# EDGAR Filing Document

**Accession Number:** 0000836147
**File Stem:** 0001437749-25-031461
**Filing Date:** 2025-10
**Character Count:** 27004
**Document Hash:** b8510702bb09e4b45a387ba757c3020d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-031461.hdr.sgml**: 20251022

**ACCESSION NUMBER**: 0001437749-25-031461

**CONFORMED SUBMISSION TYPE**: 425

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20251022

**DATE AS OF CHANGE**: 20251022

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIDDLEFIELD BANC CORP
- **CENTRAL INDEX KEY:** 0000836147
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 341585111
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36613
- **FILM NUMBER:** 251408609

**BUSINESS ADDRESS:**
- **STREET 1:** 15985 EAST HIGH STREET
- **STREET 2:** P O BOX 35
- **CITY:** MIDDLEFIELD
- **STATE:** OH
- **ZIP:** 44062-9263
- **BUSINESS PHONE:** 4406321666

**MAIL ADDRESS:**
- **STREET 1:** 15985 EAST HIGH STREET
- **STREET 2:** P O BOX 35
- **CITY:** MIDDLEFIELD
- **STATE:** OH
- **ZIP:** 44062-9263
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MIDDLEFIELD BANC CORP
- **CENTRAL INDEX KEY:** 0000836147
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 341585111
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 425

**BUSINESS ADDRESS:**
- **STREET 1:** 15985 EAST HIGH STREET
- **STREET 2:** P O BOX 35
- **CITY:** MIDDLEFIELD
- **STATE:** OH
- **ZIP:** 44062-9263
- **BUSINESS PHONE:** 4406321666

**MAIL ADDRESS:**
- **STREET 1:** 15985 EAST HIGH STREET
- **STREET 2:** P O BOX 35
- **CITY:** MIDDLEFIELD
- **STATE:** OH
- **ZIP:** 44062-9263

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

October 22, 2025

(Date of Report: Date of earliest event reported)

Middlefield Banc Corp.

(Exact name of registrant as specified in its charter)

Ohio

(State or other jurisdiction of incorporation)

001-36613

(Commission File Number)

34-1585111

(I.R.S. Employer Identification Number)

15985 East High Street

Middlefield, Ohio 44062

(Address of principal executive offices, including zip code)

(440) 632-1666

(Registrant's telephone number, including area code)

(not applicable)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, no par value | MBCN | NASDAQ Capital Market |

---

------

ITEM 8.01 OTHER EVENTS

On October 22, 2025, Middlefield Banc Corp. (the "Company") issued a joint press release announcing that it had entered into an Agreement and Plan of Merger with Farmers National Banc Corp., an Ohio corporation and bank holding company ("Farmers") providing for, among other things, the merger of the Company with and into Farmers (the "Merger"). A copy of the joint press release, as well as a copy of the accompanying investor presentation, are furnished as Exhibit 99.1 and Exhibit 99.2 hereto, respectively, and incorporated herein by reference.

**Forward-Looking Statements**

This current report on Form 8-K contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are not statements of historical fact, but rather statements based on the Company's current expectations, beliefs and assumptions regarding the future of the Company's business, future plans and strategies, projections, anticipated events and trends, its intended results and future performance, the economy and other future conditions. Forward-looking statements are preceded by terms such as "will," "would," "should," "could," "may," "expect," "estimate," "believe," "anticipate," "intend," "plan" "project," or variations of these words, or similar expressions.

Forward-looking statements are not a guarantee of future performance and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Numerous uncertainties, risks, and changes could cause or contribute to the Company's actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, risks that the proposed merger transaction will not close when expected or at all because required regulatory, shareholder or other approvals or conditions to closing are delayed or not received or satisfied on a timely basis or at all; risks that the benefits from the transaction may not be fully realized or may take longer to realize than expected, including as a result of changes in general economic and market conditions, interest and exchange rates, monetary policy, laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which the Company and Farmers operate; uncertainties regarding the ability of Farmers to promptly and effectively integrate the Company with its businesses in accordance with expectations; changes in business and operational strategies that may occur between signing and closing; uncertainties regarding the reaction to the transaction of the companies' respective customers, employees, and contractual counterparties; and risks relating to the diversion of management time on merger-related issues; and other factors disclosed periodically in the Company's filings with the Securities and Exchange Commission ("SEC").

