MIDDLEFIELD, Ohio--(BUSINESS WIRE)--Middlefield Banc Corp. (NASDAQ:MBCN) (“Middlefield”) today announced that the U.S. Small Business Administration ("SBA") has granted the Bank Preferred Lender status under the SBA's Preferred Lender Program ("PLP").
PLP status allows Middlefield to make the final credit decisions for SBA 7(a) loans, thereby streamlining the procedures necessary to provide financing to the small business community. Lenders are considered for PLP status based on their record with the SBA, and must have demonstrated a proficiency in processing and servicing SBA-guaranteed loans. Middlefield will be offering SBA loans to small businesses throughout Ohio.
“I congratulate Middlefield Banc Corp. on achieving SBA’s Preferred Lender designation,” said SBA Cleveland District Director Gil Goldberg. “Furthermore, SBA appreciates Middlefield’s role as a community bank. Community banks, such as Middlefield, play a special role in their local economies by providing access to capital in rural municipalities and rural areas.”
Thomas G. Caldwell, President and Chief Executive Officer of Middlefield, stated, “As a PLP lender, Middlefield can quickly get the necessary capital to small businesses to support their businesses and help them succeed. Middlefield has an experienced team of SBA lenders located in our Northeast and Central Ohio markets led by Eric Hollinger EVP/Senior Lender, Chuck Moore Central Ohio President, and Chris Smerglia EVP/Commercial Lender. Small businesses continue to be an important part of our local economies. According to the FDIC’s quarterly baking profile for the 2016 third quarter, community banks are responsible for 43 percent of small loans to businesses. I am excited Middlefield has been granted PLP status and to start increasing the amount of SBA loans to small businesses in our markets.”
Eric P. Hollinger EVP/Senior Lender of Middlefield, stated, “Middlefield has supported business within its local communities for over 100 years. With experienced lenders and banking professionals located throughout Northeast and Central Ohio, we provide small businesses with local service, efficient decision making, and personalized products to answer their financial needs. PLP status allows Middlefield a more efficient structure to serve small businesses, and I look forward to helping small businesses throughout the state prosper.”
About Middlefield Banc Corp.
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is a bank holding company with total assets of $786.5 million at December 31, 2016. The bank operates 14 full-service banking centers and an LPL Financial® brokerage office serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Solon, Summit, 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.