Exhibit 99.1
15985 East High Street
P. O. Box 35
Middlefield, Ohio 44062
Phone: 440/632-1666 FAX: 440/632-1700
www.middlefieldbank.bank
PRESS RELEASE
| Company Contact: | Investor and Media Contact: | |
James R. Heslop, II President/Chief Executive Officer Middlefield Banc Corp. (440) 632-1666 Ext. 3219 JHeslop@middlefieldbank.com | Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com |
Michael C. Ranttila Promoted to Vice President of Finance of Middlefield Banc Corp.
MIDDLEFIELD, OHIO, May 12, 2022 ● ● ● ● Middlefield Banc Corp. (NASDAQ: MBCN) today announced that Michael C. Ranttila has been promoted to Vice President of Finance of Middlefield Banc Corp. As Vice President of Finance, Mr. Ranttila has also become an Executive Officer of Middlefield Banc Corp. Mr. Ranttila will continue to serve as Executive Vice President/Chief Financial Officer of The Middlefield Banking Company a position he has held since November 2019.
James R. Heslop, II, President and Chief Executive Officer, stated, “Throughout Mike’s tenure at Middlefield, he has played a pivotal role in our success and is a valuable and trusted member of our management team. Mike’s promotion is an important component of our succession plan and reflects our continued commitment to attract, develop, and promote experienced and motivated bankers. I look forward to Mike’s expanded leadership and future contributions.”
A certified public accountant, Mr. Ranttila first joined the Bank as Controller, in March 2011 and has extensive experience in financial reporting. Age 49, Mr. Ranttila is a Summa Cum Laude graduate of Youngstown State University, holding a Bachelor of Science in Business Administration, as well as a graduate of The Ohio State University with a Masters of Business Administration. Mr. Ranttila previously worked for Crowe as an auditor of community banks.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company with total assets of $1.32 billion at March 31, 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. The Bank also operates a Loan Production Office in Mentor, Ohio.
Additional information is available at www.middlefieldbank.bank
This press release of Middlefield Banc Corp. and the reports Middlefield Banc Corp. files with the Securities and Exchange Commission often contain “forward-looking statements” relating to present or future trends or factors affecting the banking industry and, specifically, the financial operations, markets and products of Middlefield Banc Corp. These forward-looking statements involve certain risks and uncertainties. There are a number of important factors that could cause Middlefield Banc Corp.’s future results to differ materially from historical performance or projected performance. These factors include, but are not limited to: (1) a significant increase in competitive pressures among financial institutions; (2) changes in the interest rate environment that may reduce interest margins; (3) changes in prepayment speeds, charge-offs and loan loss provisions; (4) less favorable than expected general economic conditions; (5) legislative or regulatory changes that may adversely affect businesses in which Middlefield Banc Corp. is engaged; (6) technological issues which may adversely affect Middlefield Banc Corp.’s financial operations or customers; (7) the effect of the COVID-19 pandemic, including on our credit quality and business operations, as well as its impact on general economic and financial market conditions; (8) changes in the securities markets; or (9) risk factors mentioned in the reports and registration statements Middlefield Banc Corp. files with the Securities and Exchange Commission. Middlefield Banc Corp. undertakes no obligation to release revisions to these forward-looking statements or to reflect events or circumstances after the date of this press release.