OTTAWA BANCORP, INC. APPROVES STOCK REPURCHASE PROGRAM

Rhea-AI Summary

Ottawa Bancorp, Inc. (OTCQX: OTTW) has authorized a stock repurchase program for 282,352 shares, equating to 10% of its outstanding shares. As of September 30, 2021, the company has successfully repurchased 628,585 shares at an average price of $13.14 per share since 2017. The repurchases will occur through open market transactions or private negotiations, depending on market conditions. This strategic move reflects the company's commitment to enhancing shareholder value.

Positive

• Authorization of a stock repurchase program for 282,352 shares, aiming to boost shareholder confidence.
• Total of 628,585 shares repurchased at an average price of $13.14 since 2017, indicating robust capital management.

Negative

• None.

OTTAWA, Ill., Dec. 01, 2021 (GLOBE NEWSWIRE) -- Ottawa Bancorp, Inc. (OTCQX: OTTW) (the “Company”), the holding company for OSB Community Bank (the “Bank”), announced today that it has approved a stock repurchase program authorizing the purchase of 282,352 shares, representing 10% of the Company’s outstanding shares of common stock. As of September 30, 2021, the Company has repurchased a total of 628,585 shares of its common stock at an average price of $13.14 per share as part of the four stock repurchase programs approved by the Company’s Board of Directors since 2017. Repurchases will be conducted through open market purchases, which will 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 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 purpose of Ottawa Bancorp's stock repurchase program?

The purpose of the stock repurchase program is to enhance shareholder value by buying back 282,352 shares, representing 10% of outstanding shares.

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

The stock repurchase program was announced on December 1, 2021.

How many shares has Ottawa Bancorp repurchased to date?

Ottawa Bancorp has repurchased a total of 628,585 shares at an average price of $13.14 per share since 2017.

How will Ottawa Bancorp conduct the share repurchases?

Repurchases will be conducted through open market purchases or privately negotiated transactions based on market conditions.