Cortland Banks News

<body stylesrc="index.htm"><table dir="ltr" border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td valign="top"><table border="0" width="100%" cellpadding="10"> <tr> <td width="50%"> <h1>News</h1> <p><a href="#2007 Holiday Schedule">Holiday Schedule</a> <a href="#2004 Holiday Schedule"><br> </a> <a href="#Cortland Banks in the Community">Cortland Banks in the Community</a>  <a href="#2007 Holiday Schedule"><br> </a><a href="#Press Releases">Press Releases</a> </p> <p>  </p> <h2><a name="2007 Holiday Schedule">2007 Holiday Schedule</a></h2> <p>Cortland Banks main and branch offices will be closed for the following holidays in 2007:</p> <table border="0" width="100%"> <tr> <td nowrap>January 1</td> <td nowrap>New Year's Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>January 15</td> <td nowrap>Dr. Martin Luther King, Jr. Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>February 19</td> <td nowrap>Presidents'  Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>April 6, closing at 4:00 pm</td> <td nowrap>Good Friday, closing at 4:00 pm </td> <td nowrap>Friday</td> </tr> <tr> <td nowrap>May 28</td> <td nowrap>Memorial Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>July 4</td> <td nowrap>Independence Day</td> <td nowrap>Wednesday</td> </tr> <tr> <td nowrap>September 3</td> <td nowrap>Labor Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>October 8</td> <td nowrap>Columbus Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>November 12</td> <td nowrap>Veterans' Day</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>November 22</td> <td nowrap>Thanksgiving Day</td> <td nowrap>Thursday</td> </tr> <tr> <td nowrap>December 24, closing at 1:00 pm</td> <td nowrap>Christmas Eve, closing at 1:00 pm</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>December 25</td> <td nowrap>Christmas Day</td> <td nowrap>Tuesday</td> </tr> <tr> <td nowrap>December 31, closing at 2:00 pm</td> <td nowrap>New Year's Eve, closing at 2:00 pm</td> <td nowrap>Monday</td> </tr> <tr> <td nowrap>January 1, 2008</td> <td nowrap>New Year's Day</td> <td nowrap>Tuesday</td> </tr> </table> <h2> </h2> <h2><a name="Cortland Banks in the Community">Cortland Banks in the Community</a></h2> <p> </p> <p class="MsoNormal" align="center" style="text-align:center"><b><span style="font-size:14.0pt;mso-bidi-font-size:12.0pt">Cortland Banks Enters First Ever ‘Bank Challenge’ benefiting <o:p> </o:p> <br> Second Harvest Food Bank<o:p> </o:p> </span></b></p> <p class="MsoNormal"> <b>CORTLAND, OH (February 26, 2007) —</b> Starting Monday, March 5, <b style="mso-bidi-font-weight:normal">Cortland Banks</b> will be competing in Second Harvest Food Bank’s first ever<b style="mso-bidi-font-weight:normal"> ‘Bank Challenge’</b> as part of their <i style="mso-bidi-font-style:normal">Harvest for Hunger</i> Campaign. <b style="mso-bidi-font-weight:normal">Cortland Banks</b> will be competing against Home Savings and Loan, Chase, and Charter One Banks. <b style="mso-bidi-font-weight:normal">Cortland Banks</b> is excited about not only competing against these other banks, but also helping Second Harvest’s efforts in feeding thousands of needy families. All branches in the Trumbull and Mahoning Counties will participate. All proceeds help Second Harvest Food Bank of Mahoning Valley feed 7,400 people a week.</p> <p class="MsoNormal">To kick off the competition, Cortland Banks will offer <i style="mso-bidi-font-style: normal">Harvest for Hunger</i> T-shirts for sale to all employees for $15. Employees are permitted and encouraged to wear their Second Harvest t-shirts every Wednesday during March 2007. The branches involved will also be conducting a food drive from March 5 - 31. All 4 banks involved will be judged on how many items they collect in addition to funds raised. On March 22, Cortland Banks will also be joining companies all over the Valley with a Brown Bag Day. Employees are asked to pack their lunch on that day and donate what they would have spent eating out to Second Harvest Food Bank. Brown bags will be provided.</p> <p class="MsoNormal">Second Harvest Food Bank of the Mahoning Valley services Mahoning, Trumbull and Columbiana counties. In the tri-county area, 23,960 children live in poverty and 39% of emergency food recipients have at least one adult working full time. Second Harvest Food Bank distributed 5 million pounds of food in 2006 and they continue to feed 7,400 needy people a week. All funds and food donated to Second Harvest remain here in the Valley.</p> <p class="MsoNormal">Cortland Banks is a full service state bank engaged in commercial and retail banking and trust services.  Cortland Banks operates a total of 13 offices, employing approximately 185 people in the Mahoning, Trumbull, Portage and Ashtabula County area. Additional information about Cortland Banks may be found on the web at http://www.cortland-banks.com.