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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): August 26, 2008</B>

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<P align="center" style="font-size: 24pt"><B>CORTLAND BANCORP<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
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    <TD style="border-bottom: 1px solid #000000"><B>Ohio</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-13814</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>34-1451118</B></TD>
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    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>194 West Main Street, Cortland, Ohio<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>44410</B></TD>
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    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
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<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(330) 637-8040</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable<BR></B></TD>
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    <TD nowrap>(Former name or former address if changed since last report.)</TD>
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<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

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<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="left" style="font-size: 10pt"><U>Item&nbsp;2.02.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Results of Operations and Financial Condition.</U>


<P align="left" style="font-size: 10pt; text-indent: 4%">On August&nbsp;26, 2008, the Board of Directors of Cortland Bancorp (the &#147;Company&#148;) approved a dividend of $0.22 per
share payable to shareholders of record as of September&nbsp;15, 2008. Payment and distribution to shareholders will occur
on October&nbsp;1, 2008. The press release regarding this dividend is attached hereto as Exhibit&nbsp;99.


<P align="left" style="font-size: 10pt; text-indent: 4%">This announcement may contain forward-looking statements that involve risk and uncertainties, including changes in
general economic and financial market conditions and the Company&#146;s ability to execute its business plans. Although
management believes the expectations reflected in such statements are reasonable, actual results may differ materially.


<P align="left" style="font-size: 10pt; text-indent: 4%">The information in this Current Report on Form&nbsp;8-K, including Exhibit&nbsp;99 included herewith, is being furnished and
shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;) or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by
reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act,
except as otherwise stated in such filing.


<P align="left" style="font-size: 10pt"><U>Item&nbsp;9.01.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.</U>


<P align="left" style="font-size: 10pt; text-indent: 4%">Exhibit&nbsp;99 &#150; Press Release dated August&nbsp;28, 2008.

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<P align="center" style="font-size: 10pt">SIGNATURES



<P align="left" style="font-size: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.



<P align="left" style="margin-left:45%; font-size: 10pt">CORTLAND BANCORP



<P align="left" style="margin-left:45%; font-size: 10pt">By: <U><B>/</B>s/Lawrence A. Fantauzzi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Lawrence A. Fantauzzi, President<BR>


<P align="left" style="font-size: 10pt">Date: August&nbsp;28, 2008

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<P align="center" style="font-size: 10pt">EXHIBIT INDEX



<P align="left" style="font-size: 10pt; text-indent: 4%">Exhibit&nbsp;99 &#150; Press Release dated August&nbsp;28, 2008.


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{"company-data": {"conformed-name": "CORTLAND BANCORP INC", "cik": "0000774569", "assigned-sic": "6035", "irs-number": "341451118", "state-of-incorporation": "OH", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-13814", "film-number": "081044344"}, "business-address": {"street1": "194 W MAIN ST", "city": "CORTLAND", "state": "OH", "zip": "44410", "phone": "2166378040"}, "mail-address": {"street1": "194 WEST MAIN STREET", "city": "CORTLAND", "state": "OH", "zip": "44410"}}
Filed by Bowne Pure Compliance
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 (Date of earliest event reported): August 26, 2008
CORTLAND BANCORP
(Exact name of registrant as specified in its charter)
Ohio
000-13814
34-1451118
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
194 West Main Street, Cortland, Ohio
44410
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(330) 637-8040
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02.      Results of Operations and Financial Condition.
On August 26, 2008, the Board of Directors of Cortland Bancorp (the "Company") approved a dividend of $0.22 per
share payable to shareholders of record as of September 15, 2008. Payment and distribution to shareholders will occur
on October 1, 2008. The press release regarding this dividend is attached hereto as Exhibit 99.
This announcement may contain forward-looking statements that involve risk and uncertainties, including changes in
general economic and financial market conditions and the Company's ability to execute its business plans. Although
management believes the expectations reflected in such statements are reasonable, actual results may differ materially.
The information in this Current Report on Form 8-K, including Exhibit 99 included herewith, is being furnished and
shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange
Act") or otherwise subject to the liability of that Section, nor shall such information be deemed to be incorporated by
reference in any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act,
except as otherwise stated in such filing.
Item 9.01.     Financial Statements and Exhibits.
Exhibit 99 – Press Release dated August 28, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly authorized.
CORTLAND BANCORP
By:
/
s/Lawrence A. Fantauzzi
Lawrence A. Fantauzzi, President
Date: August 28, 2008
EXHIBIT INDEX
Exhibit 99 – Press Release dated August 28, 2008.