Cortland Banks Aligns With Ellsworth Private Wealth Management to Support Its New Wealth Management Program on LPL's Advisory Platform

CHARLOTTE, N.C., April 06, 2016 (GLOBE NEWSWIRE) -- Leading retail investment advisory firm and independent broker/dealer LPL Financial LLC, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), today announced that Cortland Private Wealth Management, the newly launched wealth management program of Cortland Savings and Banking Company (Cortland Banks), has joined with Ellsworth Private Wealth Management (Ellsworth) to expand the bank's wealth management services and support its growth strategy. Ellsworth advisors are on LPL's broker/dealer platform and are supported by Stratos Wealth Partners, an independent advisor network on LPL's hybrid RIA platform.

Following the transition, Cortland Banks, which had previously operated a non-deposit investment services program and employed two advisors, will have positioned itself to provide a more robust wealth management program with a suite of program options that include private asset management, financial and estate planning, retirement plans, insurance and advisory services. Five financial advisors will serve the bank's customers and Ellsworth's principals, Timothy Clepper and Kelly Kuennen, will work with the institutional clients and middle market business banking customers, with Clepper and Kuennen focusing mostly on 401(k) consulting.

The Ohio-based bank, which operates 13 full-service branches and two production offices in four counties throughout northeast Ohio, decided to expand its investment program as part of its strategic plan to grow into the Cleveland market and compete with the larger, regional banks in that market.

"By deepening our capabilities to serve our customers, we are able to be even more competitive across several business lines," said James M. Gasior, president and CEO of Cortland Bancorp and Cortland Savings and Banking Company.

Clepper said, "We made the move to LPL and Stratos last year in order to be able to best support Ellsworth clients and to be positioned for the opportunity to provide Cortland Banks with expanded wealth management services. We look forward to the opportunity to be able to support the bank's extensive regional client base, including corporate and individual customers, with a broad range of investment services and retirement plan options."

"The relationship between Ellsworth and Cortland Banks demonstrates how the flexibility of LPL's independent platform can create opportunities that help our clients grow their businesses," said Craig Kamis, LPL senior vice president, institution recruiting. "It also is a great example of how a bank can leverage a wealth management program to create growth opportunities. We look forward to supporting these clients with the tools and resources that will enable them to help their clients work toward their financial goals."

About Cortland Banks 
Founded in 1892, Cortland Banks has operated as a full-service community bank for more than 120 years. Cortland Banks employs approximately 165 people, with 13 offices in four counties in Ohio: Trumbull, Portage, Mahoning and Ashtabula, along with two financial services centers in Beachwoodand Fairlawn. Cortland Banks takes great pride in its history and strives to provide its customers with the highest quality of integrated financial services. For more information, please visit www.cortland-banks.com.

About Ellsworth Private Wealth Management
Based in Hudson, Ohio, Ellsworth Private Wealth Management was founded by three wirehouse veterans, Clepper, Kelly Kuennen, a CERTIFIED FINANCIAL PLANNER™ Professional, and Max Schindler. The firm primarily serves clients with a focus on high net worth individual investors, families and small to medium sized-business owners. The firm is committed to delivering exceptional client service, providing in-depth private wealth management, including fee-based investment management, financial and estate planning, 401(k) planning, and profit sharing and cash balance plans.

About LPL Financial 
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the retail financial advice market and served $460 billion in advisory and brokerage assets as of Feb. 29, 2016. LPL is one of the fastest growing RIA custodians and is the nation's largest independent broker-dealer (based on total revenues, Financial Planning magazine June 1996-2015). The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and over 700 banks and credit unions, enabling them to help their clients turn life's aspirations into financial realities. Advisors associated with LPL also service an estimated 40,000 retirement plans with an estimated $118 billion in retirement plan assets, as ofDecember 31, 2015. LPL also supports more than 4,000 financial advisors licensed and affiliated with insurance companies with customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have more than 3,400 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.

Securities and Retirement Plan Consulting Program advisory services offered through LPL Financial, a Registered Investment Advisor, memberFINRA/SIPC. Other advisory services offered through Stratos Wealth Partners, Ltd., a registered investment advisor.  

Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Cortland Banks deposits and are not FDIC insured. These products are not obligations of Cortland Banks and are not endorsed, recommended or guaranteed byCortland Banks or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

Cortland Banks, Stratos Wealth Partners and Ellsworth Private Wealth Management are separate entities from LPL Financial.

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Media Contact:

Lauren Hoyt-Williams

980-321-1232

Lauren.Hoyt-Williams@lpl.com

Source: LPL Financial

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