Middlefield Banc Corp. Incorporated in 1988 under the Ohio General Corporation
Law, Middlefield Banc Corp. (“Company”) is a bank holding company
registered under the Bank Holding Company Act of 1956. The Company’s subsidiaries
are:
The Middlefield Banking Company (“MBC”), an Ohio-chartered commercial
bank that began operations in 1901. MBC engages in a general commercial banking
business in northeastern and central Ohio. The principal executive office is
located at 15985 East High Street, Middlefield, Ohio 44062-0035, and its telephone
number is (440) 632-1666.
EMORECO Inc., an Ohio asset resolution corporation headquartered in Middlefield,
Ohio. EMORECO engages in the resolution and disposition of troubled assets in
central Ohio. The principal executive office is located at 15985 East High Street,
Middlefield, Ohio 44062-0035, and its telephone number is (440) 632-1666.
The Middlefield Banking Company MBC was chartered under Ohio law in 1901. MBC
offers customers a broad range of banking services including checking, savings,
negotiable order of withdrawal (“NOW”) accounts, money market accounts,
time certificates of deposit, commercial loans, real estate loans, a variety
of consumer loans, safe deposit facilities, and travelers’ checks. MBC
offers online banking and bill payment services to individuals and online cash
management services to business customers through its website at www.middlefieldbank.com.
Engaged in general commercial banking in northeastern and central Ohio, MBC
offers these services principally to small and medium-sized businesses, professionals,
small business owners, and retail customers. MBC has developed a marketing program
to attract and retain consumer accounts and to match banking services and facilities
with the needs of customers.
MBC’s loan products include operational and working capital loans, loans
to finance capital purchases, term business loans, residential construction
loans, selected guaranteed or subsidized loan programs for small businesses,
professional loans, residential and mortgage loans, and consumer installment
loans to purchase automobiles, boats, make home improvements, and other personal
expenditures. Although the bank makes agricultural loans, it currently has no
significant agricultural loans.
EMORECO Organized in 2009 as an Ohio corporation under the name EMORECO, Inc.
and wholly owned by the Company, the purpose of the asset resolution subsidiary
is to maintain, manage, and dispose of nonperforming loans and other real estate
owned (“OREO”) acquired by the subsidiary bank as the result of
borrower default on real estate-secured loans. At December 31, 2015, EMORECO’s
assets consist of one nonperforming loan and five OREO properties. According
to Federal law governing bank holding companies, the real estate must be disposed
of within two years of acquisition, although limited extensions may be granted
by the Federal Reserve Bank. Per federal law, a holding company subsidiary has
limited real estate investment powers. EMORECO may only manage and maintain
property and may not improve or develop property without advance approval of
the Federal Reserve Bank.
