OTC Markets Group Welcomes Ottawa Bancorp, Inc. to OTCQX

Rhea-AI Summary

Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for Ottawa Savings Bank, has successfully transitioned to the OTCQX® Best Market from NASDAQ as of July 1, 2020. This shift enables Ottawa Bancorp to enhance operational efficiencies while providing investors with improved liquidity and visibility. The company's decision to deregister with the SEC, due to having fewer than 1,200 shareholders, is expected to result in significant cost savings related to regulatory compliance. Ottawa Bancorp aims to adhere to high financial standards and corporate governance practices in its new trading environment.

Positive

• Transition to OTCQX Best Market enhances operational efficiencies.
• Deregistration from SEC reduces costs associated with regulatory compliance.
• Improved liquidity and visibility for investors.

Negative

• Delisting from NASDAQ may lead to reduced visibility among some investors.
• Less regulatory oversight could raise concerns for risk-averse investors.

NEW YORK, July 1, 2020  /PRNewswire/ -- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, today announced Ottawa Bancorp, Inc. (OTCQX: OTTW), the holding company for Ottawa Savings Bank, has qualified to trade on the OTCQX® Best Market. Ottawa Bancorp, Inc. previously traded on NASDAQ.

Ottawa Bancorp, Inc. begins trading today on OTCQX under the symbol "OTTW."  U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

As previously announced by Ottawa Bancorp, Inc.: "As a bank holding company, the Company is eligible to deregister with the SEC because it has fewer than 1,200 shareholders of record. The decision of the Company's board of directors to delist and deregister its common stock was based on numerous factors, including the significant cost savings of no longer filing periodic reports with the SEC plus reductions in accounting, audit, legal and other costs."

The OTCQX Market enables U.S. regional and community banks to lower the cost and complexity of being a public company. Through streamlined market standards tailored for banks, OTCQX provides transparent trading, visibility and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.

Ottawa Bancorp, Inc. President Craig Hepner said, "We are very pleased that today, Ottawa joins more than 400 other investor-focused companies that trade on the OTCQX Best Market. We are excited to be able to provide the Company with liquidity and visibility by trading on this market, all while also achieving important operational efficiencies. We are also pleased that OTCQX- traded companies are required to adhere to reporting compliance and corporate governance standards and best practices that are important to Ottawa and its shareholders."    

About Ottawa Bancorp, Inc.
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, 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. 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.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, we connect a diverse network of broker-dealers that provide liquidity and execution services.  We enable investors to easily trade through the broker of their choice and empower companies to improve the quality of information available for investors.

To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

OTC Link ATS and OTC Link ECN are SEC regulated ATSs, operated by OTC Link LLC, member FINRA/SIPC.

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Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com 

 

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SOURCE OTC Markets Group Inc.

FAQ

What is the significance of Ottawa Bancorp's transition to OTCQX under symbol OTTW?

The transition to OTCQX allows Ottawa Bancorp to lower costs and improve operational efficiencies while providing better liquidity and visibility for investors.

Why did Ottawa Bancorp decide to deregister with the SEC?

Ottawa Bancorp decided to deregister due to having fewer than 1,200 shareholders, which will result in significant savings in regulatory compliance costs.

What benefits does OTCQX offer to Ottawa Bancorp and its shareholders?

OTCQX provides transparent trading, increased visibility, and adherence to high financial standards, enhancing shareholder confidence.

When did Ottawa Bancorp start trading on OTCQX under the symbol OTTW?

Ottawa Bancorp began trading on OTCQX on July 1, 2020.