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.