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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): JUNE 21, 2007
OTTAWA SAVINGS BANCORP, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
UNITED STATES 000-51367 20-3074627
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(STATE OR OTHER JURISDICTION (COMMISSION FILE NUMBER) (IRS EMPLOYER
OF INCORPORATION) IDENTIFICATION NO.)
925 LASALLE STREET
OTTAWA, IL 61350
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE: 815-433-2525
N/A
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(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (SEE General Instruction A.2. below):
/_/ Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
/_/ Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
/_/ Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
/_/ Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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ITEM 7.01 REGULATION FD DISCLOSURE.
On June 21, 2007, Ottawa Savings Bank (the "Bank"), the wholly-owned
subsidiary of Ottawa Savings Bancorp, Inc. (the "Company"), received a cash
distribution in the amount of $902,159 (pre-tax) from the Commercial Loan
Corporation ("CLC") Creditors Trust. The distribution represents a partial
recovery of the Bank's previously reported $7.3 million loss, recorded during
the fiscal year ended December 31, 2004, relating to its prior investment in
purchased loan participations from CLC. As previously reported, the Bank has
received prior distributions from CLC of $2.5 million. The current $902,159 cash
distribution will be accounted for as a recovery to the allowance for loan
losses and will be net of tax.
The Company is the majority-owned subsidiary of Ottawa Savings Bancorp MHC,
which owns 55% of the Company's outstanding shares. Ottawa Savings Bank,
originally chartered in 1871, is a community bank serving Ottawa, Illinois and
LaSalle County through its main office in Ottawa.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
OTTAWA SAVINGS BANCORP, INC.
Date: June 21, 2007 By: /s/ Jon Kranov
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Name: Jon Kranov
Title: Senior Vice President and
Chief Financial Officer