**FORM 10-Q**

For the Quarterly Period ended September 30, 2000

Commission File Number**0-24118**

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|**Delaware**                                                 |  | **38-3172166**                         
|------------------------------------------------------------ |  | ---------------------------------------
|(State or other jurisdiction ofincorporation or organization |  | (I.R.S. Employer Identification Number)

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  X    No

Indiate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date.

|Class:Common stock, $.01 par value | Outstanding at October 31, 2000 6,724,559 shares outstanding.
|---------------------------------- | -------------------------------------------------------------

**OTTAWA FINANCIAL CORPORATION**

Interim Financial Information required by Rule 10-01 of Regulation S-X and Item 303 of Regulation S-K is included in this Form 10-Q as referenced below:

|                                                                                              | Page   
|--------------------------------------------------------------------------------------------- | -------
|ITEM 1 - FINANCIAL STATEMENTS                                                                 |        
|Consolidated Statements of Financial Condition                                                | 3      
|Consolidated Statements of Operations                                                         | 4      
|Consolidated Statements of Comprehensive Income                                               | 5      
|Consolidated Statements of Cash Flows                                                         | 6 - 7  
|Notes to the Consolidated Financial Statements                                                | 8      
|Report of Independent Accountants                                                             | 9      
|ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIALCONDITION AND RESULTS OF OPERATIONS | 10 - 16
|ITEM 3   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUTMARKET RISK                            | 17 - 18
|Part II - Other Information                                                                  
|OTHER INFORMATION                                                                             | 19     
|SIGNATURES                                                                                    | 19     
|EXHIBIT INDEX                                                                                 | 20     

PART 1Item 1.

|                                                                                                                                                  | September 30, 2000     | December 31, 1999
|------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------- | -----------------
|                                                                                                                                                  | (Dollars in Thousands)
|**ASSETS**                                                                                                                                        |                        |                  
|Cash and due from financial institutions                                                                                                          | $16,681                | $24,420          
|Interest-bearing demand deposits in other financial institutions                                                                                  | 1,002                  | 2,069            
|Total cash and cash equivalents                                                                                                                   | 17,683                 | 26,489           
|Securities available for sale                                                                                                                     | 66,270                 | 81,056           
|Federal Home Loan Bank stock                                                                                                                      | 12,206                 | 11,782           
|Loans held for sale                                                                                                                               | 1,186                  |                  
|Loans receivable, net                                                                                                                             | 964,570                | 856,759          
|Premises and equipment, net                                                                                                                       | 17,737                 | 16,348           
|Acquisition intangibles                                                                                                                           | 10,933                 | 11,828           
|Other assets                                                                                                                                      | 12,957                 | 12,906           
|Total Assets                                                                                                                                      | $1,103,542             | $1,017,168       
|**LIABILITIES**                                                                                                                                   |                        |                  
|Deposits                                                                                                                                          | $732,759               | $711,954         
|Federal Home Loan Bank advances                                                                                                                   | 181,125                | 216,353          
|Federal funds purchased                                                                                                                           | 92,825                 | 1,600            
|Accrued expenses and other liabilities                                                                                                            | 13,637                 | 9,429            
|Total Liabilities                                                                                                                                 | 1,020,346              | 939,336          
|**SHAREHOLDERS' EQUITY**                                                                                                                          |                        |                  
|Common Stock, $.01 par value;  8,000,000 shares authorized; issued  6,724,105 shares at September 30, 2000, 6,471,617 shares at December 31, 1999 | 67                     | 65               
|Additional Paid-in Capital                                                                                                                        | 81,366                 | 77,562           
|Retained earnings, substantially restricted                                                                                                       | 3,454                  | 10,454           
|Accumulated other comprehensive income                                                                                                            | (507)                  | (855)            
|Employee Stock Ownership Plan (Unallocated Shares)                                                                                                | (1,158)                | (1,462)          
|Management Recognition and Retention Plan (Unearned Shares)                                                                                       | (26)                   | (215)            
|Less Cost of Common Stock in  Treasury - 0 shares at  September 30, 2000, 376,828 shares at  December 31, 1999                                    |                        | (7,717)          
|Total Shareholders' Equity                                                                                                                        | 83,196                 | 77,832           
|Total Liabilities and Shareholders' Equity                                                                                                        | $1,103,542             | $1,017,168       

