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

                                                                  [OTTAWA LOGO]



FOR IMMEDIATE RELEASE
May 26, 1999

CONTACT:          Douglas J. Iverson, Vice Chairman & CEO
                  (616) 393-7002
                  Jon W. Swets, SVP & CFO
                  (616) 224-2841


                     OTTAWA FINANCIAL CORPORATION ANNOUNCES
                       DIRECTOR RETIREMENT AND APPOINTMENT


HOLLAND,  MICHIGAN,  May 26, 1999 - Douglas J. Iverson, Vice Chairman and CEO of
Ottawa  Financial  Corporation,  announced the  retirement of G.W.  Haworth as a
Director  of  Ottawa  Financial  and its  wholly  owned  subsidiary,  AmeriBank,
effective  June 1, 1999.  Mr.  Haworth has been a Director  of Ottawa  Financial
since its  formation  in August 1994 and of AmeriBank  since 1966.  The Board of
Directors has appointed Mr. Haworth a Director  Emeritus of Ottawa Financial and
AmeriBank through 2000.

Mr.  Iverson  also  announced  the  appointment  of Richard T. Walsh to fill the
Director  position  vacated by Mr.  Haworth.  Mr.  Walsh is  Chairman of Pioneer
Industries,  Inc., of Carlstadt,  New Jersey,  and is the sole  proprietor of RT
Enterprises in Bloomfield Hills. He is a CPA and former partner of Touche Ross &
Co. Formerly, Mr. Walsh was CEO of Core Industries, Inc., a diversified New York
Stock  Exchange  listed  company.  He is active  in  numerous  professional  and
charitable   activities  and  was  a  former  Director  for  Michigan   National
Corporation.

Ottawa  Financial  Corporation has 26 offices located in six counties in Western
Michigan  and had assets of $919.9  million and $76.3  million in  stockholders'
equity as of March 31, 1999.


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