OTTAWA SAVINGS BANK ANNOUNCES COMPLETION OF CONVERSION TO AN ILLINOIS-CHARTERED COMMERCIAL BANK AND NAME CHANGE TO “OSB COMMUNITY BANK”
28 September 2021 - 6:15AM
Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding
company for Ottawa Savings Bank, FSB (the “Bank”), today announced
that the Bank has converted from a federally-chartered savings bank
to an Illinois-chartered commercial bank. In connection with the
charter conversion, the Bank has changed its name to “OSB Community
Bank” and the Company has converted from a savings and loan holding
company to a bank holding company.
Craig Hepner, President and Chief Executive
Officer of the Company and the Bank, commented, “We are pleased to
have completed our previously announced charter conversion. As we
have previously stated, we believe that converting to an
Illinois-chartered commercial bank best positions the Bank to
compete in the markets we serve and to further execute our business
strategy.”
The conversion to an Illinois state-chartered
commercial bank will have no effect on Bank 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 following the charter
conversion.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for
OSB Community Bank (formerly 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. The Bank was founded in 1871 and is headquartered in
Ottawa, Illinois. For more information about the Company and the
Bank, please visit myosb.bank.
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. The Company 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:
Craig M. Hepner
President & Chief Executive Officer
(815) 366-5437
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