</p> <p> </p> <h2><a name="Press Releases">Press Releases</a></h2> <p><a href="NEWS_ARCHIVES_FRAME.HTM" target="_top">Cortland Banks News Archives</a></p> <p> </p> <hr> <p class="MsoNormal" align="left"><b>June 1, 2007</b></p> <p class="MsoNormal" align="left"><span style="font-size:11.0pt;font-family:"Times New Roman"; mso-fareast-font-family:"Times New Roman";mso-ansi-language:EN-US;mso-fareast-language: EN-US;mso-bidi-language:AR-SA">Chairman K. Ray Mahan announced that at the May 22, 2007 meeting of the Board of Directors of Cortland Bancorp (the “Company”) a regular dividend of $0.22 per share was declared.<span style="mso-spacerun: yes">  </span>The dividend is payable to shareholders of record as of June 15, 2007.<span style="mso-spacerun: yes">  </span>Payment and distribution to shareholders will occur on July 2, 2007.</span></p> <hr> <p class="MsoNormal" align="left"><b>February 28, 2007</b></p> <p class="MsoNormal" align="left">Chairman K. Ray Mahan announced that at the February 27, 2007 meeting of the Board of Directors of Cortland Bancorp (the “Company”) a regular quarterly dividend of $0.22 per share was declared. The dividend is payable to shareholders of record as of March 16, 2007.  Payment and distribution to shareholders will occur on April 2, 2007.</p> <hr> <p class="MsoNormal" align="left"><b>February 14, 2007</b></p> <p class="MsoNormal">Cortland Bancorp reported, today, that it earned $1.182 million, or $0.26 per share, in the fourth quarter ended December 31, 2006, as compared to earnings of $1.093 million, or $0.25 per share, in the similar quarter of last year.   Lawrence A. Fantauzzi, President and Chief Executive Officer, also announced that the Company earned $4.576 million, or $1.02 per share, for all of 2006 as compared with $4.334 million, or $0.98 per share, in 2005.</p> <p class="MsoNormal" align="left">The Company’s total assets at  December 31, 2006 were $471.8 million compared to $459.7 million at the same time in 2005.  At year end 2006, net loans were $203.0 million compared to $186.0 million at the end of 2005, a growth rate of 9.1%, with residential mortgage loans, commercial mortgage loans and consumer loans all reflecting increases in portfolio balances.  The most significant loan growth came in the area of commercial mortgage originations, which increased by approximately 16.7% from the previous year.  Mr. Fantauzzi attributed this increase to a specific marketing campaign developed to improve market share for commercial and small business real estate secured loans.</p> <p class="MsoNormal" align="left">Mr. Fantauzzi noted that the Company’s net interest margin ratio narrowed from 3.8% to 3.7% during 2006, as the cost of interest bearing liabilities rose more quickly than the yield on the Company’s earning assets.    He indicated that financial results were, however, favorably impacted by the collection of $185,000 in interest income and loan fees on the successful resolution of three loans which had previously been in various stages of workout.  Overall, credit quality strengthened during 2006, with loans 30 days or more beyond their contractual due date declining to 2.26% of total loans from 2.95% the year before.  As a result of the improving credit quality, the Company recorded a  provision for loan loss in 2006 of $225,000, as compared to the $545,000 provision recorded during 2005.</p> <p class="MsoNormal" align="left">Non interest expenses continued to be well controlled, with the ratio of non interest expenses to average assets declining to 2.61% from 2.74% the year before.  Net non interest expenses (non interest expense less non interest income from all sources including gains on investment securities) increased by just 1.1% over 2005 levels.</p> <p class="MsoNormal" align="left">Mr. Fantauzzi noted that 2006 results also benefited from a $145,000 one-time change in the Company’s tax accrual estimate, which was recorded during the first quarter of 2006.  Excluding such non recurring items, the Company’s core earnings were $4.382 million in 2006 as compared to $4.234 million in 2005, a year-over-year improvement of 3.5%.  The Company’s 2006 core earnings per share were $0.98 compared to $0.96 per share in 2005.</p> <p class="MsoNormal" align="left">Core earnings for the fourth quarter of 2006 were $1.166 million, an 8.5% increase over the fourth quarter core earnings of $1.075 million registered in 2005.  Core earnings per share were $0.26 in the fourth quarter of 2006, as compared to $0.24 in the same period of 2005.</p> <p class="MsoNormal" align="left">Cortland Bancorp is a financial holding company headquartered in Cortland, Ohio.  