maintaining a Market Perform rating on the bank. The firm’s analysis highlights the bank’s strong capital position, with a Tangible Common Equity ratio of 9.31% in the fourth quarter of 2024, expected to rise further in the coming years.
Furthermore, the bank has awarded conditional stock to its executive officers, including Zimmerly and CFO Michael C. Ranttila, as part of their compensation package. These awards consist of performance stock units and restricted stock units, designed to align executives’ interests with those of shareholders. The performance stock units are tied to Middlefield Banc Corp’s return on average assets relative to peers, while the restricted stock units are time-vested to encourage retention. These developments underscore Middlefield Banc Corp’s strategy to incentivize its leadership through both cash and equity-based compensation.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.