HOLLAND, Mich. - Ottawa Financial Corp. said it plans to repurchase up to 5% of its outstanding shares in the open market.

The shares will be purchased at prevailing market prices from time to time, depending on market conditions.

Gordon L. Grevengoed, president of the $328.5 million-asset company, said Ottawa Financial's board approved the repurchase program in view of the current price of the corporation's common stock and the strong capital position of the its subsidiary, Ottawa Savings Bank.

Mr. Grevengoed said, "The repurchased shares will become treasury shares and will be used for general corporate purposes, including the issuance of shares in connection with the exercise of stock options."

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