Savings bank


Ottawa, Ill., Sept. 27, 2021 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company of Ottawa Savings Bank, FSB (the “Bank ”), today announced that the Bank has changed from a federally chartered savings bank to an Illinois chartered commercial bank. As part of the charter conversion, the Bank changed its name to “OSB Community Bank” and the Company changed from a savings and loans holding company to a bank holding company.

Craig Hepner, President and CEO of the Company and Bank, said, “We are pleased to have completed our previously announced charter conversion. As previously stated, we believe the conversion to an Illinois-chartered commercial bank best positions the Bank to be competitive in the markets we serve and to continue executing our business strategy.

The conversion to a commercial bank chartered by the State of Illinois will have no effect on the Bank’s customers. Depositors will continue to be insured by the Federal Deposit Insurance Corporation (the “FDIC”) to the fullest extent permitted by law. Following the charter conversion, the Illinois Department of Financial and Professional Regulation and the FDIC are now the Bank’s primary regulators. The Company will continue to be regulated by the Federal Reserve Board after the conversion of the charter.

About Ottawa Bancorp, Inc.

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

Caution Regarding Forward-Looking Statements

This press 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 on current expectations which may differ materially from actual results. These forward-looking statements, identified by words such as “will”, “expect”, “believe” and “outlook”, involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made here. 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 associated uncertainties to 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 in laws, regulations and ordinances federal, state and local in relation to the pandemic. The Company undertakes no obligation to publicly release revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under the rules and applicable regulations.

CONTACT: Contact: Craig M. Hepner President & Chief Executive Officer (815) 366-5437

Source link