OTTAWA BANCORP, INC. (NASDAQ:OTTW) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing
Item 3.01.

(a)      On June 17, 2020, the Company notified RSM US LLP (“RSM”), the independent auditors for the Company, that based on the recommendation of the Audit Committee of the Board of the Directors, RSM will be dismissed effective as of the same date.

The audit reports of RSM on the consolidated financial statements of the Company for the years ended December 31, 2019 and 2018 did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles. During the two most recent fiscal years ended December 31, 2019 and 2018, and through the subsequent interim period preceding June 17, 2020, there were: (1) no disagreements between the Company and RSM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of RSM would have caused them to make reference thereto in their reports on the Company’s financial statements for such years, and (2) no reportable events within the meaning set forth in Item 304(a)(1)(v) of Regulation S-K.

The Company has provided RSM with a copy of the disclosures in this Form 8-K and has requested that RSM furnish it with a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the Company’s statements in this Item 4.01. A copy of the RSM letter dated June 22, 2020 is filed as Exhibit 16.1 to this Form 8-K.

(b)     On June 17, 2020, based on the recommendation of the Audit Committee of the Board of Directors the Company appointed Clark Schaefer Hackett (“Clark Schaefer”) as the Company’s independent registered public accounting firm. During the Company’s fiscal years ended December 31, 2019 and 2018 and the subsequent interim period preceding June 17, 2020, the Company did not consult with Clark Schaefer regarding: (1) the application of accounting principles to a specified transaction, either completed or proposed; (2) the type of audit opinion that might be rendered on the Company’s financial statements, and Clark Schaefer did not provide any written report or oral advice that Clark Schaefer concluded was an important factor considered by the Company in reaching a decision as to any such accounting, auditing or financial reporting issue; or (3) any matter that was either the subject of a disagreement with RSM on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure or the subject of a reportable event.

Ottawa Bancorp Inc Exhibit
EX-16.1 2 ex_191114.htm EXHIBIT 16.1 ex_191114.htm Exhibit 16.1   [LETTERHEAD OF RSM US LLP]           June 22,…
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