Cortland Bancorp Declares Quarterly Cash Dividend

Rhea-AI Summary

Cortland Bancorp (NASDAQ: CLDB) announced a quarterly cash dividend of $0.14 per share, payable on December 1, 2020, to shareholders of record by November 9, 2020. The dividend, with a current yield of 3.7% based on a stock price of $15.00, reflects the company's solid capital position despite challenging market conditions. CEO James Gasior emphasized that this dividend provides an attractive return for shareholders.

Positive

• Quarterly cash dividend of $0.14 per share.
• Annualized yield of 3.7% at a stock price of $15.00.
• Solid capital position supports dividend payments.

Negative

• None.

CORTLAND, Ohio, Oct. 22, 2020 (GLOBE NEWSWIRE) -- Cortland Bancorp (NASDAQ: CLDB), the holding company for Cortland Savings and Banking Company, today announced that its Board of Directors approved a quarterly cash dividend of $0.14 per share. The dividend will be payable on December 1, 2020, to shareholders of record as of the close of business on November 9, 2020.

“Amid the current challenging environment, we are pleased to be able to pay the quarterly cash dividend, providing an attractive return to our shareholders,” said James Gasior, President and Chief Executive Officer. At the recent stock price of $15.00 per share, the current dividend equates to a yield of 3.7% on an annualized basis. “The Company’s solid capital position provides a stable foundation from which dividends can be paid,” continued Gasior.

About Cortland Bancorp
Cortland 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.

CONTACT: James M. Gasior, President & CEO
(330) 282-4111

FAQ

What is the dividend amount for CLDB?

Cortland Bancorp announced a quarterly cash dividend of $0.14 per share.

When will the dividend be paid by Cortland Bancorp?

The dividend will be payable on December 1, 2020.

What is the record date for CLDB's dividend?

Shareholders of record will be noted as of the close of business on November 9, 2020.

What is the dividend yield for Cortland Bancorp?

The current dividend yield is 3.7% based on a stock price of $15.00.

Why is Cortland Bancorp paying a dividend?

The company aims to provide an attractive return to shareholders despite the challenging environment.