OTTAWA BANCORP, INC. APPROVES STOCK REPURCHASE PROGRAM

Rhea-AI Summary

Ottawa Bancorp, Inc. (OTCQX: OTTW) has approved a new stock repurchase program allowing the buyback of 297,047 shares, which is about 10% of its outstanding shares. As of September 30, 2020, the company previously repurchased 524,341 shares at an average price of $12.93. These transactions will take place through open market purchases, potentially under SEC Rule 10b5-1, and will be influenced by market conditions. The initiative aims to enhance shareholder value.

Positive

• Approval of a new stock repurchase program for 297,047 shares.
• Previous repurchase of 524,341 shares at an average price of $12.93, indicating strong capital management.

Negative

• None.

       Ottawa, Illinois, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for Ottawa Savings Bank, FSB (the “Bank”), announced today that it has approved a stock repurchase program authorizing the purchase of 297,047 shares, representing 10% of the Company’s outstanding shares of common stock.  As of September 30, 2020, the Company has repurchased a total of 524,341 shares of its common stock at an average price of $12.93 per share as part of the stock repurchase program approved on November 20, 2019 and its previous stock repurchase programs that expired in November 2018 and November 2019.  Repurchases will be conducted through open market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions.  Repurchases 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 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.

Cautionary Statement Regarding Forward-Looking Statements

      The foregoing material may contain forward-looking statements concerning the financial condition, results of operations and business of the Company.  We caution that such statements are subject to a number of uncertainties and actual results could differ materially and, therefore, readers should not place undue reliance on any forward-looking statements.  The Company does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

FAQ

What is the purpose of the stock repurchase program by Ottawa Bancorp (OTTW)?

The stock repurchase program aims to enhance shareholder value by reducing the number of outstanding shares.

How many shares is Ottawa Bancorp (OTTW) planning to buy back?

Ottawa Bancorp is authorized to repurchase 297,047 shares, which is about 10% of its outstanding shares.

What was the average price paid for shares repurchased by Ottawa Bancorp (OTTW)?

The company has repurchased shares at an average price of $12.93.

When was the stock repurchase program announced by Ottawa Bancorp (OTTW)?

The stock repurchase program was announced on November 19, 2020.

What factors will influence the stock repurchases by Ottawa Bancorp (OTTW)?

Repurchases will depend on market conditions and other relevant factors.