OTTAWA SAVINGS BANK ANNOUNCES FILING OF APPLICATION TO CONVERT TO AN ILLINOIS-CHARTERED COMMERCIAL BANK AND CHANGE NAME TO “OSB COMMUNITY BANK” - Seite 2

        Subject to receiving the necessary regulatory approvals, the charter conversion is expected to be completed in third quarter of 2021. As a result of the charter conversion, the Illinois Department of Financial and Professional Regulation and the Federal Deposit Insurance Corporation will become the Bank’s primary regulators. The Federal Reserve Board will continue to be the primary banking regulator for Ottawa Bancorp, Inc., which will file an application with the Federal Reserve Board to become a bank holding company at the effective time of the charter conversion.

         About Ottawa Bancorp, Inc.

        Ottawa Bancorp, Inc. is the holding company for Ottawa Savings Bank, FSB which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. Ottawa Savings Bank, FSB was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.ottawasavings.com.

Cautionary Statement Regarding Forward-Looking Statements

        This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions and the potential effects of the COVID-19 pandemic on the local and national economic environment, on our customers and on our operations as well as any changes to federal, state and local government laws, regulations and orders in connection with the pandemic. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under applicable rules and regulations.  

CONTACT: Contact:
Craig Hepner
President & Chief Executive Officer
[phone]