Investment Banking - Middlefield Banc Corp.
Transactions | Banking
Client: Middlefield Banc Corp.
Transaction Type: Common Stock Offering
Role: Sole Placement Agent
- Headquartered in Middlefield, Ohio, Middlefield Banc Corp. (NASDAQ: MBCN) is the holding company for the Middlefield Banking Company.
- With $760.1 million in consolidated assets as of June 30, 2016, Middlefield operates 10 full service banking centers and an LPL Financial brokerage office serving Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell and Westerville. Middlefield also operates a Loan Production Office in Mentor, Ohio.
- The offering featured three separate closings between May 2 and June 30. In total, Middlefield issued 360,815 shares and generated gross proceeds of $11.9 million through the offering.
- The private placement was completed at $33.00 per share, whereas MBCN traded at $31.99 on the day prior to announcement.
- The net proceeds of the offering were used for general corporate purposes and the extinguishment of $9.5 million of debt.
- The offering included participation from board members, management and a variety of local, regional and national investors.
- Boenning served as the sole placement agent for Middlefield Banc Corp.