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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported)
July 25, 1997
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OTTAWA FINANCIAL CORPORATION
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(Exact name of Registrant as specified in its Charter)
Delaware 0-24118 38-3172166
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification
incorporation) Number)
245 Central Avenue, Holland, Michigan 49423
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (616) 393-7000
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N/A
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(Former name or former address, if changed since last Report)
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Item 5. Other Events
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On July 25, 1997, the Registrant issued the attached press
release, announcing the conversion of AmeriBank, its wholly-owned
operating subsidiary, from a federally chartered savings bank to a
Michigan state chartered savings bank.
The foregoing information does not purport to be complete and
is qualified in its entirety by reference to the Exhibit to this
Report.
Item 7. Financial Statements, Pro Forma Financial Information
and Exhibits
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(c) Exhibit:
Exhibit 99 - Press Release dated July 25, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this Report to be signed on
its behalf by the undersigned thereunto duly authorized.
OTTAWA FINANCIAL CORPORATION
Date: 7/30/97 By: /s/ Jon W. Swets
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Jon W. Swets
Chief Financial Officer
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EXHIBIT INDEX
Exhibit No. Description
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99 Press Release dated July 25, 1997
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OTTAWA FINANCIAL CORPORATION 245 Central Avenue, Holland, MI
49423-3298/(616)393-7000
[OTTAWA LOGO]
FOR IMMEDIATE RELEASE
July 25, 1997
CONTACT: Douglas J. Iverson, EVP & COO
(616) 393-7002
Jon W. Swets, VP & Treasurer
(616) 393-7115
OTTAWA FINANCIAL CORPORATION ANNOUNCES
CONVERSION OF AMERIBANK TO A STATE CHARTER
HOLLAND, MICHIGAN, July 25, 1997 -- Ottawa Financial Corporation
(Nasdaq: "OFCP"), announced today that AmeriBank, its wholly owned
subsidiary, had completed its conversion to a Michigan chartered
savings bank effective July 25, 1997. As a state chartered savings
bank, AmeriBank's primary regulators will be the Financial
Institutions Bureau of Michigan and the Federal Deposit Insurance
Corporation.
The conversion of AmeriBank to a Michigan chartered savings bank
will not affect the rights or obligations of depositors or
borrowers of the Bank. Deposits will continue to be insured by the
Federal Deposit Insurance Corporation up to applicable limits.
AmeriBank will continue to do business and service its customers as
it had prior to the conversion.
Mr. Grevengoed, Vice Chairman and CEO, stated that the primary
reason for conversion to a state charter was to reduce regulatory
expense and to obtain flexibility provided under the Michigan state
charter.
Ottawa Financial Corporation, through AmeriBank, operates 26 retail
offices in six counties located in West Michigan and had total
assets of $861.3 million as of June 30, 1997.