Founded in 1892, the Company’s bank subsidiary conducts business through thirteen full service community banking offices located in the counties of Trumbull, Mahoning, Portage and Ashtabula in northeastern Ohio.<o:p> </o:p> </p> <p class="MsoNormal" align="left">Shares of the Company’s common stock trade in the “over-the-counter market” on the NASDAQ OTC BB under the symbol CLDB. <span style="font-size:14.0pt"><o:p> </o:p> </span></p> <hr> <p class="MsoNormal" align="left"><b>December 1, 2006</b></p> <p style="text-align:justify">Chairman K. Ray Mahan announced that at the November 28, 2006 meeting of the Board of Directors of Cortland Bancorp (the “Company”) a regular quarterly dividend of $0.22 per share, and a 2% stock dividend were declared.  Both dividends are payable to shareholders of record as of December 15, 2006.  Payment and distribution to shareholders will occur on January 2, 2007.</p> <p style="text-align:justify">For the nine month period ended September 30, 2006, Cortland Bancorp’s earnings were $3.394 million or $0.77 per share.  The Company earned $3.241 million or $0.75 per share for the same nine month period in 2005.  For the quarter ending September 30, 2006, the Company earned $1.143 million, a $292,000 increase from the $851,000 earned in the third quarter of the previous year.  Current year third quarter earnings per share of $0.26 are $0.06 above the $0.20 earned in the third quarter of the previous year.</p> <p class="MsoNormal">Core earnings (which excludes the gains on loans sold, investment securities sold or called, and certain other non recurring items) increased during the nine month period ended September 30, 2006 when compared to the same nine month period of 2005.  Core earnings were $3.217 million for the first nine months of 2006 compared to the $3.159 million earned for the same nine month period of 2005.  For the three months ended September 30, 2006, core earnings stood at $1.139 million, up $149,000 from last year’s third quarter core earnings.<o:p> </o:p> </p> <p class="MsoNormal">Total interest income for the third quarter increased by $912,000, or 15.5% from the same quarter a year ago.  Contributing to the increase was $136,000 in interest income and loan fees collected on two loans which had previously been in foreclosure.  Interest expense also increased year-over-year, and was up $783,000 from the same quarter last year, reflecting both higher balances on interest-bearing liabilities and increased interest rates.<o:p> </o:p> </p> <p class="MsoNormal">Meanwhile, total other expenses in the third quarter were $3.041 million in 2006 as compared to $3.288 million in 2005, a decrease of $247,000 or 7.5%.  The decrease is primarily attributable to a one-time cash bonus awarded in the third quarter of last year to the former CEO, whose retirement was effective as of the close of business October 31, 2005.  In addition to the decrease in salary and benefit expense, occupancy and equipment expenses decreased by 7.9%, primarily reflecting reduced depreciation charges.  On the other hand, bank exam and audit expenses increased by 40.2%, reflecting escalating costs associated with Sarbanes-Oxley compliance, as well as certain timing differences in the recording of expense between the two years.</p> <p class="MsoNormal">Loans net of the allowance for loan losses increased by $6.361 million during the twelve-month period from September 30, 2005 to September 30, 2006, and registered an increase of $10.521 million from the prior year end.  The most notable increase in the portfolio has been in loans secured by commercial real estate.  Year-to-date, the Company’s commercial business development area has originated in excess of $26 million in real estate secured commercial loans, lines of credit and construction commitments.  This growth has occurred within the context of a marketing strategy designed to increase the subsidiary bank’s market share of commercial and small business loans.</p> <p class="MsoNormal">Cortland Bancorp is a financial holding company with $467 million in assets as of September 30, 2006, and is headquartered in Cortland, Ohio.  Founded in 1892, the Company’s bank subsidiary conducts business through thirteen full service community banking offices located in the counties of Trumbull, Mahoning, Portage and Ashtabula in northeastern Ohio.<o:p> </o:p> </p> <p class="MsoNormal">Shares of the Company’s common stock trade in the “over-the-counter market” on the NASDAQ OTC BB under the symbol CLDB. <span style="font-size:14.0pt"><o:p> </o:p> </span></p> <p> </p> <hr> <p class="MsoNormal" align="left"><b>November 15, 2006</b></p> <p class="MsoNormal">Lawrence A. Fantauzzi,  President and Chief Executive Officer of Cortland Banks, announced today that for the nine month period ended September 30, 2006, Cortland Bancorp’s earnings were $3.394 million or $0.77 per share.  