Cortland Bancorp (OTCPK:CLDB) announces a share repurchase program. Under the program, the company will repurchase up to 100,000 shares, representing 2.26% of its issued and outstanding shares. The company may acquire shares of its common stock in the open market or in any private transaction, from time to time and in accordance with applicable laws, rules and regulations. The program is effective through December 31, 2017, but may be limited or terminated at any time without prior notice. As of January 24, 2017, the company had 4,420,255 issued and outstanding shares.