Cortland profit

Cortland profit

cortland

Cortland Bank reported a first-quarter profit of $830,000, or 18 cents per share, late Tuesday.

The results were down from the same time one year ago, when the company reported a first-quarter profit of $1.2 million, or 26 cents per share.

However, Cortland’s loan portfolio grew in the past year, reaching $297.5 million at the end of the first quarter.

Total assets as of March 31 were $546.5 million, up 7.5 percent from a year ago.

Chevron to buy land in western Pa.

MOON, PA.

Chevron announced Wednesday that it has reached purchase and sale agreements to acquire two adjoining parcels of land totaling 61 acres in Moon Township, Pa. The properties were acquired as a potential site for a new regional headquarters office campus. The company expects to complete the transactions in the next few months. A final decision on the future use of this land will be made later this year.

Chevron is one of the largest natural-gas producers in this region and has been active in the Marcellus Shale play since acquiring Atlas Energy in February 2011. It has prominent positions in both the Marcellus and Utica plays in Pennsylvania, West Virginia and Ohio.

The company employs about 650 people in Pennsylvania, with nearly 400 in two separate office buildings in Moon Township.

Nissan cuts prices on 7 US models

DETROIT

Nissan is cutting prices on seven of its 18 models in the U.S., hoping its cars and trucks will show up in more Internet searches by shoppers.

The price cuts vary with the amount of equipment on each model. They run from 2.7 percent, or $580, on the top-selling Altima midsize car to 10.7 percent, or $4,400, on the Armada big SUV.

Executives are under pressure to sell more cars, with Nissan’s CEO targeting a 10 percent U.S. market share within three years.

Nissan also is cutting prices on the Sentra compact car, Juke small crossover SUV, Murano midsize crossover, Rogue small crossover and the Maxima full-size car.

Vindicator staff/wire reports