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 September 1, 2020. Shareholders of record by the close of business on August 14, 2020 will receive this dividend. At the current stock price of $14.00, this yields an annualized return of 4.0%. CEO James Gasior highlighted the company’s strong capital position, enabling the continuation of dividends despite challenging market conditions.

Positive

• Quarterly cash dividend of $0.14 per share approved.
• Dividend yield of 4.0% based on a stock price of $14.00.
• Strong capital position supports ongoing dividend payments.

Negative

• None.

CORTLAND, Ohio, July 30, 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 September 1, 2020, to shareholders of record as of the close of business on August 14, 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 $14.00 per share, the current dividend equates to a yield of 4.0% 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 and when is it payable?

Cortland Bancorp (CLDB) has declared a dividend of $0.14 per share, payable on September 1, 2020.

What is the yield of Cortland Bancorp's dividend?

The dividend yield is 4.0%, based on the current stock price of $14.00.

Who are the shareholders eligible for the dividend?

Shareholders of record as of the close of business on August 14, 2020, are eligible for the dividend.