OTTAWA BANCORP, INC. ANNOUNCES APPOINTMENT OF VICE PRESIDENT TRACIE STEIDER AS CHIEF OPERATING OFFICER

Rhea-AI Summary

Ottawa Bancorp, Inc. (OTCQX: OTTW) has appointed Tracie Steider as the new Chief Operating Officer, effective June 15, 2022. Steider, who has been with the company since 2014, will maintain oversight of human resources in her new role. Her promotion is seen as a recognition of her contributions and skills. Mark Stoudt will remain as Executive Vice President and Chief Lending Officer, allowing him more focus on lending operations. Under Stoudt's leadership since 2019, the company has increased its assets from $293 million to $349 million and grown its loan portfolio from $236 million to $282 million.

Positive

• Tracie Steider's promotion may enhance operational efficiency due to her extensive experience since 2014.
• Separation of COO and Chief Lending Officer roles allows Mark Stoudt to concentrate on lending matters, crucial for future growth.

Negative

• Concerns may arise regarding continuity and leadership experience with a newly appointed COO.

OTTAWA, Ill., June 15, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that the Boards of Directors of the Company and the Bank have appointed Vice President Tracie Steider as Chief Operating Officer of the Company and the Bank. Following Ms. Steider’s appointment, Mark Stoudt, Executive Vice President and Chief Operating Officer of the Company and the Bank, and Chief Lending Officer of the Bank, will continue to serve as Executive Vice President of the Company and the Bank and Chief Lending Officer of the Bank, in which capacity he will continue to oversee the Bank’s lending function.

Ms. Steider joined the Company and the Bank in 2014 and, since that time, has held many positions within the Bank’s retail and operations department. Most recently, Ms. Steider served as the Bank’s Director of Human Resources since January 2021 and she will continue to maintain oversight over the Bank’s human resources function following her appointment as Chief Operating Officer. Ms. Steider received a B.S. in Family and Consumer Sciences with a Human Development emphasis from Illinois State University in Normal, Illinois and a M.B.A. in Business Administration/Human Resources Management from University of Phoenix in Phoenix, Arizona. Ms. Steider also recently graduated from the Human Resources Management School through the Graduate School of Banking at the University of Wisconsin – Madison.

“Tracie’s promotion to Chief Operating Officer reflects the significant contributions she has made to the Company and the Bank over the past several years, and her skill set well positions her to serve as our Chief Operating Officer,” said Craig Hepner, President and Chief Executive Officer. “As Chief Operating Officer, Tracie will serve in an enhanced leadership position within the Company and the Bank, and I am looking forward to working with her in this new role.”

“We are also incredibly grateful to Mark Stoudt, who has served as both our Chief Operating Officer and our Chief Lending Officer since our management restructuring in August 2019,” Mr. Hepner continued. “Since that time, we have grown from $293 million in assets to $349 million in assets as of March 31, 2022. During the same period, our loan portfolio has grown from $236 million to $282 million. Mark has played an important role in our growth, and has demonstrated exceptional leadership and dedication to his dual roles. Separating the Chief Operating Officer and Chief Lending Officer positions will enable Mark to devote more of his time and efforts to lending matters, which are instrumental to our future success, as we continue to grow the Company and the Bank.”

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, 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. 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 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 by applicable law. 

FAQ

What is the significance of Tracie Steider's appointment as COO for Ottawa Bancorp?

Tracie Steider's appointment as COO marks a significant leadership change, leveraging her extensive experience at the company since 2014.

How has Ottawa Bancorp's asset growth trended under Mark Stoudt's leadership?

Under Mark Stoudt's leadership, Ottawa Bancorp's assets have grown from $293 million to $349 million since 2019.

What changes in management structure has Ottawa Bancorp implemented recently?

Ottawa Bancorp has separated the roles of Chief Operating Officer and Chief Lending Officer to enhance operational focus and efficiency.

What was Tracie Steider's role before becoming COO?

Before her appointment as COO, Tracie Steider served as the Director of Human Resources since January 2021.

What impact did the management change have on Ottawa Bancorp's growth strategy?

The management change aims to improve focus on lending operations, which are integral to Ottawa Bancorp's growth strategy.