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
                        DECLARES STOCK AND CASH DIVIDEND


HOLLAND,  MICHIGAN,  May  26,  1999  -  Ottawa  Financial  Corporation,   parent
corporation  of  AmeriBank,  Holland,  Michigan,  declared  a 10  percent  stock
dividend  payable on June 30, 1999, to  shareholders of record on June 14, 1999.
This is the third stock  dividend  declared by the  Corporation  in three years.
Shareholders will receive one share of common stock for each ten shares of stock
they hold on the record date.

The  Corporation  also has  declared a cash  dividend  of $0.11 per  share.  The
dividend will be payable on June 30, 1999, to shareholders of record on June 14,
1999.  The $0.11 per share  represents a 10% increase in the cash dividend as it
will be paid on all  shares  including  the new  shares  issued in the 10% stock
dividend.

AmeriBank  now  operates 26 retail  banking  offices  located in six counties in
Western Michigan. The Corporation had $919.9 million in assets and $76.3 million
in stockholders'  equity as of March 31, 1999. The Corporation's stock is traded
on the Nasdaq National Market under the symbol "OFCP".


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