|                                                         | Three Months EndedSeptember 30               | Nine Months EndedSeptember 30
|-------------------------------------------------------- | -------------------------------------------- | -----------------------------
|                                                         | 2000                                         | 1999                         
|                                                         | (Dollars in Thousands,except per share data)
|Interest Income                                          |                                              |                              
|Loans                                                    | $19,271                                      | $15,865                      
|Investment securities and    equity investments          | 1,074                                        | 1,204                        
|Other interest and dividend income                       | 276                                          | 274                          
|                                                         | 20,621                                       | 17,343                       
|Interest Expense                                         |                                              |                              
|Deposits                                                 | 8,896                                        | 6,920                        
|Federal Home Loan Bank advances                          | 3,750                                        | 2,518                        
|Other                                                    | 419                                          | 74                           
|                                                         | 13,065                                       | 9,512                        
|**Net interest income**                                  | 7,556                                        | 7,831                        
|Provision for loan losses                                | 360                                          | 300                          
|**Net interest income after provision  for loan losses** | 7,196                                        | 7,531                        
|Noninterest income                                       |                                              |                              
|Service charges and other fees                           | 1,185                                        | 1,183                        
|Mortgage servicing fees                                  | 57                                           | 98                           
|Gain (loss) on sale of loans                             | 78                                           | (3)                          
|Gain (loss) on sale of securities                        |                                              |                              
|Fees from sales of mutual funds and annuities            | 208                                          | 270                          
|Other                                                    | 57                                           | 11                           
|                                                         | 1,585                                        | 1,559                        
|Noninterest expense                                      |                                              |                              
|Compensation and benefits                                | 2,752                                        | 2,742                        
|Occupancy                                                | 438                                          | 426                          
|Furniture, fixtures and equipment                        | 255                                          | 329                          
|Advertising                                              | 109                                          | 75                           
|FDIC deposit insurance                                   | 38                                           | 99                           
|State single business tax                                | 17                                           | 143                          
|Data processing                                          | 322                                          | 332                          
|Professional services                                    | 257                                          | 96                           
|Acquisition intangibles amortization                     | 298                                          | 301                          
|Other                                                    | 780                                          | 690                          
|                                                         | 5,266                                        | 5,233                        
|**Income before federal  income tax expense**            | 3,515                                        | 3,857                        
|Federal income tax expense                               | 1,280                                        | 1,372                        
|**Net income**                                           | $2,235                                       | $2,485                       
|Earnings per common share                                |                                              |                              
|Basic                                                    | $.34                                         | $.38                         
|Diluted                                                  | .33                                          | .36                          
|Dividends per common share                               | .12                                          | .11                          

|                                                                                            | Three Months EndedSeptember 30 | Nine Months EndedSeptember 30
|------------------------------------------------------------------------------------------- | ------------------------------ | -----------------------------
|                                                                                            | 2000                           | 1999                         
|                                                                                            | (Dollars in Thousands)        
|Net Income                                                                                  | $2,235                         | $2,485                       
|Other comprehensive income, net of tax:                                                     |                                |                              
|Unrealized gains (losses) arising during the    period on securities available for sale     | 360                            | (126)                        
|Less:  reclassification adjustment for accumulated    (gains) losses included in net income |                                |                              
|Unrealized gains (losses) on securities    available for sale                               | 360                            | (126)                        
|Comprehensive income                                                                        | $2,595                         | $2,359                       

|                                                                             | Nine Months EndedSeptember 30
|---------------------------------------------------------------------------- | -----------------------------
|                                                                             | 2000                         
|                                                                             | (Dollars in Thousands)       
|**Cash flows from operating activities**                                     |                              
|Net income                                                                   | $6,733                       
|Adjustments to reconcile net income to net cash    from operating activities |                              
|Depreciation                                                                 | 946                          
|Net amortization of security premiums and discounts                          | 32                           
|Amortization of acquisition intangibles                                      | 895                          
|Provision for loan losses                                                    | 1,035                        
|Loss on limited partnership investments                                      | 170                          
|ESOP expense                                                                 | 776                          
|MRP expense                                                                  | 189                          
|Origination of loans for sale                                                | (15,362)                     
|Proceeds from sale of loans originated for sale                              | 14,181                       
|Gain on sale of loans                                                        | (127)                        
|Loss on sale of securities                                                   |                              
|Changes in:                                                                  |                              
|Other assets                                                                 | (388)                        
|Other liabilities                                                            | 4,208                        
|Net cash from operating activities                                           | 13,288                       
|**Cash flows from investing activities**                                     |                              
|Activity in available-for-sale securities:                                   |                              
|Purchases                                                                    |                              
|Maturities, prepayments and calls                                            | 15,269                       
|Sales                                                                        |                              
|Purchases of FHLB stock                                                      | (424)                        
|Purchases of loans                                                           | (17,985)                     
|Loan originations net of principal payments on loans                         | (90,739)                     
|Premises and equipment expenditures, net                                     | (2,335)                      
|Net cash from investing activities                                           | (96,214)                     

