CORTLAND BANCORP (OTCMKTS:CLDB) Files An 8-K Regulation FD DisclosureItem 7.01 Regulation FD Disclosure
At a meeting on May22, 2018 the Board of Directors of Cortland Bancorp (the “Company”) increased the shares authorized for repurchase under the stock repurchase program (“program”) by 200,000 shares. The program is effective through December31, 2018 but may be limited or terminated at any time without prior notice. 31,512 shares from the previous 100,000 shares repurchase authorization announced on January 29, 2018 remain available for purchase. The total share repurchase authorization under the program is currently 231,512 shares (approximately 5.3% of the Company’s issued and outstanding 4,338,498 shares).
Under the program, the Company may acquire shares of its common stock in the open market or in any private transaction from time to time and in accordance with applicable laws, rules and regulations.
About CORTLAND BANCORP (OTCMKTS:CLDB)
Cortland Bancorp is a bank holding company. The Company’s principal activity is to own, manage and supervise The Cortland Savings and Banking Company (Cortland Banks or the Bank). The Company operates through the commercial banking segment. The Bank is a state chartered bank engaged in commercial and retail banking. The Bank’s services include checking accounts, savings accounts, time deposit accounts, commercial, mortgage and installment loans, night depository, automated teller services, safe deposit boxes and other miscellaneous services. The Bank provides brokerage and investment services through an arrangement with Investment Professionals, Inc. Under this arrangement, financial advisors offer customers a range of investment products and services, such as estate planning, annuities, life insurance, fixed income, and equity securities and equity research and recommendations. The Bank, through Investment Professionals, Inc., also offers asset management services to customers.