Ottawa Savings Bancorp in Ottawa, Ill., is planning its second-step conversion.
The $216 million-asset Ottawa said in a press release Friday that its bank will become a unit of Ottawa Bancorp, a newly formed holding company.
Ottawa did not disclose how many shares it plans to sell; that information will be made available in the third quarter.
"Our board … and management team believe this transaction will position us well into the future to serve our markets far beyond our existing capabilities," Jon Kranov, Ottawa's president and chief executive, said in the release. "We are excited about the opportunities this organizational structure will bring to our shareholders and customers."