|                                                  | Nine Months EndedSeptember 30
|------------------------------------------------- | -----------------------------
|                                                  | 2000                         
|                                                  | (Dollars in Thousands)       
|**Cash flows from financing activities**          |                              
|Net increase(decrease) in deposits                | 20,805                       
|Net increase in Federal funds purchased           | 91,225                       
|Proceeds from FHLB advances                       | 149,000                      
|Repayment of FHLB advances                        | (184,228)                    
|Proceeds from exercise of stock options           | 1,200                        
|Proceeds from exercise of stock warrants          |                              
|Cash paid for exchange of warrants                |                              
|Cash dividends paid                               | (2,267)                      
|Purchase of treasury shares                       | (1,615)                      
|Net cash from financing activities                | 74,120                       
|Net change in cash and cash equivalents           | (8,806)                      
|Cash and cash equivalents at beginning of period  | 26,489                       
|Cash and cash equivalents at end of period        | $17,683                      
|Supplemental disclosures of cash flow information |                              
|Cash paid during the year for                     |                              
|Interest                                          | $34,629                      
|Income taxes                                      | 4,000                        

**OTTAWA FINANCIAL CORPORATION**

**Notes to the Consolidated Financial Statements**

**Quarter Ended September 30, 2000**

**(Unaudited)**

**NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

The financial statements reflect the consolidated financial condition and results of operations of Ottawa
Financial Corporation, AmeriBank and AmeriBank's wholly-owned subsidiaries.  All significant intercompany
accounts and transactions have been eliminated in consolidation.

As of January 1, 2000, AmeriBank's residential mortgage lending operations were segregated and transferred
to AmeriBank Mortgage Company, a wholly-owned subsidiary of AmeriBank.  The operations of AmeriBank
Mortgage Company include originating and selling residential mortgage loans.

These interim financial statements are not audited and reflect all adjustments which, in management's opinion,
are necessary to present fairly the consolidated financial position of Ottawa at September 30, 2000, and its results of
operations, cash flows, and comprehensive income for the periods presented.  All adjustments are normal and
recurring in nature.  The accompanying consolidated financial statements do not contain all the necessary financial
disclosures required by generally accepted accounting principles and should be read with the consolidated financial
statements and notes of Ottawa Financial Corporation for the year ended December 31, 1999.

The provision for income taxes is based upon the effective tax rate expected to be applicable for the entire year.

Amounts reported as basic earnings per common share reflect the earnings available to common
shareholders for the period divided by the weighted average number of common shares outstanding during the
period.  Common shares outstanding includes issued shares less shares held in the treasury and unallocated shares
held by the employee stock ownership plan.  The computation of diluted earnings per common share includes the
shares that would be outstanding assuming exercise of dilutive stock options and warrants.  All share and per
share information has been retroactively adjusted to reflect the 10% stock dividend paid on June 30, 2000.

**NOTE 2 - PENDING MERGER WITH FIFTH THIRD BANK**

On August 31, 2000, Ottawa Financial Corporation and Fifth Third Bank signed an agreement whereby Fifth Third
would acquire Ottawa.  The transaction will be accounted for as a purchase.  The agreement calls for Ottawa shareholders
to receive .54 of a share of Fifth Third common stock for each share of Ottawa common stock, with a minimum value of
$22.01 per share.  The boards of directors of both companies have approved the agreement, however, the acquisition is
contingent upon the adoption of the agreement by Ottawa shareholders and the approval of the transaction by regulatory
authorities.

Fifth Third is a diversified financial services company headquartered in Cincinnati, Ohio.  Fifth Third has $44
billion in assets, operates 14 affiliate banks with 639 full-service Banking Centers and 1,400 ATMs in the Midwest, Florida
and Arizona.  Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Midwest Payment
Systems, the Bank's data processing subsidiary.

**REPORT OF INDEPENDENT ACCOUNTANTS**

Board of Directors and ShareholdersOttawa Financial CorporationHolland, Michigan

We have reviewed the consolidated statement of financial condition of Ottawa Financial Corporation as of September
30, 2000, and the related consolidated statements of operations and comprehensive income for the quarter and year-to-date periods ended September 30, 2000 and 1999, and the related consolidated statements of cash flows for the year-to-date periods ended
September 30, 2000 and 1999.  These financial statements are the responsibility of the Company's
management.

We conducted our review in accordance with standards established by the American Institute of Certified Public
Accountants.  A review of interim financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and accounting matters.  It is substantially
less in scope than an audit conducted in accordance with generally accepted auditing standards, the objective of which
is the expression of an opinion regarding the financial statements taken as a whole.  Accordingly, we do not express
such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the  accompanying
financial statements for them to be in conformity with generally accepted accounting principles.

Crowe, Chizek and Company LLP

Grand Rapids, MichiganOctober 16, 2000

Item 2

**OTTAWA FINANCIAL CORPORATIONManagement's Discussion and Analysisof Financial Condition and Results of Operations**

**Pending Merger**

On August 31, 2000, Ottawa Financial Corporation and Fifth Third Bank signed an agreement whereby Fifth Third
would acquire Ottawa.  The transaction will be accounted for as a purchase.  The agreement calls for Ottawa shareholders
to receive .54 of a share of Fifth Third common stock for each share of Ottawa common stock, with a minimum value of
$22.01 per share.  The boards of directors of both companies have approved the agreement, however, the acquisition is
contingent upon the adoption of the agreement by Ottawa shareholders and the approval of the transaction by regulatory
authorities.

