UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: May 29, 1997
CORTLAND FIRST FINANCIAL CORPORATION
(Exact name of Registrant as specified in its charter)
New York 0-15366 16-1276885
(State or other jurisdiction of (Commission File (IRS Employer I.D. #)
incorporation or organization) Number)
65 Main Street, Cortland, New York 13045
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (607) 756-2831
N/A
(Former name or former address,
if changed since last report.)
<PAGE>
Item 5. Other Events
See the following press release, issued on May 30, 1997, regarding the
Registrant's Offer to Repurchase up to 150,000 shares of its outstanding
common stock. Details of the Offer to Repurchase are contained in the
Schedule 13E4 previously filed with the Securities and Exchange
commission on May 28, 1997.
PRESS RELEASE
FOR IMMEDIATE RELEASE
CORTLAND FIRST FINANCIAL CORPORATION
ANNOUNCES OFFER TO REPURCHASE STOCK
Cortland, New York (May 30, 1997)
CORTLAND FIRST FINANCIAL CORPORATION announced it is offering
to purchase up to 150,000 shares of its outstanding common stock
from stockholders who may desire to sell at a price between $21.00
and $24.00 per share in cash. This repurchase of common stock is
being made by a direct Offer which was mailed to stockholders on
May 29, 1997. The Offer to Repurchase shares is being conducted
through a procedure commonly referred to as a "Dutch Auction." In
this procedure, stockholders tendering their shares will select the
price within the specified price range at which they are willing
to sell all or a portion of their shares. At the conclusion of
the Offer period, which will expire July 2, 1997, the Company will
purchase only those shares tendered at or below the purchase price
which permits the Company to purchase up to the 150,000 shares it
desires. Because the Company is making this offer directly to the
stockholders, there will not be any brokerage commissions, fees, or
other charges assessed to stockholders selling shares.
Mr. David R. Alvord, President and CEO of the Company,
stated,"The Board believes that this repurchase program will accommodate
stockholders who may wish to redirect some of their investment or
have immediate needs for cash." "Given the success of First
National Bank of Cortland, we are pleased to provide this
opportunity for stockholders who may want to liquidate some or all
of their holdings."
Mr. Alvord also stated, "Given the Bank's strong capital
position, the Board of Directors determined that the offer to
repurchase directly to stockholders would provide a fair and easy
means for stockholders who may desire to sell some or all of their
stock." Mr. Alvord stated that, "the repurchase program will not
affect our strategic plan to continue to grow as a strong,
independent community bank."
Cortland First Financial Corporation mailed the Offer to
Purchase and related materials to registered stockholders on May
29, 1997. Any stockholders having questions, or stockholders whose
shares are held by brokerage firms, should contact the Company or
their brokerage firm for further information. Mr. Alvord stated
that stockholders whose shares are held in nominee name by
brokerage firms or trust companies must act promptly in order to
insure that their shares will be repurchased by the July 2
deadline.
Cortland First Financial Corporation is the holding company
for First National Bank of Cortland. First National Bank of Cortland
has its main office at 65 Main Street, Cortland, New York and has
7 branches located conveniently throughout Cortland County and
surrounding areas.
For further information, please contact:
David R. Alvord
President & CEO
Cortland First Financial Corporation
(607) 758-1201
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
CORTLAND FIRST FINANCIAL COPORATION
May 30, 1997 By: /s/ David R. Alvord
David R. Alvord,
President & CEO
