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

                                                    [OTTAWA LOGO]

FOR IMMEDIATE RELEASE
November 13, 1998


                           CONTACT:  Gordon L. Grevengoed, President
                                     (616) 393-7001


                        OTTAWA FINANCIAL CORPORATION 
               ANNOUNCES GREVENGOED'S RETIREMENT AND SUCCESSION

HOLLAND, MICHIGAN, November 13, 1998 - Gordon H. Cunningham, Chairman of the
Board of Ottawa Financial Corporation, announced today that Gordon L.
Grevengoed, Vice Chairman of the Board, President and CEO of the Corporation,
will retire effective December 31, 1998.  Mr. Grevengoed will also retire as
Vice Chairman and CEO of AmeriBank at the same time.  AmeriBank is a wholly
owned subsidiary of Ottawa Financial Corporation.  Mr. Grevengoed has been
with the Bank for 42 years and has been the President and CEO of Ottawa
Financial Corporation since its incorporation in 1994.  He will continue to
serve as a member of the Board of Directors of both the Corporation and the
Bank. 
     
The Board of Directors appointed Douglas J. Iverson as CEO and Vice Chairman
of the Board of both Ottawa Financial Corporation and AmeriBank, effective
January 1, 1999.  The Board of Directors also appointed Ronald L. Haan as
Chief Operating Officer and President of the Corporation and AmeriBank.

Mr. Cunningham stated: "The Board of Directors is fortunate to have two very
talented individuals to lead the Company as we move into the new millennium.  
Both of these men are experienced, extremely gifted, and are well regarded in
their communities and in the financial arena."

Mr. Iverson has been with AmeriBank for 26 years and President since February
1996.  He has also been the Executive Vice President of Ottawa Financial
Corporation since its incorporation in 1994.  Mr. Haan had been President of
the former AmeriBank prior to the acquisition by Ottawa Financial Corporation. 
He has been the Senior Vice President of Ottawa Financial Corporation and the
Executive Vice President and Chief Operating Officer of the Bank since the
merger in February 1996.

AmeriBank, the sole subsidiary of Ottawa Financial Corporation, had assets of
$930.2 million as of September 30, 1998, and operates with 26 offices in
Southwestern Michigan.  Ottawa Financial Corporation trades on NASDAQ under
the symbol of OFCP.