PAGE

OTTAWA FINANCIAL CORPORATION  245 Central Avenue, Holland, MI 49423-
3298/(616)393-7000


                                                  [OTTAWA LOGO]

FOR IMMEDIATE RELEASE
July 29, 1998



                              CONTACT:    Douglas J. Iverson, EVP & COO
                                          (616) 393-7002
                                          Jon W. Swets, VP & Treasurer
                                          (616) 393-7115



                     OTTAWA FINANCIAL CORPORATION 
                       DECLARES STOCK DIVIDEND

HOLLAND, MICHIGAN, July 29, 1998 -- Ottawa Financial Corporation, parent
corporation of AmeriBank, Holland, Michigan, declared a 10 percent stock
dividend payable on August 31, 1998, to shareholders of record on
August 12, 1998.  This is the second stock dividend declared by the Corporation.
Shareholders will receive one share of common stock for each ten shares of stock
they hold on the record date.  Management does not anticipate reducing the
quarterly cash dividend.

The Corporation had $919.9 million in assets and $75.7 million in stockholders'
equity as of June 30, 1998.  The Corporation's stock is traded on the Nasdaq
National Market under the symbol "OFCP".