CLDB - Cortland Bancorp Announces NASDAQ Stock Exchange Listing

CORTLAND, Ohio, March 06, 2019 (GLOBE NEWSWIRE) -- Cortland Bancorp., the bank holding company of The Cortland Savings and Banking Company (the “Bank”), today announced that shares of its common stock will begin trading on the NASDAQ Capital Market stock exchange effective with the opening of trading on March 08, 2019.  Shares of the Company’s common stock will trade under the symbol “CLDB” (NASDAQ).

James M. Gasior, President and Chief Executive Officer stated, “The transition to the NASDAQ Capital Markets signifies an important step under our strategic plan.  As we continue to grow and develop as a Company, the NASDAQ listing will provide us with increased liquidity and greater exposure to the investor markets.  We are committed to continuing to manage balance sheet growth, enhance earnings and improve overall shareholder value as part of our strategic business plan.”

The NASDAQ announcement follows closely on the heels of the Bank’s 2018 earnings announcement in January in which Cortland Bancorp reported record net income of $8.8 million, or $2.04 per share.  As a result of the Bank’s strong financial performance, the Board declared a special dividend of $ .05 per share, which is in addition to the regular dividend of $ .11 per share.

Cortland Bancorp, headquartered in Cortland, Ohio, is a bank holding company with total assets in excess of $674 million. The bank operates 14 full service banking centers and an LPO office in Fairlawn, Ohio. The bank just opened its 14th full service banking center in the community of Strongsville, Ohio in early February 2019, marking the third new branch in the past four years.  Additional information is available at www.cortlandbank.com.