Business Digest

Cortland Bancorp reports earnings

CORTLAND

Cortland Bancorp earned $643,000, or 14 cents a share, in the fourth quarter of last year, compared with a net loss of $564,000, or 13 cents a share, in the same quarter of 2008.

For all of 2009, Cortland Bancorp lost $6.3 million, or $1.40 a share, after recording accounting charges of $14.5 million to cover the loss on investment securities.

FirstEnergy board declares dividend

AKRON

The board of directors of FirstEnergy Corp. declared an unchanged quarterly dividend of 55 cents a share of outstanding common stock. The dividend will be payable June 1 to shareholders of record as of May 7.

Compensation rises

NEW YORK

The chief executive of KeyCorp bank holding company saw his compensation rise 15 percent last year as his base salary rose, according to an Associated Press calculation.

Henry Meyer got a pay package worth about $5.1 million in 2009, based on figures in a March 5 filing with the Securities and Exchange Commission. He received about $4.5 million in 2008. Meyer’s base salary rose to $1.6 million from $1 million. His stock and option awards were $3.4 million as of the date they were granted, up from $3.3 million in 2008.

General Electric to increase dividend

HARTFORD, Conn.

General Electric Co. says it will increase its dividend in 2011, two years after the industrial and commercial conglomerate reduced it to save money as its financial arm struggled in the recession.

Chief Financial Officer Keith Sherin told analysts at a conference Tuesday that the Fairfield, Conn., company is “not putting a number on it, but we do expect to grow the dividend in 2011.”

GE cut its quarterly dividend in 2009 to 10 cents per share from 31 cents. It has remained at 10 cents per share since then.

Probing fatal crash

BRADDOCK, Pa.

A slow-moving freight train collided with another early Tuesday near a U.S. Steel plant outside Pittsburgh on Tuesday, killing an engineer and causing some cars to derail.

The Federal Railroad Administration is investigating the crash involving two trains, owned by a U.S. Steel subsidiary, near the corporation’s Edgar Thompson Works east of Pittsburgh.

Outlook on OPEC

VIENNA

Saudi Arabia’s oil minister said Tuesday he expected OPEC to keep output steady for the rest of this year, in comments reflecting expectations that crude prices and supply are in sync with the fitfully recovering world economy.

Along with other OPEC oil ministers, Saudi Arabia’s Ali Naimi had already indicated that the Organization of the Petroleum Exporting Countries would agree to keep production targets at present levels when the 12-nation group meets today.

Vindicator staff/wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .58, 17.06 .14

Avalon Holdings,3.83.19

Clear Channel, .79 37.80 .09

Cortland Bancorp, 4.99.00

Delphi Automotive, .0211 .00

Farmers Nat., .24, 4.49 .19

First Energy, $2.20, 39.85.16

FirstMerit Corp., .64,20.79 .07

First Niles Financial,8.00.00

First Place Fin., 3.90.00

FNB Corp., .48,8.07.07

General Electric, .40,18.07.78

Motors Liquidation, .565—.005

Huntington Bank, .04, 5.53.13

JP Morgan Chase, .20,43.24.17

Key Corp, .04,7.70.13

LaFarge, 18.04 .29

Macy’s, .20, 21.64.08

Parker Hannifin, 1.00, 64.44.60

PNC, .40,58.621.32

RTI Intl. Metals,28.07.73

Rural/Metro, 6.15 —.12

Simon Prop. Grp.,$2.40,84.182.30

Stoneridge 9.05 .24

Torent Inc., 2.00 .00

United Community Fin. 1.49.04

Selected prices at 4 p.m. 03/16/10. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.