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this report or made elsewhere from time to time by the Company or Farmers or on the Company or Farmer's behalf. The Company and Farmers disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws.

Additional factors which could affect future results of the Company can be found in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and the Current Reports on Form 8-K, in each case filed with the SEC and available on the SEC's website at https://www.sec.gov.

**Information about the Merger and Where to Find It**

In connection with the proposed Merger, Farmers expects to file a registration statement on Form S-4 with the SEC to register the shares of Farmers' common stock that will be issued to the Company's shareholders in connection with the Merger (the "Registration Statement"). The Registration Statement will include a joint proxy statement of the Company and Farmers that also constitutes a prospectus of Farmers. When available, the definitive joint proxy statement will be sent to the shareholders of Farmers and the Company seeking their approval of the proposed Merger. This communication is not a substitute for the joint proxy statement/prospectus or Registration Statement or for any other document that the Company or Farmers may file with the SEC and send to the Company's shareholders in connection with the proposed merger transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO CAREFULLY READ THE REGISTRATION STATEMENT AND ACCOMPANYING JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED MERGER TRANSACTION WHEN IT BECOMES AVAILABLE ANDANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

------

Investors and security holders will be able to obtain free copies of the Registration Statement on Form S-4 (when available) and other documents containing information about the Company, Farmers, and the proposed merger transaction filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company will be available free of charge on the Company's website at https://www.middlefieldbank.com or may be obtained from the Company by written request to Middlefield Banc Corp., 15985 East High Street, Middlefield, Ohio 44062, Attention: Investor Relations. Copies of the documents filed with the SEC by Farmers will be available free of charge on Farmers' website at https://www.farmersbankgroup.com or may be obtained from Farmers by written request to Farmers National Banc Corp., 20 South Broad Street, Canfield, Ohio 44406, Attention: Investor Relations.

**Participants in the Solicitation**

The respective directors and executive officers of the Company and Farmers and other persons may be deemed to be participants in the solicitation of proxies from Farmers shareholders and Company shareholders with respect to the Merger. Information regarding the directors and executive officers of the Company is available in its proxy statement filed with the SEC on April 4, 2025. Information regarding the directors and executive officers of Farmers, is set forth in the proxy statement for Farmers' 2025 annual meeting of shareholders, as filed with the SEC on March 18, 2025. Additional information regarding the interests of those participants and other persons who may be deemed participants may be obtained by reading the joint proxy statement/prospectus included in the Registration Statement and other relevant documents regarding the proposed merger transaction filed with the SEC when they become available. Copies of these documents may be obtained free of charge from the sources described above.

**No Offer or Solicitation**

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale is unlawful before registration or qualification of the securities under the securities laws of the jurisdiction. No offer of securities shall be made except by means of a prospectus satisfying the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

The following exhibits are furnished to this Current Report on Form 8-K:

(d) Exhibits.

99.1 [Joint Press Release dated October 22, 2025](ex_874296.htm)

99.2 [Investor Presentation dated October 22, 2025](ex_874297.htm)

104 Cover Page Interactive File (embedded within the Inline XBRL document)

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
|  | MIDDLEFIELD BANC CORP. |
| Date: October 22, 2025 | <u>/s/ Ronald L. Zimmerly, Jr</u>  |
|  | President and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![image01.jpg](image01.jpg) | ![image02.jpg](image02.jpg) |

---

**Farmers National Banc Corp. and Middlefield Banc Corp.** 

**Announce Definitive Merger Agreement** 

The merger will create the region's premier community banking franchise with over $7 billion total assets<br>

- Unlocks meaningful growth opportunities and improves competitive positioning as a top Midwest community bank franchise

