The Middlefield Banking Company Enhances Leadership Team to Support Continued Growth

Rebecca Noblit Promoted to Chief Credit Officer

Michael Cheravitch Named Chief Banking Officer

MIDDLEFIELD, Ohio, Jan. 04, 2024 (GLOBE NEWSWIRE) -- The Middlefield Banking Company, a wholly owned subsidiary of Middlefield Banc Corp. (NASDAQ: MBCN), today announced enhancements to its leadership team to support the Company’s growth across its Central, Western, and Northeast Ohio markets. Rebecca Noblit has been promoted to Chief Credit Officer, succeeding Alfred F. Thompson Jr. who will retire from the Company on February 1, 2024. In addition, Michael Cheravitch has joined The Middlefield Banking Company as Chief Banking Officer.

Ronald L. Zimmerly, Jr., President, and Chief Executive Officer, stated, “I am thrilled to welcome both Becca and Mike to our executive team, as we remain focused on developing talent from within the Company and attracting leading bankers from outside our organization. Becca has a long track record within the Bank and knows our organization and customers well. Mike brings an impressive resume with deep expertise across Commercial, Business, and Consumer Banking. Their collective experience and thoughtful leadership will serve our customers, teammates, shareholders, and communities well.”

Mr. Zimmerly added, “I also want to thank Al for his 27 years of dedication and service to the Bank. On behalf of everyone at Middlefield, I wish Al all the best in his well-deserved retirement.”

Rebecca Noblit Promoted to Chief Credit Officer

As Chief Credit Officer, Noblit will be responsible for leading the Company’s credit administration and loan administration programs. Noblit joined Middlefield as part of the December 2022 Liberty National Bank acquisition, and most recently served as Middlefield’s Credit Administration, Senior Vice President. Noblit served as Liberty National Bank’s Chief Credit Officer, Senior Vice President from September 2017 to November 2022. Prior to this, Noblit held roles at Delaware County Bank, Huntington National Bank, and Fifth Third Bank. She has a Bachelor of Science in Business Administration from The Ohio State University and a Master of Business Administration from Ohio Dominican University.

Michael Cheravitch Named Chief Banking Officer

As Chief Banking Officer, Cheravitch will oversee all Commercial, Business, and Consumer banking channels, including digital banking, the retail branch network and call center, along with consumer lending, and residential mortgage. Cheravitch joins Middlefield from F.N.B. Corporation where he spent four years as SVP Regional Banking Executive. His career spans over 35 years of banking experience, including leadership roles at F.N.B. Corporation, The Cornerstone Fund, Huntington National Bank, FirstMerit Bank, Citizens Financial Group, Charter One Bank, Bank One, and KeyBank. He has a Bachelor of Business Administration and Master of Business Administration from Cleveland State University.

About Middlefield Banc Corp.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company, with total assets of $1.79 billion at September 30, 2023. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

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FORWARD-LOOKING STATEMENTS

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) changes in the securities markets; or (8) 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.

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