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Farmers National Banc Corp. has successfully completed its merger with Cortland Bancorp, enhancing its market position in Northeast Ohio. The merger increases Farmers' total assets to over $4.1 billion and its wealth management assets to exceed $3 billion, positioning it among Ohio's largest community banks. Following the merger, shares of Cortland are no longer traded. Two members from Cortland's board, Richard Thompson and Neil Kaback, join Farmers' Board of Directors, expected to bring diverse expertise to enhance shareholder value.
Cortland Bancorp (CLDB) has set the Election Deadline for shareholders to choose their consideration form related to the proposed merger with Farmers National Banc Corp. The deadline is 5:00 p.m. EST on October 25, 2021. Shareholders can opt for cash or Farmers common shares, subject to proration and adjustments detailed in the Merger Agreement. A special meeting for shareholder approval is scheduled for October 26, 2021. Shareholders should submit their election forms to Computershare Trust Company by the deadline.
Farmers National Banc Corp. (NASDAQ: FMNB) and Cortland Bancorp (NASDAQ: CLDB) announced a merger proposal with an election deadline for Cortland shareholders set for October 25, 2021. Shareholders can choose between cash or Farmers common shares for their Cortland common stock. The merger requires approval from Cortland's shareholders at a special meeting on October 26, 2021. Relevant election materials were sent starting September 27, 2021, and questions can be directed to Georgeson LLC, the Information Agent.
Cortland Bancorp (NASDAQ: CLDB) reported a 3% increase in net income for Q2 2021, reaching $2.0 million or $0.48 per share, and a 44% rise in income over the first half of the year with $4.8 million net income. The company announced a planned merger with Farmers National Banc Corp, which is expected to close in Q4 2021. Mortgage originations contributed $714,000 to non-interest income, amid favorable interest rates. Cortland maintains strong capital ratios, well above regulatory minimums, enhancing investor confidence.
Cortland Bancorp (NASDAQ: CLDB) has announced a quarterly cash dividend of $0.15 per share, payable on September 1, 2021, to shareholders of record by August 9, 2021.
President James Gasior highlighted the company’s strong earnings as a factor supporting this dividend decision, emphasizing the attractive return for shareholders, with an annualized yield of 2.2% based on the stock's recent price of $26.80.
Farmers National Banc Corp. and Cortland Bancorp have entered into a merger agreement. Shareholders of Cortland can choose $28 per share in cash or 1.75 shares of Farmers’ stock, with the deal valued at approximately $124 million. The merger aims to enhance market presence in Northeast Ohio and is expected to close in Q4 2021, pending approvals. Post-merger, Farmers will have around $4.1 billion in assets and 48 branches. Key executives from Cortland will join Farmers' management team.
Cortland Bancorp (NASDAQ: CLDB) has been recognized for the third consecutive year in American Banker magazine's list of Top 200 Publicly Traded Community Banks and Thrifts. In May 2021, Cortland ranked 86th, improving from 105th in 2020 and 134th in 2019. This ranking is based on a three-year average return on equity (ROE) as of the previous year. The bank holds assets exceeding $700 million and operates 13 banking centers. President James M. Gasior emphasized that this acknowledgment reflects the bank's commitment to enhancing shareholder value.
Cortland Bancorp (NASDAQ: CLDB) reported a robust first quarter of 2021, achieving a net income of $2.8 million or $0.66 per share, a 100% increase from $1.4 million or $0.32 per share year-over-year. The bank experienced strong loan growth of 8% along with a 15% rise in deposits. A dividend of $0.15 per share has been authorized, marking a 7% increase. The company benefitted from participation in the Paycheck Protection Program, aiding over 400 customers and nearly 8,000 jobs. The efficiency ratio improved to 59.80%, while asset quality stabilized, with nonperforming loans decreasing.
Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.15 per share, up 7% from previous distributions. This dividend will be payable on June 1, 2021, to shareholders of record by the close of business on May 17, 2021. At the recent stock price of $22.62, this translates to an annualized yield of 2.7%. CEO James Gasior highlighted the dividend increase as a reflection of the company’s continued solid earnings performance and an attractive return for shareholders.
