Middlefield Banc Corp. Announces Share Repurchase Program

MIDDLEFIELD, Ohio–(BUSINESS WIRE)–Middlefield Banc Corp. (“Middlefield”) (NASDAQ: MBCN) today announced
that its Board of Directors authorized a share repurchase program for up
to 150,000 common shares of its outstanding common shares.

“As an important part of our capital allocation strategy, this share
repurchase program demonstrates our confidence in the strength of our
business and our continued commitment to delivering value to our
shareholders,” said Thomas G. Caldwell, Middlefield’s President and
Chief Executive Officer.

Repurchases under the program may be made through open market or
privately negotiated transactions at times and in such amounts as
Middlefield deems appropriate, subject to market conditions, regulatory
requirements and other factors. This program does not obligate
Middlefield to repurchase any particular amount of common shares, and
may be suspended or discontinued at any time without notice.

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank
holding company with total assets of over $1.25 billion at December 31,
2018. The bank operates 15 full-service banking centers and an LPL
Financial® brokerage office serving Beachwood, Chardon,
Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell,
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) 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.

Contacts

Company Contact:
Thomas G. Caldwell
President/Chief
Executive Officer
Middlefield Banc Corp.
(440) 632-1666 Ext.
3200
tcaldwell@middlefieldbank.com

Investor and Media Contact:
Andrew M. Berger
Managing
Director
SM Berger & Company, Inc.
(216) 464-6400
andrew@smberger.com