Cortland Bancorp Amends Dividend Reinvestment Plan
CORTLAND, Ohio -- The board of directors of Cortland Bancorp announced Wednesday that the company has amended and restated its dividend reinvestment plan effective Nov. 21 and will permit investments to be made under the plan commencing.
The plan permits re-investment of dividends and supplemental investments by eligible shareholders who already own at least one common share of Cortland Bancorp. Shares purchased under the plan may be purchased in the over-the-counter market or directly from the company.
“With the recent resumption of our dividend, this amended plan will allow our shareholders not only to reinvest their dividends to increase their investment, but enable them to purchase additional shares on a commission free basis throughout the year,” said James Gasior, president and CEO, in a prepared statement.
The participants of the plan, among other things, can invest optional cash payments in shares of common stock at market-based prices, provided that each payment is at least $100 per payment and total payments by a participant in any calendar month do not exceed $2,500. Proceeds received from the sale of common stock purchased directly from Cortland Bancorp pursuant to the plan will be used for general corporate purposes, to supplement capital, to support growth, or as a contribution to the capital of Cortland Savings and Banking Co., which may use the capital for similar purposes, the company said.
A registration statement has been filed with the Securities and Exchange Commission.
Published by The Business Journal, Youngstown, Ohio.