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Middlefield Banc Corp. to Repurchase Outstanding Shares
MIDDLEFIELD, Ohio -- Directors of Middlefield Banc Corp. recently approved a stock repurchase program authorizing the repurchase of up to 4.99% of the company's outstanding common stock. The repurchase program will depend on market conditions. Accordingly, there is no guarantee of the exact number of shares that may be repurchased. Currently, Middlefield Banc has approximately 1,227,744 shares outstanding.Thomas G. Caldwell, president and chief executive officer, says the repurchase program will expire in May of 2005. The board of directors' approval of the repurchase program took into account current economic and market factors, alternate investment strategies, and the strong capital position of the Company and its banking subsidiary, The Middlefield Banking Co.The company's most recent share repurchase program expired in 2003.The repurchases generally would be effected through open market purchases or in privately negotiated transactions, Caldwell says. The repurchased shares will become treasury shares available for general corporate purposes.Middlefield Banc Corp. is the parent company of The Middlefield Banking Co., which operates six full service banking centers and a UVEST Financial Services brokerage office serving Chardon, Garrettsville, Mantua, Middlefield, and Orwell, Ohio.Visit Middlefield Banking Co.: www.middlefieldbank.com"