The Company earned $3.241 million or $0.75 per share for the same nine month period in 2005.  For the quarter ending September 30, 2006, the Company earned $1.143 million, a $292,000 increase from the $851,000 earned in the third quarter of the previous year.  Current year third quarter earnings per share of $0.26 are $0.06 above the $0.20 earned in the third quarter of the previous year. </p> <p class="MsoNormal">Core earnings (which excludes the gains on loans sold, investment securities sold or called, and certain other non recurring items) increased during the nine month period ended September 30, 2006 when compared to the same nine month period of 2005.  Core earnings were $3.217 million for the first nine months of 2006 compared to the $3.159 million earned for the same nine month period of 2005.  For the three months ended September 30, 2006, core earnings stood at $1.139 million, up $149,000 from  last year’s third quarter core earnings.<o:p> </o:p> </p> <p class="MsoNormal">Total interest income for the third quarter increased by $912,000, or 15.5% from the same quarter a year ago.  Contributing to the increase was $136,000 in interest income and loan fees collected on two loans which had previously been in foreclosure.  Interest expense also increased year-over-year, and was up $783,000 from the same quarter last year, reflecting both higher balances on interest-bearing liabilities and increased interest rates.<o:p> </o:p> </p> <p class="MsoNormal">Meanwhile, total other expenses in the third quarter were $3.041 million in 2006 as compared to $3.288 million in 2005, a decrease of $247,000 or 7.5%.  The decrease is primarily attributable to a one-time cash bonus awarded in the third quarter of last year to the former CEO, whose retirement was effective as of the close of business October 31, 2005.  In addition to the decrease in salary and benefit expense, occupancy and equipment expenses decreased by 7.9%, primarily reflecting reduced depreciation charges.  On the other hand, bank exam and audit expenses increased by 40.2%, reflecting escalating costs associated with Sarbanes-Oxley compliance, as well as certain timing differences in the recording of expense between the two years.<o:p> </o:p> </p> <p class="MsoNormal">Mr. Fantauzzi noted that loans net of the allowance for loan losses increased by $6.361 million during the twelve-month period from September 30, 2005 to September 30, 2006, and registered an increase of $10.521 million from the prior year end.  The most notable increase in the portfolio has been in loans secured by commercial real estate.  Year-to-date, the Company’s commercial business development area has originated in excess of $26 million in real estate secured commercial loans, lines of credit and construction commitments.  This growth has occurred within the context of a marketing strategy designed to increase the subsidiary bank’s market share of commercial and small business loans.</p> <p class="MsoNormal">Cortland Bancorp is a financial holding company with $467 million in assets as of September 30, 2006, and is headquartered in Cortland, Ohio.  Founded in 1892, the Company’s bank subsidiary conducts business through thirteen full service community banking offices located in the counties of Trumbull, Mahoning, Portage and Ashtabula in northeastern Ohio.<o:p> </o:p> </p> <p class="MsoNormal">Shares of the Company’s common stock trade in the “over-the-counter market” on the NASDAQ OTC BB under the symbol CLDB.</p> <hr> <p class="MsoNormal" align="left"><b>May 26, 2006</b></p> <p class="MsoNormal">Chairman K. Ray Mahan announced today that a regular quarterly dividend of $0.22 per share was declared at the Company’s May 23, 2006 board of directors' meeting.  The dividend is payable to shareholders of record as of June 9, 2006.  The date of distribution and payment of the dividend was set as July 3, 2006.</p> <p style="text-align:justify">Cortland Bancorp earned $1.175 million during the quarter ended March 31, 2006, representing an increase of $82,000 from the previous quarter ended December 31, 2005 and an $83,000 decrease from the first quarter of 2005.  Earnings per share decreased to $0.27 from the $0.29 earned in the same quarter last year.</p> <p style="text-align:justify">The Company’s total assets at March 31, 2006 were $456.7 million compared to $442.1 million in total assets recorded at the same time in 2005.  Net loans were $187.5 million reflecting a slight increase from the net loans of $186.0 million recorded at the previous quarter ended December 31, 2005.  Net loans were $192.9 million at March 31, 2005.  Total deposits at March 31, 2006 were $346.9 million, a decrease of $3.5 million from the previous quarter ended December 31, 2005 and a $6.6 million increase from the same quarter in 2005. </p> <p style="text-align:justify">Mr. Mahan noted that the first quarter results are in line with expectations based on continued compressions on net interest margins and recent trends in asset growth which reflect fairly marginal increases in the recent twelve month period.