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Ottawa Bancorp completes 2nd-stage conversion


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Ottawa Bancorp completes 2nd-stage conversion

Ottawa BancorpInc completed the conversion and reorganization whereby converted tothe stock holding company form of organization in a second-stage conversion.

Ottawa Bancorp Inc., the new stock holding company forOttawa, Ill.-based Ottawa SavingsBank (MHC), sold 2,383,950 common shares at $10 per share, forgross offering proceeds of $23.8 million in its stock offering.

Ottawa Savings Bancorp stockholders will receive 1.1921shares of Ottawa Bancorp Inc. common stock for each share of Ottawa SavingsBancorp common stock they owned immediately before completion of thetransaction. Ottawa Bancorp Inc. now has 3,450,000 common shares outstanding,subject to adjustment for fractional shares.

Ottawa Bancorp Inc.'s common shares are set to start tradingon the Nasdaq Capital Market on Oct. 12 under the trading symbol OTTW.

Sandler O'Neill & Partners LP served as Ottawa BancorpInc.'s offering agent in the subscription and community offerings. KilpatrickTownsend & Stockton LLP was legal counsel to Ottawa Bancorp Inc. and OttawaSavings Bancorp.