Ottawa Savings Bancorp, Inc. and Ottawa Savings Bank FSB Name Craig Hepner as Chief Operating Officer
December 31, 2014 at 04:01 pm EST
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Ottawa Savings Bancorp, Inc., the parent holding company for Ottawa Savings Bank FSB (the Bank), announced that the Bank has completed its previously announced acquisition of Twin Oaks Savings Bank. The Merger was consummated pursuant to the terms of the Agreement and Plan of Merger, dated as of June 30, 2014, by and among Ottawa Savings Bancorp MHC (MHC), the Company, the Bank and Twin Oaks Savings Bank.
Craig Hepner, former President and Chief Executive Officer of Twin Oaks Savings Bank who will serve as Chief Operating Officer of the company and the Bank.
Ottawa Savings Bancorp, Inc. is a savings and loan holding company. The Company serves as the holding company of Ottawa Savings Bank (The Bank). The Bank's business is to attract deposits from the general public and use those funds to originate and purchase one- to four-family, multi-family and non-residential real estate, construction, commercial and consumer loans, which the Bank primarily holds for investment. The Bank's loan portfolio consists primarily of one- to four-family residential mortgage loans. Its loan portfolio includes multi-family and non-residential real estate, commercial, construction and consumer loans. It invests in the liquid assets, including the United States Treasury obligations, securities of various federal agencies and of state and municipal governments, mortgage-backed securities and certificates of deposit of federally insured institutions. Deposits and loan repayments are the sources of the Bank's funds for lending and other investment purposes.
OTTAWA BANCORP, INC. 
