MIDDLEFIELD, Ohio, June 25, 2020 (GLOBE NEWSWIRE) — Middlefield Banc Corp. (NASDAQ: MBCN) right now introduced that the Firm has efficiently secured $138 million for 1,259 small enterprise candidates within the Small Enterprise Administration’s (“SBA”) Paycheck Safety Program (“PPP”).
“As a community bank, we were able to quickly implement our PPP process and I am extremely proud of our entire organization’s hard work during this period. In less than 60 days, our efforts helped 1,259 small businesses throughout Ohio navigate the unprecedented hardships caused by the COVID-19 crisis, while protecting over 12,000 jobs,” said Thomas G. Caldwell, Middlefield’s President and Chief Government Officer.
“From April 4 to May 31, PPP loan volume was over 40 times higher than the SBA loans we processed in all of 2019. Despite the surge in originations, we kept up with demand and I am pleased to report that approximately 47% of PPP applicants booked were to small businesses without a prior banking relationship. Supporting both existing and new customer demand is a testament to the agility of our organization and our community-oriented values,” continued Mr. Caldwell.
Reflecting the constructive expertise with Middlefield Bank, Shakorie Davis, the President of Subsequent Era Building said: “For me as a small business owner with 10 years of experience, trying to establish a banking relationship was tough. That is until I met the team over at Middlefield Bank. Middlefield helped my company obtain the Payroll Protection loan in just one day! With that money I was immediately able to hire more staff and continue the growth of my business. I would highly recommend Middlefield Bank to any small business!”
Highlights of Middlefield’s PPP efforts via May 31, 2020 embody:
- 1,259 PPP loans accepted by the SBA
- Roughly 47% of booked PPP functions had been companies and not using a prior banking relationship
- Funded roughly $137.9 million in small enterprise loans to Ohio based mostly small companies
- Helped save over 12,000 shopper jobs
- Offered a mean loan measurement of $112,000
- Started funding loans on April 13, simply 10 days after this system opened for functions
- As of May 31, 2020, year-to-date demand deposit accounts grew by 25% and mixture core deposits elevated by 19%, attributed to the PPP deposits and pandemic uncertainty
- Middlefield was ready to assist new and current clients all through the PPP course of and stays nicely positioned to help debtors with the forgiveness course of
About Middlefield Banc Corp
Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding firm of The Middlefield Banking Firm with whole property of $1.21 billion at March 31, 2020. The bank operates 16 full-service banking facilities and an LPL Monetary® brokerage workplace serving Beachwood, Chardon, Cortland, Dublin, Garrettsville, Mantua, Middlefield, Newbury, Orwell, Plain Metropolis, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank additionally operates a loan Manufacturing Workplace in Mentor, Ohio.
Extra data is on the market at www.middlefieldbank.bank
This press launch of Middlefield Banc Corp. and the experiences Middlefield Banc Corp. information with the Securities and Change Fee typically include “forward-looking statements” regarding current or future tendencies or elements affecting the banking trade and, particularly, the monetary operations, markets and merchandise of Middlefield Banc Corp. These forward-looking statements contain sure dangers and uncertainties. There are a selection of necessary elements that would trigger Middlefield Banc Corp.’s future outcomes to vary materially from historic efficiency or projected efficiency. These elements embody, however will not be restricted to: (1) a major enhance in aggressive pressures amongst monetary establishments; (2) modifications within the rate of interest setting that may scale back curiosity margins; (3) modifications in prepayment speeds, charge-offs and loan loss provisions; (4) much less favorable than anticipated normal financial situations; (5) legislative or regulatory modifications that may adversely have an effect on companies through which Middlefield Banc Corp. is engaged; (6) technological points which may adversely have an effect on Middlefield Banc Corp.’s monetary operations or clients; (7) the impact of the COVID-19 pandemic, together with on our credit score high quality and enterprise operations, in addition to its influence on normal financial and monetary market situations; (8) modifications within the securities markets; or (9) threat elements talked about within the experiences and registration statements Middlefield Banc Corp. information with the Securities and Change Fee. Middlefield Banc Corp. undertakes no obligation to launch revisions to those forward-looking statements or to replicate occasions or circumstances after the date of this press launch.
|Firm Contact:||Investor and Media Contact:|
|Thomas G. Caldwell
President/Chief Government Officer
Middlefield Banc Corp.
(440) 632-1666 Ext. 3200
|Andrew M. Berger
SM Berger & Firm, Inc.