Ancora Disappointed By Performance Of MBCN's Stock Price; To Consider Proxy Contest

(RTTNews) - Ancora Holdings Group, LLC, the largest shareholder of Middlefield Banc Corp. (MBCN), issued an open letter to Middlefield Banc Corp. shareholders regarding the Annual Meeting. Ancora said it firmly believes the best way to maximize shareholder value is through a sale of the bank to a larger, more liquid partner at a significant premium to current stock price.

"We are not writing to shareholders to provide instructions on how to vote for the shareholder proposal we sponsored but rather to inform shareholders why we submitted the proposal and outline the need to create a sense of urgency. Should the Board choose to ignore the outcome and there is significant support, we will consider all options available to us to help increase shareholder value, including a proxy contest," stated Ancora Holdings Group.

Ancora noted that it has been a shareholder of MBCN for more than five years. Ancora said it continues to be disappointed by the performance of MBCN's stock price over its investment period.