As previously disclosed, effective August 16, 2019, Jon Kranov retired as President and Chief Executive Officer of Ottawa Bancorp, Inc. and its wholly owned subsidiary, Ottawa Savings Bank. Mr. Kranov will remain on the Board of Directors of the Company and the Bank following his retirement as President and Chief Executive Officer. As previously disclosed, effective as of Mr. Kranov's retirement on August 16, 2019, Craig M. Hepner has been appointed as the President and Chief Executive Officer of the Company and the Bank.

Mr. Hepner, age 54, has been a director and Executive Vice President and Chief Operating Officer of the Company and the Bank since 2014. Mr. Hepner served as a director and as President and Chief Executive Officer of Twin Oaks Savings Bank from January 2001 until the Bank's acquisition of Twin Oaks Savings Bank in December 2014. In addition, effective as of August 16, 2019, Mark Stoudt has been promoted to Executive Vice President and Chief Operating Officer of the Company and the Bank.

Mr. Stoudt, age 50, has served as Vice President and Chief Lending Officer of the Bank since 2015. Prior to January 2015, he served as a Commercial Banking Officer for seven years. Mr. Stoudt will continue to serve as Chief Lending Officer following his promotion.

Also effective as of August 16, 2019, Marc N. Kingry, age 57, has been promoted to Senior Vice President of the Company and the Bank. Mr. Kingry will also continue to serve as Chief Financial Officer of the Company and the Bank, a position which he has held since December 2010.