Middlefield Banc Corp. (NASDAQ:MBCN) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02(e): Material Compensatory Plan
At a meeting of the board of directors of The Middlefield Banking Company held on August14, 2017, the nonemployee directors took actions affecting officer compensation, including determining the compensation of President and Chief Executive Officer Thomas G. Caldwell, and Senior Vice President, Chief Financial Officer and Treasurer Donald L. Stacy. Base salary in 2017 for Mr.Caldwell was adjusted to $320,000 (an increase of $28,428 from his current base salary), and for Mr.Stacy $190,000 (an increase of $10,887 from his current base salary). The 2017 annual base salary for both individuals is retroactive to January1, 2017. Neither of these officers is a party to an employment agreement.
About Middlefield Banc Corp. (NASDAQ:MBCN)
Middlefield Banc Corp. is a bank holding company. The Company’s subsidiaries include The Middlefield Banking Company (MBC) and EMORECO Inc. MBC is engaged in the general commercial banking business in northeastern and central Ohio. MBC offers customers a range of banking services, including checking, savings, money market accounts, time certificates of deposit, commercial loans, real estate loans, various 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. EMORECO engages in the resolution and disposition of troubled assets in central Ohio. 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, and consumer installment loans.