OHIO

OHIO

Cortland Bancorp dividend

CORTLAND — The board of directors of Cortland Bancorp declared a dividend of 22 cents a share. It is payable April 1 to shareholders of record as of March 14.

$15M to Miami of Ohio

OXFORD, Ohio — The former chief executive of AT T has pledged almost $15 million to Miami University to be used to study digital technologies. Michael Armstrong and his wife, Anne, are 1961 Miami graduates.

Their gift is earmarked for Miami’s Interactive Media Studies program. Part of the money will be used to build labs on campus. Some will help support social-networking software for Bank of America in the United Kingdom, and a virtual-reality chamber partly funded by a donation from former Procter Gamble CEO John Smale.

NATION

Sears profits fall 47%

CHICAGO — Department store chain Sears Holdings Corp. said its fourth-quarter profit tumbled 47 percent because of continued poor performance at its Kmart and U.S. Sears stores. The Hoffman Estates-based company, controlled by financier Edward Lampert, said Thursday that its earnings skidded to $426 million, or $3.17 per share. That’s down from $811 million, or $5.27 per share, during the same period last year.

From Vindicator staff and wire reports