- 83 branches serving Northeast and Central Ohio and Western Pennsylvania

- Enhances profitability profile through increased operating leverage

- Accretive to pro forma TCE/TA

- Transaction expected to close by the end of the first quarter of 2026 after shareholder and regulatory approvals

CANFIELD, Ohio and MIDDLEFIELD, Ohio – October 22, 2025 -- Farmers National Banc Corp. ("Farmers") (NASDAQ: FMNB), the holding company for The Farmers National Bank of Canfield ("Farmers National Bank"), and Middlefield Banc Corp. ("Middlefield") (NASDAQ: MBCN), the holding company for The Middlefield Banking Company ("Middlefield Bank"), jointly announced today the signing of a definitive merger agreement (the "Agreement") pursuant to which Middlefield will merge with and into Farmers in an all-stock transaction. The Agreement was unanimously approved by the boards of directors of both companies.

Pursuant to the Agreement, each share of Middlefield common stock outstanding immediately prior to completion of the merger will be converted into the right to receive 2.6 shares of Farmers common stock. Based on Farmers' closing share price of $13.91 on October 20, 2025, the proposed transaction is valued at approximately $299.0 million, or $36.17 per Middlefield share. The merger is expected to qualify as a tax-free reorganization. The transaction is subject to receipt of Middlefield and Farmers shareholder approvals and customary regulatory approvals. The transaction is expected to close by the end of the first quarter of 2026.

At the close of the transaction, Farmers intends to appoint two Middlefield directors to Farmers' Board of Directors. For additional information about the proposed merger, please see the Investor Presentation – Merger, filed as Exhibit 99.4 to Farmers' Form 8-K filed on October 22, 2025.

Kevin J. Helmick, President and CEO of Farmers, stated, "We are excited to announce the merger with Middlefield. This is our seventh bank acquisition in the last 10 years and reflects our proven track record of executing and integrating strategic M&A. The merger brings together two high-performing community banks with complementary markets, shared values, and a common vision for growth. We know Middlefield and its markets well, and this partnership not only deepens our presence in Northeast Ohio but meaningfully expands our footprint across Central and Western Ohio markets. This includes the Columbus region, where we are making strategic investments to expand in Ohio's largest and fastest-growing market. Together, we will create a larger, more diversified institution with enhanced scale, deeper relationships, and a stronger foundation to drive long-term shareholder value."

------

Ronald L. Zimmerly, Jr., President and Chief Executive Officer of Middlefield, commented, "Joining Farmers represents an exciting next chapter for Middlefield and the communities we serve. Our customers will benefit from a broader suite of financial products and advanced digital capabilities, while continuing to receive the same personalized service and local decision-making that define our culture. This merger enhances our ability to grow and support our stakeholders and deliver meaningful value for our shareholders."

Upon consummation of the transaction, Middlefield Bank will be merged with and into Farmers National Bank and Middlefield Bank's branches will become branches of Farmers National Bank. Upon closing, Farmers estimates it will have approximately $7.4 billion in assets and 83 branch locations throughout Ohio and western Pennsylvania.

As of September 30, 2025, Middlefield had total assets of approximately $2.0 billion, which included total loans of $1.6 billion, deposits of $1.6 billion and stockholders' equity of $224.1 million.

Janney Montgomery Scott LLC. is serving as financial advisor to Farmers and Vorys, Sater, Seymour and Pease LLP is serving as legal counsel to Farmers on the transaction. Raymond James & Associates, Inc. is serving as financial advisor to Middlefield and Nelson Mullins Riley & Scarborough LLP is serving as legal counsel to Middlefield on the transaction.

**CONFERENCE CALL INFORMATION**

Farmers will host a conference call on October 22, 2025, at 9:00 a.m. ET, to discuss the acquisition of Middlefield Banc Corp. Participants can join the call by dialing 1-877-407-0752 or 1-201-389-0912. The conference call will also be broadcast simultaneously via webcast on a listen-only basis and can be found here: https://viavid.webcasts.com/starthere.jsp?ei=1738011&tp_key=9334633d73.

