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Middlefield Banc Corp. ("Middlefield" or the "Company") (NASDAQ:MBCN), 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. (OTC Markets: LBSI) ("Liberty"). 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.
The meeting of Middlefield's shareholders will be held at 9:00 a.m. ET, on November 3, 2022, in a virtual meeting format. The meeting of Liberty's shareholders will be held at 5:00 p.m. ET on November 1, 2022, at Liberty's Ada Office, 118 South Main Street, Ada, Ohio 45810.
Middlefield reminds those shareholders that have not yet voted to vote without delay "FOR" the merger and other proposals in the Company's proxy statement for the special meeting of shareholders. If you need assistance, please contact Georgeson, Middlefield's proxy solicitor, by calling toll-free at (866) 295-4321 or by email to egreene@georgeson.com.
Posted In: MBCN
