OTTAWA BANCORP, INC. APPROVES THE SHARE BUYBACK PROGRAM | New
OTTAWA, Ill., 01 Dec. 2021 (GLOBE NEWSWIRE) – Ottawa Bancorp, Inc. (OTCQX: OTTW) (the âCompanyâ), the holding company of OSB Community Bank (the âBankâ), today announced that it has approved a share buyback program authorizing the purchase of 282,352 shares, representing 10% of the outstanding ordinary shares of the Company. As of September 30, 2021, the Company has repurchased a total of 628,585 common shares at an average price of $ 13.14 per share under the four share repurchase programs approved by the Board of Directors of the Company since 2017 Redemptions will be made. through open market purchases, which will include purchases under a trading plan adopted in accordance with Securities and Exchange Commission Rule 10b5-1, or through privately traded transactions. Redemptions 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 of OSB Community Bank, which provides various financial services to individuals and businesses in the United States. The Bank offers a variety of deposit accounts, including checking, money, regular savings, club savings, certificate and various retirement accounts. Its loan portfolio includes residential mortgages for one to four families, multi-family and non-residential real estate loans, 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.
Caution regarding forward-looking statements
This press release contains forward-looking statements within the meaning of federal securities laws. Statements in this press 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”, “expected”, “believe” and “the outlook”, involve risks and uncertainties which could cause actual results to differ materially from those anticipated by the statements. do here. These risks and uncertainties involve, among others, 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 in general , 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 in laws, federal, state and local regulations and ordinances relating to the pandemic. Ottawa Bancorp, Inc. does not undertake to issue revisions of these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required by applicable law.
Contact: Craig M. Hepner President and CEO (815) 366-5437
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