Fifth Third is a diversified financial services company headquartered in Cincinnati, Ohio.  Fifth Third has $44
billion in assets, operates 14 affiliate banks with 640 full-service Banking Centers and 1,400 ATMs in the Midwest, Florida
and Arizona.  Fifth Third operates four main businesses: Retail, Commercial, Investment Advisors and Midwest Payment
Systems, the Bank's data processing subsidiary.

**General**

The following discussion compares the financial condition of Ottawa Financial Corporation and its wholly
owned subsidiary, AmeriBank at September 30, 2000 and December 31, 1999, and the results of operations for the
three and nine months ended September 30, 2000, compared to the same periods in 1999.  This discussion should be
read with the interim consolidated condensed financial statements and footnotes attached.

This document, including information included or incorporated by reference, contains, and future filing by
the Company on Form 10-K, Form 10-Q and Form 8-K and future oral and written statements by the Company and
its management may contain, forward-looking statements about Ottawa Financial and its subsidiaries which we
believe are within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking
statements include, without limitation, statements with respect to anticipated future operating and financial
performance, growth opportunities, interest rates, cost savings and funding advantages expected or anticipated to be
realized by management.  Words such as "may," "could," "should," "would," "believe," "anticipate," "estimate,"
"expect," "intend," "plan" and similar expressions are intended to identify these forward-looking statements.
Forward-looking statements by the Company and its management are based on beliefs, plans, objectives, goals,
expectations, anticipations, estimates and intentions of management and are not guarantees of future performance.
The Company disclaims any obligation to update or revise any forward-looking statements based on the occurrence
of future events, the receipt of new information, or otherwise.  The important factors we discuss below and elsewhere
in this document, as well as other factors discussed under the caption "Management's Discussion and Analysis of
Financial Condition and Results of Operations" in this document and identified in our filings with the SEC and those
presented elsewhere by our management from time to time, could cause actual results to differ materially from those
indicated by the forward-looking statements made in this document.

The following factors, many of which are subject to change based on various other factors beyond our control,
could cause our financial performance to differ materially from plans, objectives, expectations, estimates and
intentions expressed in such forward-looking statements:

- the strength of the United States economy in general and the strength of the local economies in which we
conduct operations;
- the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies
of the Federal Reserve Board;

- inflation, interest rate, market and monetary fluctuations;
- the timely development of and acceptance of our new products and services and the perceived overall value
of these products and services by users, including the features, pricing and quality compared to
competitors' products and services;
- the willingness of users to substitute competitors' products and services for our products and services;
- our success in gaining regulatory approval of our products and services, when required;
- the impact of changes in financial services' laws and regulations (including laws concerning taxes, banking,
securities and insurance);
- the impact of technological changes;
- acquisitions;
- changes in consumer spending and saving habits; and
- our success at managing the risks involved in the foregoing.

**Financial Condition**

Total assets increased to $1.10 billion at September 30, 2000 from $1.02 billion at December 31, 1999.  This
growth was in the loan portfolio and was funded primarily with federal funds purchased, and to a lesser extent
through the growth in deposits and the use of low-yielding investable funds.

Net loans receivable increased to $964.57 million at September 30, 2000 from $856.76 million at December
31, 1999.  Through our focus on the development of our commercial and business banking services, as well as
healthy loan demand in our market area, we were able to grow our commercial business and commercial real
estate portfolio by $64.18 million during the first nine months of 2000.  This growth was accompanied by an
increase in our residential mortgage loan portfolio of $35.36 million during the same period.  While the fixed-rate
portion of the residential mortgage loan portfolio declined, the adjustable-rate portion grew as a result of rising
interest rates earlier in the year and loan demand in our market area.

Deposits increased to $732.76 million at September 30, 2000 from $711.95 million at December 31, 1999.
The growth was in certificates of deposit, commercial checking and money market savings accounts. Commercial
checking accounts grew by $5.61 million during the first nine months of this year due to our increased emphasis
on growing commercial deposit relationships and partly as a by-product of our growth in commercial lending.

The decrease of $35.23 million in Federal Home Loan Bank advances was due to refinancing the daily
adjustable rate portion of such advances into Federal funds purchased upon substantially the same terms but at a
slightly reduced interest rate.  Additional federal funds of $56.00 million were purchased to supplement the growth
in deposits used to fund the loan growth discussed above.

The primary components of growth in shareholders' equity for the nine months ended September 30, 2000
related to net income, as well as proceeds received from the exercise of stock options. The increases were partially
offset by cash dividends declared and additional repurchases of common stock.

