HOLLAND, Mich. -- Ottawa Financial Corp., the newly formed holding company for Ottawa Savings Bank, has completed its initial stock offering, selling more than 5.6 million shares of common stock at $10 a share.

For the six months ended June 30, the bank earned $1.3 million, down from $1.7 million. The company attributed the decline to a decrease in gain on the sale of loans, a general increase in noninterest expense from the addition of a new branch, and increases in FDIC premiums.

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