The company said in a press release Friday that Thomas Caldwell plans to retire as president and CEO in March 2022. Middlefield said it has begun looking at internal and external candidates to succeed Caldwell.
Caldwell has been Middlefield's president and CEO for 26 years, helping take the company public in 2001.
"Under Tom’s leadership, Middlefield has grown significantly, achieved strong financial performance and built a robust platform for long-term success," William Skidmore, the company's chairman, said in the release.
"I look forward to working with the board to identify and hire a new CEO that embodies our core community banking values and commitment to creating shareholder value," Skidmore added.
Middlefield grew from three branches and $135 million of assets when Caldwell took the helm in 1995 to 16 locations and $1.4 billion of assets on March 31 of this year.
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