**Average Balances, Interest Rates and Yields**

This table presents the amount of interest income from average interest-earning assets and the yields earned
on those assets, as well as the interest expense on average interest-bearing liabilities and the rates paid on those
liabilities.  Loans receivable are calculated net of deferred loan fees, loan discounts, loans in process, and loan reserves.
Tax exempt interest on loans and securities has been converted to a fully - taxable equivalent basis.  All average balances
are daily average balances.

|                                                                                  | Nine Months EndedSeptember 30, 2000 | Nine Months EndedSeptember 30, 1999
|--------------------------------------------------------------------------------- | ----------------------------------- | -----------------------------------
|                                                                                  | AverageOutstandingBalance           | InterestEarned/Paid                
|                                                                                  | (Dollars in Thousands)             
|Interest-Earning Assets:                                                          |                                     |                                    
|Loans receivable                                                                  | $917,346                            | $54,880                            
|Securities                                                                        | 73,580                              | 3,415                              
|Other interest-earning assets                                                     | 12,850                              | 796                                
|Total interest-earning assets                                                     | $1,003,776                          | $59,091                            
|Interest-Bearing Liabilities:                                                     |                                     |                                    
|Demand and NOW deposits                                                           | $215,525                            | $6,518                             
|Savings deposits                                                                  | 47,261                              | 619                                
|Certificate accounts                                                              | 418,338                             | 18,293                             
|FHLB advances                                                                     | 224,564                             | 10,507                             
|Other interest-bearing liabilities                                                | 13,735                              | 688                                
|Total interest-bearing liabilities                                                | $919,423                            | $36,625                            
|Net interest income                                                               |                                     | $22,466                            
|Net interest rate spread                                                          |                                     |                                    
|Net earning assets                                                                | $84,353                             |                                    
|Net yield on average    interest-earning assets                                   |                                     |                                    
|Average interest-earning assets    to average interest-bearing    liabilities | 1.09x                               |                                    

**Rate/Volume Analysis**

This table presents the dollar amount of changes in interest income and interest expense for major components
of interest-earning assets and interest-bearing liabilities. For each category of interest-earning assets and interest-bearing liabilities, information is provided on changes attributable to (i) changes in volume (i.e., changes in volume
multiplied by old rate) and (ii) changes in rate (i.e., changes in rate multiplied by old volume).  Changes attributable to
both rate and volume which cannot be segregated have been allocated proportionately to the change due to volume and
the change due to rate.

|                                   | Nine Months EndedSeptember 302000 vs. 1999
|---------------------------------- | ------------------------------------------
|                                   | Increase(Decrease)Due to                  
|                                   | Volume                                    
|                                   | (Dollars in Thousands)                    
|Interest-earning assets:           |                                           
|Loans receivable                   | $8,084                                    
|Securities - Taxable               | (117)                                     
|Other interest-earning assets      | (596)                                     
|Total interest-earning assets      | $7,371                                    
|Interest-bearing liabilities:      |                                           
|Demand and NOW deposits            | 280                                       
|Savings deposits                   | (85)                                      
|Certificate accounts               | 1,594                                     
|Borrowings                         | 2,906                                     
|Other interest-bearing liabilities | 572                                       
|Total interest-bearing liabilities | $5,267                                    
|Net interest income                | $2,104                                    

**Results of Operations**

Net income for the quarter ended September 30, 2000 was $2.24 million or $.33 per diluted common share
compared to net income of $2.49 million or $.36 per diluted common share for the same period in 1999.   Net
income for the nine months ended September 30, 2000 was $6.73 million or $1.00 per diluted common share
compared to net income of $6.86 million or $.98 per diluted common share for the same period in 1999.  The
decrease in the Corporation's net income for the quarter ended September 30, 2000 compared to the same period
of the prior year was largely due to the decline in net interest income, expenses relating to the pending merger
with Fifth Third Bank as well as the effect of Management's priorities and focus on the proceedings associated
with the merger.  For the nine months ended September 30, 2000, the decline in net interest income was
accompanied by a decrease in gains on sales of loans and offset by a reduction in noninterest expenses compared
to the same period of the prior year.    All per share information has been retroactively adjusted to reflect the 10%
stock dividend paid on June 30, 2000.

To supplement the earnings per share information typically disclosed, we provide "cash" or "tangible" earnings
per share as an alternative measure for evaluating the Corporation's ability to grow tangible capital.  The calculations of
cash earnings per share are specifically formulated by us and may not be comparable to similarly titled measures reported
by other companies.  This measure is not intended to reflect cash flow per share.  The "cash" or "tangible" earnings per
share for the third quarter of 2000 was $.40, which was $.07 per share higher than the diluted earnings per share, compared
to a cash earnings per share of $.44 for the third quarter of 1999.  The cash or tangible earnings per share for the nine
months ended September 30, 2000 was $1.22, which was $.22 per share higher than the diluted earnings per share, compared
to a cash earnings per share of $1.22 for the same period in 1999.  This measure and the factors influencing its calculation
are described more fully in the 1999 Annual Report to Shareholders.

