Middlefield Banc Corp.’s board of directors has authorized a two-for-one stock split. Each shareholder of record at the close of business on Oct. 25 will receive one additional share for every outstanding share held on the record date. The additional shares are payable on Nov. 8. As a result, the number of outstanding shares will increase to approximately 6.4 million shares.

“Middlefield is focused on increasing shareholder value and over the past decade the Company’s financial, operating, and stock performance have improved significantly,” Middlefield Banc Corp. President and CEO Thomas G. Caldwell said in a statement. “We are pleased to reward our shareholders through this stock split, as well as our ongoing dividend and share repurchase programs. The two-for-one stock split demonstrates our continued efforts to help improve the trading liquidity of our stock.”