</p> <p style="text-align:justify">During the first three months of 2006, net interest income after provisions for loan losses increased by $56 thousand compared to the first three months of 2005.  Total interest income increased by $658 thousand or 11.6% from the level recorded in 2005.  This was accompanied by an increase in interest expense of $648 thousand or 32.3% and a decrease in the provision loan losses of $46 thousand.  On a fully equivalent basis, net interest income after provision for loan losses increased by $45 thousand.  The Company’s tax equivalent net interest margin for the first three months of 2006 measured 3.7% and 3.8% in the same period of 2005.</p> <p style="text-align:justify">Other income from all sources decreased by $368 thousand from the same period a year ago.  Gains on 1-4 residential mortgage loans sold in the secondary mortgage market increased by $5 thousand while gains on securities called and net gains on the sale of available for sale investment securities decreased by $302 thousand from year ago levels.  Other sources of non-recurring non-interest income decreased by $71 thousand from the same periods a year ago due mainly to a $20 thousand increase in change in allowance for credit losses from March 31, 2005, and a decrease of $50 thousand in service charge income on deposits.</p> <p style="text-align:justify">Core earnings, which exclude the gains on loans sold, investment securities sold or called, and certain other non recurring items, decreased by 3.0% in the first quarter of 2006 when compared to the first quarter of 2005.  Core earnings for the first quarter were $1.021 million in 2006 and $1.053 in 2005.  Core earnings per share were $ 0.23 in the first quarter of 2006 as compared to $ 0.24 in 2005.</p> <p style="text-align:justify">The stock trades on the NASDAQ OTC BB under the symbol CLDB. </p> <hr> <p class="MsoNormal" align="left"><b>February 17, 2006</b></p> <p align="left">Chairman K. Ray Mahan announced today that Cortland Bancorp earned $4.334 million, or $1.00 per share for the fiscal year ended December 31, 2005.<span style="mso-spacerun: yes">  </span>The Company earned $4.843 million or $1.13 per share in 2004.<span style="mso-spacerun: yes">   </span>For the quarter ended December 31, 2005, Cortland Bancorp earned $1.093 million compared to $1.305 million a year ago, representing a decline of $212,000 or 16.2%.<span style="mso-spacerun: yes">  </span>Earnings per share for the fourth quarter of 2005 were $0.25 compared to the prior year’s $0.30 per share.</p> <p align="left">Mr. Mahan noted that the financial results for 2005 were affected by reduced gains on investment securities and transitional costs associated with the retirement of the Company’s long time President and Chairman, Rodger W. Platt. <span style="mso-spacerun: yes"> </span>Excluding such non-recurring items, Mr. Mahan reported that the Company’s core earnings per share were $0.98 in 2005, down $0.01 from the prior year.<span style="mso-spacerun: yes">  </span>The Company’s core earnings per share were $0.25 in the fourth quarter of 2005 as well as in the fourth quarter of 2004.</p> <p align="left">Chairman Mahan noted that Ohio, and especially Northeastern Ohio, has been particularly slow in recovering from the last economic recession.<span style="mso-spacerun: yes">  </span>While the Company’s asset quality measures remain in a range that management considers acceptable, adverse trends in delinquency, foreclosures and bankruptcies have impacted the subsidiary bank’s loan portfolio. At year-end 2005, loans 30 days or more beyond their contractual due date represented 2.95% of total loans compared to 2.45% a year ago. Total under-performing assets ( a measure that includes restructured loans, loans past due 90 days or more, and real estate acquired in foreclosure ) increased to 0.83% of total assets from 0.76% a year ago.<span style="mso-spacerun: yes">  </span>Delphi Corporation, which filed for bankruptcy protection on October 8, 2005, is a major employer in markets where the Company’s subsidiary bank operates.</p> <p align="left">Several problem credits, including a large commercial real estate credit, were classified as losses and charged off against the allowance for loan losses in 2005.<span style="mso-spacerun: yes">  </span>Although the charge offs allowed the Company to remove several impaired credits from its loan portfolio, additional provisions of $545,000 were made to the allowance for loan losses to reflect management’s evaluation of specific portfolio risks and probable loss experience on existing commercial and consumer credits in the months ahead.