Ottawa Bancorp approves stock buyback of 317,307 shares
Ottawa Bancorp announced that it has approved a stock repurchase program authorizing the purchase of 317,307 shares, representing 10% of the company's outstanding shares of common stock. As of September 30, 2019, the company had repurchased a total of 327,089 shares of its common stock at an average price of $13.96 per share as part of its previously approved stock repurchase program, which will expire on November 29, 2019. Repurchases will be conducted through open market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. Repurchases will be made from time to time depending on market conditions and other factors. In addition, the company announced that its board of directors has declared a quarterly cash dividend of 6c per share, payable on or about December 18, 2019, to stockholders of record as of the close of business on December 4, 2019.