Net interest income decreased $29,000 on a tax equivalent basis for the nine months ended September 30, 2000
compared to the same period in 1999.  The healthy growth in earning assets, especially in the commercial lending
portfolio, was overcome by the effect of the sharp increases in short-term interest rates by the Federal Reserve earlier
in the year causing an overall reduction in net interest income compared to the same period in the prior year.  The
increase in the cost of interest-bearing liabilities resulted from the rise in general market interest rates, as well as an
increase in FHLB advances and federal funds purchased as a percent of total interest-bearing liabilities during the
first nine months of 2000 compared to the same period in the prior year.  While there was a 59 basis point rise in the
cost of interest-bearing liabilities, there was only a 13 basis point rise in the yield on interest-earning assets.  The
limited improvement in yield on interest-earning assets was due to the increased demand for, and our resulting growth
in, adjustable-rate mortgage loans during the first nine months of 2000.  Competitive initial rates on adjustable-rate
mortgages were low relative to other loan products and the overall yield of our total loan portfolio, and as a result,
these lower-yielding originations offset the improvement in yield that resulted from the growth in the commercial loan
portfolio.  Due the increase in the cost of interest-bearing liabilities and the limited increase in yield on interest-earning
assets, we saw a reduction in our net interest rate spread and net interest margin during the first nine months of 2000
compared to the same period of the prior year.

The provision for loan losses is a result of management's periodic analysis of the adequacy of the allowance
for loan losses. Although actual losses on loans for the nine months ended September 30, 2000 are comparable to actual
losses for the same period of the prior year, the provision of $1.04 million for the nine months ended September 30,
2000 compared to $855,000 for the same period of the prior year was in response to the growth achieved in the
commercial loan portfolio, which generally involves a greater degree of credit risk than one- to four-family mortgage
lending.

The allowance is maintained by management at a level considered adequate to cover possible loan losses that
are currently anticipated based on past loss experience, general economic conditions, information about specific
borrower situations, including their financial position and collateral values, and other factors and estimates, which
are subject to change over time. Although the level of non-performing assets is considered in establishing the allowance
for loan losses balance, variations in non-performing loans have not been meaningful based upon our past loss
experience and, as such, have not had a significant impact on the overall level of the allowance for loan losses.
Delinquent loans more than 90 days are put on non-accrual status unless they are adequately collateralized and in the
process of collection (see discussion on Non-Performing Assets and Allowance for Loan Losses below).

Noninterest income decreased to $4.81 million for the nine months ended September 30, 2000 from $5.03
million for the same period in 1999.  The decrease related primarily to lower gains on sales of mortgage loans which
fell by $465,000 compared to the first nine months of 1999.  The rising interest rate environment caused a shift in the
mix of our mortgage loan originations from fixed-rate to adjustable-rate loans.  Since we did not begin selling our
adjustable-rate mortgage production until late in the second quarter of 2000, our overall loan sale volume for the nine
month period decreased compared to the prior year.  Noninterest income, excluding gains on sales of mortgage loans,
grew $237,000 during the nine months ended September 30, 2000 compared to the same period of the prior year.  This
growth was due primarily to increases in fees on sales of mutual funds and annuities, as well as deposit account service
fees.

Noninterest expense increased to $5.27 million for the quarter ended September 30, 2000 from $5.23 million for
the same period of the prior year, while it decreased to $15.71 million for the nine months ended September 30, 2000
from $15.91 million for the same period of the prior year.  The increase in noninterest expense for the quarter ended
September 30, 2000 compared to the same period of the prior year was largely due to the impact of the $150,000 in legal
expenses relating to the pending merger with Fifth Third Bank.  The decrease in noninterest expense for the nine
months ended September 30, 2000 compared to the same period of the prior year was achieved through the
management of furniture, fixtures and equipment expense, state single business tax strategies implemented in the first
quarter of the year and a decrease in the FDIC deposit insurance premiums.

**Non-Performing Assets and Allowance for Loan Losses**

Non-performing assets increased to $4.03 million at September 30, 2000 from $2.10 million at December 31,
1999 primarily due to an increase in commercial business non-accruing loans.  The percentage of non-performing
assets to total assets was .37% at September 30, 2000 compared to .21% at December 31, 1999.  Our allowance for loan
losses as a percentage of non-performing loans at September 30, 2000 was 162.14% compared to 359.21% at December
31, 1999.  The increase in commercial business non-accruing loans was primarily due to the addition of one loan to
this category.  Management anticipates based on collateral value that the principal due on this loan will be collected
in full.

