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                                                                      EXHIBIT 21



                         SUBSIDIARIES OF THE REGISTRANT






                                                                  State of
                                                  Percentage   Incorporation
                                                      of             or
Parent                    Subsidiary              Ownership     Organization
- ------                    ----------              ----------  ----------------
                                                     
Ottawa Financial                                  
 Corporation              AmeriBank               100%        Federal
                                                  
                                                  
AmeriBank                 OS Services, Inc.       100%        Michigan

                                                  
AmeriBank                 Midwest Investment      100%        Michigan
                          Services, Inc.          



     The financial statements of Ottawa Financial Corporation are consolidated
with those of its subsidiaries.