Stock BuybacksBy The Online Investor Staff, updated Fri., Jan. 22, 4:37 PM
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Slide #2. Cortland Bancorp
Cortland Bancorp (NASDAQ:CLDB)
Share Amount Authorized:
Cortland Bancorp (NASDAQ: CLDB), the holding company for The Cortland Savings and Banking Company, today adopted a new stock repurchase program ("program"). Under the program, the Company is authorized to repurchase up to 200,000 of its 4,223,153 issued and outstanding shares, equating to approximately 4.7%. The repurchase plan approved March 18, 2020 expired on December 31, 2020. At the time the Program expired, the Company had repurchased 146,318 shares from the 300,000 shares authorized for repurchase in 2020. The new program is effective immediately through December 31, 2021 but may be limited or terminated at any time without prior notice. The 200,000 share repurchase authorization for 2021 positions the Company to enhance the value of its stock and to manage its capital. The Company's action allows management to make repurchases, without further board approval, when stock purchases are deemed prudent. The Board believes that a stock repurchase plan is an important tool that can be utilized to enhance long-term shareholder value. Share repurchases will be made periodically as permitted by securities laws and other legal requirements and will be subject to market conditions as well as other factors. Repurchases may be made in the open market, through block trades or otherwise, and in privately negotiated transactions.
Cortland Bancorp is a bank holding company. Co. owns, manages and supervises The Cortland Savings and Banking Company (the Bank). The Bank is engaged in commercial and retail banking. The Bank's services include checking accounts, savings accounts, time deposit accounts, commercial, mortgage and installment loans, night depository, automated teller services, safe deposit boxes and other miscellaneous services provided by commercial banks. Commercial lending includes commercial, financial loans, real estate construction and development loans, commercial real estate loans, small business lending and trade financing. The Bank also provides a variety of Internet and mobile banking options.
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