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November 21, 2007
VIA EDGAR
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Mr. John P. Nolan
Accounting Branch Chief
Division of Corporation Finance
Securities and Exchange Commission
Mail Stop 4561
100 F Street, N.E.
Washington, DC 20549
Re: Ottawa Savings Bancorp, Inc.
Form 10-KSB for the Fiscal Year Ended December 31, 2006
Filed March 29, 2007
File No. 0-51367
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Dear Mr. Nolan:
On behalf of Ottawa Savings Bancorp, Inc. (the "Company"), this letter is
provided in response to comments provided by Securities and Exchange Commission
(the "Commission") staff, by letter dated November 8, 2007, with respect to the
Company's Form 10-KSB for the fiscal year ended December 31, 2006 (the "Form
10-KSB"). As requested, this letter replaces the response letter submitted to
the SEC on the Company's behalf on November 15, 2007. To aid in your review, we
have repeated the staff's comments followed by the Company's responses.
FORM 10-KSB FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006
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ITEM 308A. CONTROLS AND PROCEDURES, PAGE 42
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COMMENT NO. 1
PLEASE REVISE TO DISCLOSE WHETHER THERE WERE ANY CHANGES IN INTERNAL
CONTROL OVER FINANCIAL REPORTING THAT OCCURRED DURING THE LAST FISCAL QUARTER
THAT MATERIALLY AFFECTED, OR IS REASONABLY LIKELY TO MATERIALLY AFFECT, INTERNAL
CONTROL OVER FINANCIAL REPORTING. REFER TO ITEM 308(C) OF REGULATION S-B.
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John P. Nolan
November 21, 2007
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RESPONSE TO COMMENT NO. 1
As requested, on November 15, 2007, the Company filed an amended Annual
Report on Form 10-KSB for the year ended December 31, 2006 to correct this
omission.
EXHIBITS 31.1 AND 31.2
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COMMENT NO. 2
THE OFFICERS' CERTIFICATIONS REFER TO "QUARTERLY REPORT" IN PARAGRAPHS 2,
3 AND 4. PLEASE FILE REVISED, UPDATED OFFICERS CERTIFICATIONS THAT REFER TO THIS
"REPORT" CONSISTENT WITH THE SPECIFIC LANGUAGE IN ITEM 601(B)(31) OF REGULATION
S-B.
RESPONSE TO COMMENT NO. 2
As requested, on November 15, 2007, the Company filed an amended Annual
Report on Form 10-KSB for the year ended December 31, 2006 to correct this
reference.
* * * *
The Company hereby acknowledges that:
o The Company is responsible for the adequacy and accuracy of the
disclosure in its filings;
o Staff comments or changes to disclosure in response to staff
comments do not foreclose the Commission from taking any action with
respect to the filings; and
o The Company may not assert staff comments as a defense in any
proceeding initiated by the Commission or any person under federal
securities laws of the United States.
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John P. Nolan
November 21, 2007
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If you have any questions concerning this submission, please telephone the
undersigned at (815) 366-5436 or the Company's counsel, Edward G. Olifer at
Muldoon Murphy & Aguggia LLP at (202) 362-0840.
Very truly yours,
OTTAWA SAVINGS BANCORP, INC.
/s/ John L. Kranov
Jon L. Kranov
Senior Vice President and Chief Financial
Officer
cc: Edward G. Olifer, Esq.