<span style="mso-spacerun: yes">  </span>These provisions, which are charged against income, represented an increase of $130,000 over the previous year.<span style="mso-spacerun: yes">  </span>The allowance now stands at $2.168 million or 1.15% of total loans.<span style="mso-spacerun: yes">  </span>The allowance had been $2.629 million or 1.37% of total loans in 2004.</p> <p align="left">On a more positive note, the Company’s net interest margin, which is the difference between what it earns on its loans and investments and what it pays for its deposits and borrowings, continued to improve in 2005. The Company had experienced compression in its net interest margin during the unusually low interest rate environment, which was evident in the past few years.<span style="mso-spacerun: yes">  </span>The Company’s net interest margin, on a fully taxable equivalent basis, increased by $460,000 from the preceding year, as the net interest margin ratio improved from 3.74% to 3.83%.</p> <p align="left">Non-interest operating expenses, which have been particularly well-controlled during the last several years, increased by 2.86% from the previous year.<span style="mso-spacerun: yes">  </span>Excluding one time management transition costs, non-interest operating expenses increased by less than 1.00%.<span style="mso-spacerun: yes">   </span>Over the past five years, non-interest expenses have increased at a compounded annual growth rate of less than 1.50%, despite significant increases in professional fees necessitated by compliance with the various provisions of the Sarbanes-Oxley Act.<span style="mso-spacerun: yes"> </span></p> <p align="left">Non-interest income, excluding gains on investment securities, slowed to an increase of 1.01% year-over-year.<span style="mso-spacerun: yes">  </span>Over the past five years, non-interest income has exhibited a compounded annual growth rate of 7.44%.<span style="mso-spacerun: yes">  </span>Meanwhile, gains realized on investment securities declined from $1.052 million in 2004 to $308,000 in 2005, as the Federal Reserve continues to hike short-term interest rates.<span style="mso-spacerun: yes">  </span>Over the eighteen-month period ending December 31, 2005, the Federal Reserve increased short-term rates from 1.00% to 4.25%, resulting in a “flat yield curve” where there is very little difference between short and long term interest rates, adversely impacting the potential for security gains.</p> <p align="left">Mr. Mahan reflected on the Company’s overall success during Rodger W. Platt’s tenure<span style="mso-spacerun: yes"> </span>as President and Chairman of the Board.<span style="mso-spacerun: yes">   </span>During Mr. Platt’s 42 years with the Company, 29.5 years as President, the Company was able to achieve many successes, including growing from a Community Bank with $12 million in assets to a network of thirteen branches with consolidated assets of<span style="mso-spacerun: yes">  </span>$460 million, a commitment to both people and technology and a capital position stronger than most.<span style="mso-spacerun: yes">  </span>Mr. Platt continues his association with the Company as an Emeritus member of the Board of Directors.</p> <p align="left">In looking to the future, Chairman Mahan commented that, in addition to his many other achievements, Mr. Platt had assembled a very capable and well-seasoned management team that remains with the Company.<span style="mso-spacerun: yes">  </span>Lawrence A. Fantauzzi, the Company’s new President and Chief Executive Officer, has been with the Company for twenty years, most recently as Chief Financial Officer, and should assure a continuity of management philosophy while promoting new programs and strategies that build upon the strong Platt legacy.<span style="mso-spacerun: yes"> </span></p> <hr> </td> </tr> <tr> <td width="50%"> </td> </tr> </table>  <p> </td></tr></table><table border="0" cellpadding="0" cellspacing="0" width="100%"><tr><td> <table border="0" width="100%"> <tr> <td width="40%"><img border="0" src="IMAGES/SMALLLOGO.GIF" alt="Cortland Banks Logo" width="150" height="57">     </td> <td width="60%"> <h5> <a href="http://www.cortland-banks.com" target="_top">[Home]</a>  <a href="privacy_policy_frame.htm" target="_top">[Privacy Policy]</a>  <a href="contact_us_frame.htm" target="_top">[Contact Us]</a>  <a href="search_frame.htm" target="_top">[Site Search]</a></h5> </td> </tr> <tr> <td width="40%"> <h5>Copyright © 2000-2007 Cortland Bancorp<br> All Rights Reserved<br> Last modified:   March 02, 2007</h5> </td> <td width="60%"><img border="0" src="IMAGES/EHLlogo.gif" width="92" height="108">          <img border="0" src="IMAGES/FDICmbr.gif" width="110" height="61"></td> </tr> </table> </td></tr></table></body>