OTTAWA BANCORP, INC. ANNOUNCES INCREASE IN QUARTERLY CASH DIVIDEND AND APPOINTMENT OF DIANNA TORMAN AS DIRECTOR

Rhea-AI Summary

OTTAWA, Ill., Feb. 16, 2022 – Ottawa Bancorp, Inc. (OTCQX: OTTW) has announced a quarterly cash dividend increase from $0.10 to $0.11 per share, to be paid on March 16, 2022, for stockholders of record as of March 2, 2022. Additionally, Dianna Torman has been appointed to the Board of Directors, bringing extensive experience from her previous role as President and CEO of Prairie Community Bank. This leadership change is expected to enhance the Board's effectiveness.

Positive

• Quarterly cash dividend increased from $0.10 to $0.11, indicating financial growth.
• Appointment of Dianna Torman to the Board may enhance governance with her extensive banking experience.

Negative

• None.

OTTAWA, Ill., Feb. 16, 2022 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that the Company’s Board of Directors has approved an increase in the Company’s quarterly cash dividend from $0.10 per share to $0.11 per share. The increased quarterly cash dividend will be paid on or about March 16, 2022, to stockholders of record as of the close of business on March 2, 2022.

The Company also announced today that Dianna Torman has been appointed as a member of the Board of Directors of the Company and the Bank. Ms. Torman served as the President and Chief Executive Officer of Prairie Community Bank, headquartered in Marengo, Illinois, from January 2003 until her retirement in December 2021.

“We are very pleased to welcome Dianna Torman as a director of the Company and the Bank,” said Craig M. Hepner, President and Chief Executive Officer of the Company and the Bank. “The Board of Directors believes that Dianna’s experience and background make her an ideal candidate to serve on the Board and we look forward to working with Dianna going forward.”

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.

FAQ

What is the new dividend amount for Ottawa Bancorp (OTTW)?

The new quarterly cash dividend for Ottawa Bancorp is $0.11 per share.

When will the dividend for OTTW be paid?

The dividend will be paid on or about March 16, 2022.

Who has been appointed to the Board of Directors of OTTW?

Dianna Torman has been appointed as a member of the Board of Directors.

What is the record date for the dividend payment for OTTW?

The record date for the dividend payment is March 2, 2022.