Middlefield Banc Corp (MBCN) will raise its quarterly dividend by 7.1 percent to $0.15 per share, adjusted to reflect the November 8, 2019 two-for-one stock split.

The next dividend is payable on December 13, 2019, to shareholders of record on November 29, 2019. A new annual dividend rate of 60 cents per share yields 2.5% at a stock price of $24.35.

“The increase in our quarterly cash dividend reflects our commitment to returning value to shareholders,” stated Thomas G. Caldwell, President and Chief Executive Officer. “This is the latest in a series of actions we have taken to reward shareholders throughout 2019, which includes the initiation of a share repurchase program and a two-for-one stock split.”

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company. The bank operates 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.