Private Investor Acquires 9.99% of Middlefield Banc Corp. in Stock Purchase

Middlefield Banc Corp. (“Middlefield”) has announced it has entered into a Stock Purchase Agreement, as amended (“SPA”), with Bank Opportunity Fund or its affiliates to purchase ownership up to 24.99% of Middlefield’s stock in three stages: (1) ownership of 4.99%, which occurred with the purchase by a Bank Opportunity Fund affiliate (Mr. Eric D. Hovde) of 93,050 shares at $16.00 per share on April 17, 2012, (2) ownership of 9.99%, which occurred on April 30, 2012 with the purchase of 103,585 additional shares by Mr. Hovde at $16.00 per share, and (3) assuming stockholder approval is obtained under the Ohio Control Share Acquisition Act, ownership of 24.99%, with the purchase of an estimated 393,600 shares at $17.00 per share by Bank Opportunity Fund, to occur on or before July 31, 2012 – subject to both shareholder and regulatory approval. Subject to regulatory approval, Bank Opportunity Fund would also be entitled to designate one director for service on the board of Middlefield and each of its subsidiary banks.