lebcobol,
Another thing to think about is PC COBOL. A lot of companies are still doing cobol (like banks emulating old mainframe interfaces), but they are using products like Microfocus NetExpress, which runs on Windows or Unix PCs.
My wife is in financial services, and has 3 cobol programmers working for her. Two of them also program in vb. Three guesses as to who will stay and who will go if there's a layoff.
The issue is that as time passes, and companies migrate away from cobol, you need to aquire other skills (database/vb/c/.net/java/whatever) in order to remain valuable.
I used to be a mainframe cobol guy, but back when, I saw the writing on the wall and bought a book called, "Visual Basic Programming for COBOL Programmers", and my own copy of VB. When I would write something at work, I'd go home and try to do the same thing in VB. This was a lot of work but eventually I got good at it. Sold my boss on the idea of trying some new development in VB. One thing led to another, and I'm the programming manager now. BTW, I still do maintenance cobol on our legacy code(using NetExpress), once in a while, because all of the people who didn't feel like they were capable of making the transition from mainframe, are gone... (the mainframe's gone, too.)
It's tough out there, but not impossible. You may have to take an entry level job, or less pay than you hoped for, but there are still some opportunities for good people. Remember that the investments you make in yourself are some of the best ones. Think about going back to school to update your skills and form some new contacts.
Good luck in your job search.
Tranman