Cortland Bancorp Declares Dividend
October 25, 2012
CORTLAND – (10/25/12) CORTLAND BANCORP (the “Company,” OTCQB: CLDB) today announced that its Board of Directors has approved the reinstatement of a cash dividend of $.03 per share payable on or after November 26, 2012 to shareholders of record as of the close of business on November 5, 2012.
The Company suspended its cash dividend to shareholders in the first quarter of 2009 in the wake of the economic downturn and the resulting investment securities valuation issues faced at that time.
“The payment of a dividend at this time reflects our growing confidence in the Company, supported by strong core earnings, increasing loan production, and restored capital levels well above regulatory requirements,” stated James Gasior, Chief Executive Officer.
“We are pleased that the Company’s financial strength and improved earnings power positions us to return profits to our shareholders, while at the same time growing our business.”
Cortland Bancorp is the parent company of Cortland Banks.
Founded in 1892, Cortland Banks has operated and prospered as a community bank for more than 120 years, conducting business in five counties: Trumbull, Portage, Mahoning, Geauga and Ashtabula. Cortland Banks currently employs 174. The directors, officers and employees of Cortland Banks are committed to our local communities and are active in participating in a broad number of civic and charitable organizations.
For more information on Cortland Banks please visit: www.cortland-banks.com.
For more information please contact:
Sara A. Smith, AVP, Marketing & Communications Director
Cortland Banks 194 West Main Street, Cortland, Ohio 44410
(330) 637-8040, ext. 132 | firstname.lastname@example.org | www.cortland-banks.com