8-K

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): May 9, 2008

OTTAWA SAVINGS BANCORP, INC.

(Exact name of registrant as specified in its charter)

United States	000-51367	20-3074627
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer 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

(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))

Section 8—Other Events.

Item 8.01—Other Events.

On May 9, 2008, Ottawa Savings Bancorp, Inc. issued a press release announcing the declaration of a cash dividend of $0.05 per share which was declared by its Board of Directors on May 8, 2008. The dividend will be payable on or about June 25, 2008 to stockholders of record as of June 9, 2008. A copy of the press release is attached as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(a) Exhibits.

The following exhibits are being furnished herewith:

Exhibit No.	Exhibit
99.1	Press Release dated May 9, 2008 of Ottawa Savings Bancorp, Inc.

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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.

Dated: May 9, 2008

OTTAWA SAVINGS BANCORP, INC.
By:	/s/ Gary L. Ocepek
Name:	Gary L. Ocepek
Title:	CHIEF EXECUTIVE OFFICER

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Ottawa Savings Bancorp, Inc

Contact: Gary L. Ocepek

President/CEO

(815) 433-2525

Ottawa Savings Bancorp, Inc. Declares

Quarterly Cash Dividend of $0.05 Per Common Share

Ottawa, IL – May 9, 2008 – Ottawa Savings Bancorp, Inc., (OTC BB-OTTW), the holding company for Ottawa Savings Bank, today announced that its Board of Directors has declared a cash dividend of $0.05 per common share. The dividend will be paid on or about June 25, 2008, to stockholders of record as of June 9, 2008.

The Company is the majority-owned subsidiary of Ottawa Savings Bancorp MHC, which owns 55% of the Company’s outstanding shares. Ottawa Savings Bancorp MHC previously filed a notice with the Office of Thrift Supervision of its intent to waive the receipt of dividends paid on the shares it owns of the Company. The Office of Thrift Supervision did not object to the dividend waiver request.

Ottawa Savings Bancorp, Inc. is the holding company for Ottawa Savings Bank, and a majority owned subsidiary of Ottawa Savings Bancorp MHC. The Bank, originally chartered in 1871, is a community bank serving Ottawa, Illinois and LaSalle County through its main office in Ottawa, Illinois.