Item 8.01 Other Events.

In a press release issued on January 21, 2021, President James M. Gasior announced that in its meeting on January 19, 2021, the Board of Directors of Cortland Bancorp (the "Company") has declared a dividend of $0.14. The dividend is payable on or after March 1, 2021 to shareholders of record as of February 10, 2021. In addition, a special dividend of $.05 per share was declared, also payable on March 1, 2021 to shareholders of record as of February 10, 2021. The press release is included as Exhibit 99.1 to this current report on Form 8K.

This announcement may contain forward-looking statements that involve risk and uncertainties, including changes in general economic and financial market conditions and the Company's ability to execute its business plans. Although management believes the expectations reflected in such statements are reasonable, actual results may differ materially.

Item 9.01. Financial Statements and Exhibits.

Exhibit 99.1 - Press Release dated January 21, 2021

Exhibit 104 - Cover Page Interactive Data File (formatted as Inline XBRL).

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