OTTAWA BANCORP, INC. ANNOUNCES SPECIAL CASH DIVIDEND AND INCREASE IN QUARTERLY CASH DIVIDEND
OTTAWA, Ill., Feb. 17, 2021 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for Ottawa Savings Bank FSB (the “Bank”), announced today that its Board of Directors has declared a one-time special cash dividend of $0.25 per share on shares of its outstanding common stock. In making the announcement, Craig Hepner, President and Chief Executive Officer of the Company, said “We are pleased to announce the payment of a $.25 special dividend. This is the third time since the Company converted to the fully stock form of corporate organization in 2016 that the Company has paid a special dividend. While the determination to pay any dividend depends on a variety of factors, the Board has determined that the payment of the special dividend is consistent with sound capital management strategies while preserving the Bank’s ability to grow.”
Additionally, the Company’s Board of Directors has approved an increase in the Company’s quarterly cash dividend from $0.08 per share to $0.10 per share. The increased quarterly cash dividend and the special cash dividend will be paid on or about March 17, 2021, to common stockholders of record as of the close of business on March 3, 2021. 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, 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. 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.Contact:
Craig Hepner
President and Chief Executive Officer
(815) 366-5437
Additionally, the Company’s Board of Directors has approved an increase in the Company’s quarterly cash dividend from $0.08 per share to $0.10 per share. The increased quarterly cash dividend and the special cash dividend will be paid on or about March 17, 2021, to common stockholders of record as of the close of business on March 3, 2021. 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, 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. 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.Contact:
Craig Hepner
President and Chief Executive Officer
(815) 366-5437
