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

                                                                   [OTTAWA LOGO]



FOR IMMEDIATE RELEASE
January 6, 1999

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


                     OTTAWA FINANCIAL CORPORATION ANNOUNCES
                     DATE OF ANNUAL MEETING OF SHAREHOLDERS


HOLLAND,  MICHIGAN,  January 6, 1999 - Ottawa  Financial  Corporation  announced
today that its Annual  Meeting of  Shareholders  for the year ended December 31,
1998 will be held on April 27, 1999 at 10:00 a.m.  The  meeting  will be held at
the Holiday Inn and Conference Center located at 650 East 24th Street,  Holland,
Michigan. At the meeting, shareholders of record on March 11, 1999 will be asked
to  consider  and vote upon the  election  of four  directors  and to ratify the
appointment of the Company's independent auditors, as well as such other matters
as may properly come before the meeting, or any adjournments thereof.

Ottawa  Financial  Corporation had $930.2 million in assets and $37.4 million in
stockholders' equity as of September 30, 1998. The Corporation's stock is traded
on the Nasdaq National Market under the symbol "OFCP".


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