KELLER & COMPANY, INC. FINANCIAL INSTITUTION CONSULTANTSTEB Bancorp, Inc. • December 13th, 2018 • Savings institutions, not federally chartered
Keller & Company, Inc. (hereinafter referred to as KELLER) hereby proposes to prepare an updated conversion appraisal of The Equitable Bank, S.S.B. (hereinafter referred to as “Equitable”), relating to the mutual to stock conversion of Equitable and minority stock offering (“the “Stock Offering”) of Equitable’s mid-tier holding company. KELLER will provide a new pro forma valuation of the market value of the shares of Equitable’s mid-tier holding company to be sold in connection with the minority stock offering, based on September 30, 2018, financials rather than our original valuation based on June 30, 2018, financials.