The table below sets forth the amounts and categories of non-performing assets at September 30, 2000 and
December 31, 1999.

|                                             | September 302000       | December 311999
|-------------------------------------------- | ---------------------- | ---------------
|                                             | (Dollars in Thousands)
|Non-accruing loans                           |                        |                
|One to four family                           | $445                   | $175           
|Multi-family and commercial real estate      | 78                     | -              
|Construction or development                  | -                      | -              
|Commercial business                          | 2,576                  | 389            
|Consumer                                     | 187                    | 323            
|Total                                        | 3,286                  | 887            
|Accruing loans delinquent more than 90 days: |                       
|One- to four-family                          | 121                    | 5              
|Multi-family and commercial real estate      | -                      | -              
|Construction or development                  | -                      | -              
|Commercial business                          | -                      | 322            
|Consumer                                     | -                      | 98             
|Total                                        | 121                    | 425            
|Foreclosed assets:                           |                        |                
|One- to four-family                          | 345                    | 536            
|Consumer                                     | 279                    | 250            
|Total                                        | 624                    | 786            
|Total non-performing assets                  | $4,031                 | $2,098         
|Total as a percentage of total assets        | .37%                   | .21%           

**Liquidity**

We anticipate we will have sufficient funds available to meet current loan commitments through sales, calls
and maturities of securities, loan payments and payoffs, and the growth of deposits. If necessary, significant sources
of liquidity are available from Federal Home Loan Bank advances and unused lines of credit with correspondent
banks.  At September 30, 2000, we had commitments to make loans of $21.44 million, unused lines of credit of $107.13
million, and construction loans in process of $43.29 million.

**Capital Resources**

AmeriBank is subject to capital requirements in accordance with state banking regulations.  There has been no
significant change in the level of AmeriBank's regulatory capital relative to the requirements since December 31,
1999.  AmeriBank remains "well capitalized" under the prompt corrective action regulations.

**Year 2000 Issue**

We successfully completed our Y2K readiness plan and experienced no material issues.  All
systems and functions have been processing well since January 1, 2000.  We will continue to monitor all systems
throughout the year.

Item 3

The balance sheet consists of investments in interest-earning assets, primarily loans and investment securities, which are
primarily funded by interest-bearing liabilities, deposits and borrowings.  These financial instruments have varying levels
of sensitivity to changes in market interest rates, resulting in market risk.  Other than loans that are originated and held
for sale, all of our financial instruments are for other than trading purposes.  We are subject to interest rate risk to the
extent that our interest-bearing liabilities with short and intermediate-term maturities reprice more rapidly, or on a
different basis, than our interest-earning assets.

Our senior management and Board of Directors review AmeriBank's (the Company's operating subsidiary) exposure
to interest rate risk on a quarterly basis. We measure interest rate risk by computing estimated changes in net interest
income and the net portfolio value of cash flows from assets, liabilities and off-balance sheet items within a range of
assumed changes in market interest rates. If estimated changes to net portfolio value and net interest income are not
within the limits established by the Board, the Board may direct management to adjust AmeriBank's asset and
liability mix to bring interest rate risk within Board approved limits.

Net portfolio value represents the market value of portfolio equity and is equal to the market value of assets minus
the market value of liabilities, with adjustments made for off-balance sheet items.  This analysis assesses the risk of
loss in market risk sensitive instruments in the event of sudden and sustained 1% to 3% increases and decreases in
market interest rates.  The tables below present the change in AmeriBank's net portfolio value and net interest income
at September 30, 2000 and December 31, 1999, based on internal assumptions, that would occur upon an immediate
change in interest rates, with no effect given to any steps that management might take to counteract that change.

|*September 30, 2000*:                | Net Portfolio Value | Net Interest Income
|------------------------------------ | ------------------- | -------------------
|Change inInterest Rate(Basis Points) | $ Amountin NPV      | % Changein NPV     
|+300                                 | $ 35,945            | -50%               
|+200                                 | 48,984              | -32                
|+100                                 | 60,968              | -15                
|0                                    | 71,764              | ---                
|-100                                 | 81,207              | 13                 
|-200                                 | 87,519              | 22                 
|-300                                 | 95,414              | 33                 

|*December 31, 1999*:                 | Net Portfolio Value | Net Interest Income
|------------------------------------ | ------------------- | -------------------
|Change inInterest Rate(Basis Points) | $ Amountin NPV      | % Changein NPV     
|+300                                 | $ 50,356            | -39%               
|+200                                 | 60,890              | -27                
|+100                                 | 73,191              | -12                
|0                                    | 83,204              | ---                
|-100                                 | 84,197              | 1                  
|-200                                 | 90,050              | 8                  
|-300                                 | 97,142              | 17                 

As illustrated in the table, net portfolio value is more sensitive to rising rates than declining rates.  This occurs principally
because, as rates rise, the market value of fixed-rate loans declines due to both the rate increase and slowing prepayments.
When rates decline, we do not experience a significant rise in market value for these loans because borrowers prepay at
relatively high rates.  The value of our deposits and borrowings changes in approximately the same proportion in rising or
falling rate scenarios.

