M&A · Financials · State Commercial Banks
Farmers National Banc Corp to acquire Middlefield Banc Corp
Announced Oct 22, 2025 · Closed Mar 2, 2026
Deal value$299M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationAll stock$36.17 per share
Transaction
- Acquirer
- Farmers National Banc Corp (FMNB)
- Target
- Middlefield Banc Corp (MBCN)
- Buyer type
- Strategic
- Offer price per share
- $36.17
- Enterprise value
- —
- Status
- Closed Mar 2, 2026
Deal protections
- Break fee (target pays)
- $12.0M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Janney Montgomery Scott
- To the target
- Raymond James
Sector context · Financials
- Comparable deals
- 56 in the prior 24 months
- Premium
- Sector median 33.0%
- EV / Adj. EBITDA
- Sector median 13.1x
- Break fee
- 4.0% vs. 3.7% sector median
Timeline
- AnnouncedOct 22, 2025
- Proxy filedDec 19, 2025
- Definitive proxyDec 19, 2025
- Shareholder voteFeb 10, 2026
- ClosedMar 2, 2026
Valuation · fairness opinions
Trading comparables$30.06$31.14
Trading comparables$28.09$35.21
Offer $36.17
Implied value per Middlefield Banc Corp share by analysis, from Janney Montgomery Scott · DCF discount rate 12%–14%.