OTTAWA BANCORP, INC. APPROVES STOCK REPURCHASE PROGRAM
02 December 2021 - 8:05AM
Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding
company for OSB Community Bank (the “Bank”), announced today that
it has approved a stock repurchase program authorizing the purchase
of 282,352 shares, representing 10% of the Company’s outstanding
shares of common stock. As of September 30, 2021, the Company has
repurchased a total of 628,585 shares of its common stock at an
average price of $13.14 per share as part of the four stock
repurchase programs approved by the Company’s Board of Directors
since 2017. Repurchases will be conducted through open market
purchases, which will include purchases under a trading plan
adopted pursuant to Securities and Exchange Commission Rule 10b5-1,
or through privately negotiated transactions. Repurchases will be
made from time to time depending on market conditions and other
factors.
About Ottawa Bancorp, Inc.
Ottawa Bancorp, Inc. is the holding company for
OSB Community Bank, 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, certificate, 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. OSB Community Bank was founded in 1871 and
is headquartered in Ottawa, Illinois. For more information about
the Company and the Bank, please visit www.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, among other things, 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 under applicable law.
Contact:
Craig M. Hepner
President and Chief Executive Officer
(815) 366-5437
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