Middlefield Banc to merge with Liberty Bancshares in a $70m deal.

Middlefield Banc, a bank holding company of The Middlefield Banking Company, agreed to merge with Liberty Bancshares, a provider of a range of commercial banking services and mortgage, in a $70m deal. “We are excited to announce our combination with Liberty Bancshares, which complements our growth in the Central Ohio market, and expands our footprint to the compelling Northwest Ohio market. Once the transaction is completed, we expect to benefit as a larger bank with total assets of approximately $1.8bn, strong earnings accretion, and a robust footprint around two of Ohio’s largest and fastest growing markets. We believe this is a compelling transaction that generates meaningful earnings per share accretion, has a minimal tangible book value dilution and manageable earn-back period. We look forward to a prosperous partnership with Liberty and creating value for our combined customers, team members, communities, and shareholders,” James R. Heslop, II, Middlefield President and CEO.