ISS recommends Middlefield Banc shareholders vote for Farmers National merger

Institutional Shareholder Services has recommended that Middlefield Banc Corp. (NASDAQ: MBCN) shareholders vote in favor of the proposed merger with Farmers National Banc Corp. (NASDAQ: FMNB), according to a company statement.

The independent proxy advisory firm issued its recommendation ahead of Middlefield's special shareholder meeting scheduled for February 10, 2026. Shareholders must submit their votes by February 9, 2026, at 11:59 p.m. ET.

Under the proposed transaction, Middlefield, the holding company for The Middlefield Banking Company, would merge into Farmers National Banc Corp., which operates The Farmers National Bank of Canfield.

Middlefield reported total assets of $1.98 billion as of September 30, 2025. The company operates 21 full-service banking centers and an LPL Financial brokerage office across Ohio communities including Ada, Beachwood, Bellefontaine, Chardon, and Dublin, among others. The bank also maintains a loan production office in Mentor, Ohio.

ISS serves as a voting and corporate governance advisory firm whose analyses are used by institutional investment firms, mutual funds and fiduciaries throughout North America.

The companies filed a joint proxy statement and prospectus with the Securities and Exchange Commission, which was declared effective on December 15, 2025. The document was distributed to shareholders of both companies seeking approval for the merger.

Information about the merger and voting procedures can be found in the joint proxy statement. Shareholders requiring assistance with voting can contact Alliance Advisors at 1-855-206-1454.

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