A link to the press release, presentation, and webcast will be available at ir.farmersbankgroup.com.

A replay of the conference call can be accessed through November 5, 2025, by dialing 1-844-512-2921 or 1-412-317-6671 and Access ID: 13756434.

**ABOUT FARMERS NATIONAL BANC CORP.**

Founded in 1887, Farmers National Banc Corp. is a diversified financial services company headquartered in Canfield, Ohio, with $5.2 billion in banking assets. Farmers National Banc Corp.'s wholly-owned subsidiaries are comprised of The Farmers National Bank of Canfield, a full-service national bank engaged in commercial and retail banking with 62 banking locations in Mahoning, Trumbull, Columbiana, Portage, Stark, Wayne, Medina, Geauga and Cuyahoga Counties in Ohio and Beaver, Butler, Allegheny, Jefferson, Clarion, Venango, Clearfield, Mercer, Elk and Crawford Counties in Pennsylvania, and Farmers Trust Company, which operates trust offices and offers services in the same geographic markets. Total wealth management assets under care at September 30, 2025 are $4.6 billion. Farmers National Insurance, LLC, a wholly-owned subsidiary of The Farmers National Bank of Canfield, offers a variety of insurance products.

------

**About Middlefield Banc Corp.**

Middlefield Banc Corp., headquartered in Middlefield, Ohio, is the bank holding company of The Middlefield Banking Company, with total assets of $1.98 billion at September 30, 2025. The Bank operates 21 full-service banking centers and an LPL Financial® brokerage office serving Ada, Beachwood, Bellefontaine, Chardon, Cortland, Dublin, Garrettsville, Kenton, Mantua, Marysville, Middlefield, Newbury, Orwell, Plain City, Powell, Solon, Sunbury, Twinsburg, and Westerville. The Bank also operates a Loan Production Office in Mentor, Ohio.

Additional information is available at <u>www.middlefieldbank.bank</u>

**FORWARD LOOKING STATEMENTS**

We make statements in this news release and our related investor conference call, and we may from time to time make other statements, that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about Farmers' and Middlefield's financial condition, results of operations, asset quality trends and profitability. Forward-looking statements are not historical facts but instead represent only management's current expectations and forecasts regarding future events, many of which, by their nature, are inherently uncertain and outside of Farmers' and Middlefield's control. Forward-looking statements are preceded by terms such as "expects," "believes," "anticipates," "intends" and similar expressions, as well as any statements related to future expectations of performance or conditional verbs, such as "will," "would," "should," "could" or "may."

Forward-looking statements are not a guarantee of future performance and actual future results could differ materially from those contained in forward-looking information. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Farmers' and Middlefield's control. Numerous uncertainties, risks, and changes could cause or contribute to Farmers' or Middlefield's actual results, performance, and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, the possibility that the closing of the proposed transaction is delayed or does not occur at all because required regulatory approvals, shareholder approval or other conditions to the transaction are not obtained or satisfied on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all; Farmers' and Middlefield's failure to integrate Middlefield and Middlefield Bank with Farmers and Farmers National Bank in accordance with expectations; deviations from performance expectations related to Middlefield and Middlefield Bank ; diversion of management's attention on the proposed transaction; significant changes in economic conditions in markets where Farmers and Middlefield conduct business which could materially impact credit quality trends; significant changes in U.S. economic conditions including those resulting from continued high rates of inflation, tightening monetary policy of the Board of Governors of the Federal Reserve, and effects of U.S. and foreign country tariff policies; general business conditions in the banking industry; the regulatory environment; general fluctuations in interest rates; demand for loans in the market areas where Farmers and Middlefield conduct business; rapidly changing technology and evolving banking industry standards; competitive factors, including increased competition with regional and national financial institutions; and new service and product offerings by competitors and price pressures; and other factors disclosed periodically in Farmers' and Middlefield's filings with the Securities and Exchange Commission (the "SEC").

Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by Farmers, Middlefield or on Farmers' or Middlefield's behalf, respectively. Forward-looking statements speak only as of the date made, and neither Farmers nor Middlefield assumes any duty and does not undertake to update forward-looking statements.

------

Farmers and Middlefield provide further detail regarding these risks and uncertainties in their respective latest Annual Reports on Form 10-K, including in the risk factors section of their respective latest Annual Reports on Form 10-K, as well as in subsequent SEC filings, available on the SEC's website at www.sec.gov.

**OTHER INFORMATION**

In connection with the proposed merger, Farmers will file with the SEC a Registration Statement on Form S-4 that will include a joint proxy statement and a prospectus of Farmers, as well as other relevant documents concerning the proposed transaction.

SHAREHOLDERS OF FARMERS AND MIDDLEFIELD AND OTHER INVESTORS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT AND PROSPECTUS TO BE INCLUDED IN THE REGISTRATION STATEMENT ON FORM S-4, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT FARMERS, MIDDLEFIELD, THE PROPOSED MERGER, THE PERSONS SOLICITING PROXIES WITH RESPECT TO THE PROPOSED MERGER, AND THEIR INTERESTS IN THE PROPOSED MERGER AND RELATED MATTERS.

The respective directors and executive officers of Farmers and Middlefield and other persons may be deemed to be participants in the solicitation of proxies from Farmers and Middlefield shareholders with respect to the proposed merger. Information regarding the directors of Farmers is available in its proxy statement filed with the SEC on March 18, 2025 in connection with its 2025 Annual Meeting of Shareholders and information regarding the executive officers of Farmers is available in its Form 10-K filed with the SEC on March 6, 2025. Information regarding the directors of Middlefield is available in its proxy statement filed with the SEC on April 4, 2025 in connection with its 2025 Annual Meeting of Shareholders and information regarding the directors and executive officers of Middlefield is available in its Form 10-K filed with the SEC on March 13, 2025. Other information regarding the participants in the solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and prospectus to be included in the Registration Statement on Form S-4 and other relevant materials to be filed with the SEC when they become available.

Investors and security holders will be able to obtain free copies of the registration statement (when available) and other documents filed with the SEC by Farmers through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Farmers will be available free of charge on Farmers' website at https://www.farmersbankgroup.com or may be obtained from Farmers by written request to Farmers National Banc Corp., 20 South Broad Street, Canfield, Ohio 44406, Attention: Investor Relations. Copies of the documents filed or to be filed with the SEC by Middlefield may be obtained without charge from Middlefield by written request to Middlefield Banc Corp., 15985 East High Street, Middlefield, Ohio, 44062, Attention: Julie E. Shaw, Secretary.

## Exhibit 99.2

**Exhibit 99.2**

![a01.jpg](a01.jpg)

------

![a02.jpg](a02.jpg)

------

![a03.jpg](a03.jpg)

------

![a04.jpg](a04.jpg)

------

![a05.jpg](a05.jpg)

------

![a06.jpg](a06.jpg)

------

![a07.jpg](a07.jpg)

------

![a08.jpg](a08.jpg)

------

![a09.jpg](a09.jpg)

------

![a10.jpg](a10.jpg)

------

![a11.jpg](a11.jpg)

------

![a12.jpg](a12.jpg)

------

![a13.jpg](a13.jpg)

------

![a14.jpg](a14.jpg)

------

![a15.jpg](a15.jpg)

------

![a16.jpg](a16.jpg)

------

![a17.jpg](a17.jpg)

------

![a18.jpg](a18.jpg)

------

![a19.jpg](a19.jpg)

------

![a20.jpg](a20.jpg)

------

![a21.jpg](a21.jpg)

------

![a22.jpg](a22.jpg)

------

![a23.jpg](a23.jpg)

------

![a24.jpg](a24.jpg)

------

![a25.jpg](a25.jpg)

------

![a26.jpg](a26.jpg)

------

![a27.jpg](a27.jpg)