Financial Services

Cortland Bank to Begin Trading Shares on NASDAQ

CORTLAND, Ohio – Cortland Bancorp, the bank holding company of Cortland Bank, announced that shares of its common stock will begin trading on the NASDAQ Capital Market stock exchange with the opening of trading on March 8.

Shares of the company’s common stock will trade under the symbol “CLDB” (NASDAQ).

“The transition to the NASDAQ Capital Markets signifies an important step under our strategic plan,” said James M. Gasior, president and CEO of Cortland Bank. “As we continue to grow and develop as a company, the NASDAQ listing will provide us with increased liquidity and greater exposure to the investor markets. We are committed to continuing to manage balance sheet growth, enhance earnings and improve overall shareholder value as part of our strategic business plan.”

The NASDAQ announcement follows closely on the heels of the bank’s 2018 earnings announcement in January in which Cortland Bancorp reported record net income of $8.8 million, or $2.04 per share.  As a result of the bank’s strong financial performance, the board declared a special dividend of five-cents per share, which is in addition to the regular dividend of 11-cents per share.

The bank just opened its 14th branch in Strongsville in February, marking the third new branch in the past four years.

Copyright 2019 The Business Journal, Youngstown, Ohio.