Cortland Bancorp Announces Share Repurchase Program
21 Janeiro 2021 - 4:00PM
Cortland Bancorp (NASDAQ: CLDB), the holding
company for The Cortland Savings and Banking Company, today adopted
a new stock repurchase program (“program”). Under the program, the
Company is authorized to repurchase up to 200,000 of its 4,223,153
issued and outstanding shares, equating to approximately 4.7%. The
repurchase plan approved March 18, 2020 expired on December 31,
2020. At the time the Program expired, the Company had repurchased
146,318 shares from the 300,000 shares authorized for repurchase in
2020. The new program is effective immediately through December 31,
2021 but may be limited or terminated at any time without prior
notice.
The 200,000 share repurchase authorization for 2021 positions
the Company to enhance the value of its stock and to manage its
capital. The Company’s action allows management to make
repurchases, without further board approval, when stock purchases
are deemed prudent. The Board believes that a stock repurchase plan
is an important tool that can be utilized to enhance long-term
shareholder value. Share repurchases will be made periodically as
permitted by securities laws and other legal requirements and will
be subject to market conditions as well as other factors.
Repurchases may be made in the open market, through block trades or
otherwise, and in privately negotiated transactions.
The Board’s action authorizes the Company to execute one or more
10b5-1 trading plans. The trading plans would allow the Company to
repurchase shares at times when the Company otherwise might be
prevented from doing so under insider trading laws by requiring
that an agent selected by the Company repurchase shares of common
stock on the Company’s behalf.
"Stock repurchase is an attractive way, in addition to our
quarterly cash dividend, to deliver on our long-term goal to
enhance shareholder value," said James M. Gasior, President and
Chief Executive Officer of the Company and The Cortland Savings and
Banking Company.
About Cortland BancorpCortland Bancorp is a
financial holding company headquartered in Cortland, Ohio. Founded
in 1892, the Company’s bank subsidiary, The Cortland Savings and
Banking Company conducts business through thirteen full-service
community banking offices located in the counties of Trumbull,
Mahoning, Portage, Summit, and Cuyahoga in the Northeast Ohio area
and a financial service center in Fairlawn, Ohio. For additional
information about Cortland Bank visit
http://www.cortlandbank.com.
Forward Looking StatementsThis release may
contain “forward-looking statements” that are subject to risks and
uncertainties. Readers should not place undue reliance on
forward-looking statements, which reflect management’s views only
as of the date hereof. All statements, other than statements of
historical fact, regarding our financial position, business
strategy and management’s plans and objectives for future
operations are forward-looking statements. When used in this
report, the words “anticipate,” “believe,” “estimate,” “expect,”
and “intend” and words or phrases of similar meaning, as they
relate to Cortland Bancorp or management, are intended to help
identify forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although we
believe that management’s expectations as reflected in
forward-looking statements are reasonable, we cannot assure readers
that those expectations will prove to be correct. Forward-looking
statements are subject to various risks and uncertainties that may
cause our actual results to differ materially and adversely from
our expectations as indicated in the forward-looking statements. We
caution that the forward-looking statements are based largely on
our expectations and are subject to a number of known and unknown
risks and uncertainties that are subject to change based on factors
which are, in many instances, beyond our control. These and other
important factors are detailed in various securities law filings
made periodically by the Company, copies of which are available
from the Company without charge. Any forward-looking statements
presented herein are made only as of the date of this press
release, and we do not undertake any obligation to update or revise
any forward-looking statements to reflect changes in assumptions,
the occurrence of unanticipated events, or otherwise, except as
required by law.
CONTACT: |
James M. Gasior, President & CEO |
|
(330) 282-4111 |
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