The results for the 300 basis point interest rate shocks are monitored primarily to assist in identifying trends in our interest
rate risk profile.  We feel that a sudden and sustained change in interest rates of 300 basis points is not a realistic event.
Therefore we focus on managing, to acceptable levels, the change in net portfolio value for the 100 and 200 basis point
interest rate shocks both up and down.

The table identifies slight increases in our interest rate risk for the first nine months of 2000 for rate shocks up to 200 basis
points either up or down.  The table, however, displays a larger increase in risk for the 300 basis point interest rate shock
upward.  This increase in risk relates partially to the decrease in the value of our equity at a 0 basis point shock when
comparing December 31, 1999 to September 30, 2000.  As equity decreases, the percent change in net portfolio value
increases for the same dollar amount change in net portfolio value.  This dynamic is emphasized at the higher basis point
shock levels.  Further, the rapid rise in market interest rates during early 2000 has resulted in larger declines than in the
past in the value of our adjustable rate residential mortgage loan portfolio for upward interest rate shocks of over 200 basis
points.  Most of our adjustable rate mortgage loans contain interest rate adjustment caps of 200 basis points per year.  The
rapid rise in rates has caused more of these loans to hit their adjustment caps in the computations of their value for the
upward interest rate shock of 300 basis points.  Finally, the significant growth in our adjustable rate residential mortgage
portfolio, given the rate adjustment caps and the rising interest rate environment, has caused an increase in our interest rate
risk.

To decrease our exposure to interest rate risk, we are trying to reduce the duration and average life of our interest-earning
assets.To achieve this goal, we are emphasizing growth in our installment and commercial business loan portfolios.  In addition,
we are underwriting all long-term, fixed rate and adjustable rate residential mortgage loans in accordance with Federal
Home Loan Mortgage Corporation guidelines which allows us the flexibility of selling these assets into the secondary
market.  We have been and will continue to sell 30- and 15-year fixed-rate residential mortgage loans as they are originated.
In addition, beginning June 1, 2000 we have been selling our adjustable-rate residential mortgage loans as they are
originated.  With our funding sources, we are attempting to reduce the impact of interest rate changes by emphasizing non-interest bearing products and using longer-term fixed-rate certificates of deposit.

As with any method of measuring interest rate risk, the above table inherently has shortcomings. For example, although
certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to
changes in market interest rates.  The interest rates on certain types of assets and liabilities may fluctuate in advance of
changes in market interest rates, while interest rates on other types may lag behind changes in market rates.   Additionally,
certain assets, such as adjustable-rate mortgage loans, have features that restrict changes in interest rates on a short-term
basis and over the life of the asset.  When there is a change in interest rates, expected rates of prepayments on loans, decay
rates of deposits and early withdrawals from certificates could likely differ from those assumed in the table.  Finally, the
ability of many borrowers to service their debt may decrease in the event of a significant interest rate increase.

In addition, the above table may not properly reflect the impact of general interest rate movements on our net interest
income because the repricing of certain categories of assets and liabilities are influenced by competitive and other pressures
beyond our control.

Item 1   Legal Proceedings:

See Note 10 of the 1999 Annual Report to Shareholders.

Item 2   Changes in Securities:

There are no matters required to be reported under this item.

Item 3   Defaults Upon Senior Securities:

There are no matters required to be reported under this item.

Item 4   Submission of Matters to a Vote of Security Holders:

There are no matters required to be reported under this item.

Item 5   Other Information:

There are no matters required to be reported under this item.

Item 6   Exhibits and Reports on Form 8-K:

(a)  The following exhibits are filed herewith:

Exhibit 11 -  Statement - Re: Computation of per Share Earnings

Exhibit 15 - Awareness Letter from Crowe, Chizek & Company LLP

Exhibit 27 - Financial Data Schedule (electronic filing only)

(b)	Reports on Form 8-K:

Ottawa filed a Form 8-K dated August 31, 2000 containing an Affiliation Agreement whereby Fifth Third will acquire
Ottawa and its subsidiary AmeriBank in a transaction to be accounted for as a purchase.

Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.

|                        | OTTAWA FINANCIAL CORPORATION                                                                               
|----------------------- | -----------------------------------------------------------------------------------------------------------
|Date:  November 9, 2000 | /s/  Douglas J. IversonDouglas J. IversonVice Chairman and Chief Executive Officer(Duly Authorized Officer)
|Date:  November 9, 2000 | /s/  Jon W. SwetsJon W. SwetsChief Financial Officer(Principal Financial Officer)                          

ExhibitNumber              Description

11                     Statement - Re:  Computation of per share earnings.

15                     Awareness Letter from Crowe, Chizek & Company LLP

27                     Financial Data Schedule (electronic filing only)