Michael P. Lipke - Nov 1, 2021 Form 4 Insider Report for CORTLAND BANCORP INC (CLDB)

Role
Vice President
Signature
Michael P. Lipke
Stock symbol
CLDB
Transactions as of
Nov 1, 2021
Transactions value $
$0
Form type
4
Date filed
11/2/2021, 03:27 PM
Previous filing
Oct 27, 2021

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CLDB Cortland Bancorp Common Stock Disposed to Issuer -2.76K -100% 0 Nov 1, 2021 Direct F1
transaction CLDB Cortland Bancorp Common Stock Disposed to Issuer -400 -100% 0 Nov 1, 2021 401-K/Unitized Fund F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Michael P. Lipke is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Disposed of pursuant to the Agreement and Plan of Merger, dated June 22, 2021 (the "Agreement"), by and among Cortland Bancorp ("Cortland"), Farmers National Banc Corp ("Farmers") and FMNB Merger Subsidiary, IV, LLC ("FMNB"), pursuant to which Cortland merged with and into Farmers (the "Merger") on November 1, 2021 (the "Closing Date"). Pursuant to the Agreement, each share of Cortland common stock issued and outstanding immediately prior to the effective time of the Merger (the "Effective Time") (other than certain shares held by Cortland or Farmers) was converted into the right to receive 1.75 shares (the "Exchange Ratio") of Farmers common stock. The price of Farmers common stock on NASDAQ on the Closing Date was $18.95.