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Cortland Bancorp to Buy Back Shares

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CORTLAND, Ohio – Cortland Bancorp, holding company for Cortland Savings and Banking Co., announced Friday that its board of directors has approved a new stock repurchase program.

Under the new program, the company is authorized to repurchase up to 200,000, or 4.4%, of its 4,527,849 issued and outstanding shares. The program is effective through Dec. 31 but may be limited or terminated at any time without prior notice, the company said.

“The strength of our capital position enables us to take advantage of this attractive investment opportunity that benefits both our company and shareholders,” James M. Gasior, president and CEO, said in a prepared statement.

Under the program, the company may acquire shares of its common stock in the open market or in any private transaction in accordance with applicable laws, rules and regulations, the company stipulated.

Cortland Savings and Banking Co. was founded in 1892 and conducts business through 12 offices in Trumbull, Mahoning, Portage and Ashtabula counties.

Published by The Business Journal, Youngstown, Ohio.