Ottawa Savings Bank Completes Mutual Holding Company Reorganization and Minority Stock Offering

Ottawa Savings Bank Completes Mutual Holding Company
Reorganization and Minority Stock Offering 


OTTAWA, Ill., July 13  /PRNewswire/ -- The Board of Directors of Ottawa Savings
Bank (the "Bank") announced today that the Bank has completed its mutual
holding company reorganization and the related common stock offering by Ottawa
Savings Bancorp, Inc. (the "Company") after receiving final regulatory
approval.  Trading is expected to begin on July 14, 2005, on the OTC Bulletin
Board under the symbol "OTTW."

The Company sold a total of 1,001,210 shares of common stock at $10.00 per
share in a subscription offering, which ended June 16, 2005, and a community
offering, which ended June 23, 2005.

Subscribers may obtain information about their specific stock allocations by
contacting the Ottawa Savings Bancorp, Inc. Conversion Center at (815)
366-5477. The Conversion Center will be open weekdays from 10:00 a.m. to 4:00
p.m., Central Time.  Also, details of the offering are contained in a
prospectus dated May 16, 2005. A copy of the prospectus may also be obtained
from the Conversion Center at 925 LaSalle Street, Ottawa, Illinois 61350.

Upon closing of the reorganization, the Bank converted from a mutual savings
bank to a capital stock savings bank, with the concurrent formation of the
Company as the stock, mid-tier holding company of the Bank and the formation of
Ottawa Savings Bancorp, Inc. Mutual Holding Company (the "MHC") as a mutual
holding company.  The purchasers of stock in the subscription offering own 45%
of the Company's outstanding shares of common stock and the MHC owns 55% of the
Company's outstanding shares of common stock.

Sandler O'Neill & Partners, L.P., served as financial advisor and marketing
agent with regard to the stock offering.  Lord, Bissell & Brook LLP served as
counsel to the Bank.

At March 31, 2005, the Bank had $173.3 million in assets and $160.8 million in
deposits.

This news release contains certain forward-looking statements about the Bank's
mutual holding company reorganization and the proposed stock issuance by Ottawa
Savings Bancorp, Inc., including the anticipated consummation date of the
transaction.

Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts.  They often include words like
"believe," "expect," "anticipate," "estimate" and "intend" or future or
conditional verbs such as "will," "would," "should," "could" or "may." Certain
factors that could cause actual results to differ materially from expected
results include delays in completing the offering, changes in the interest rate
environment, changes in general economic conditions, legislative and regulatory
changes that adversely affect the business of the Bank and changes in the
securities markets. 

DATASOURCE: Ottawa Savings Bank



CONTACT: Gary Ocepek of Ottawa Savings Bank, [phone]



Web site:  http://www.ottawasavings.com/ 

Copyright