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Exhibit 99.7
XXXXXX & COMPANY, INC.
000 XXXXX XXXXX XXXXX
XXXXX 000
XXXXXX, XXXX 00000
(000) 000-0000
(000) 000-0000 FAX
December 16, 1997
The Board of Directors
Columbia Federal Savings Bank
0000 Xxxxx Xxxxxxx
Xxxx Xxxxxxxx, Xxxxxxxx 00000-3085
Re: Subscription Rights -- Conversion of Columbia Federal Savings Bank
Fort Xxxxxxxx, Kentucky
Gentlemen:
The purpose of this letter is to provide an opinion of the value of the
subscription rights of the "to be issued" common stock of Columbia Financial of
Kentucky, Inc. (the "Corporation"), Fort Xxxxxxxx, Kentucky in regard to the
conversion of Columbia Federal Savings Bank ("Columbia Federal" or the "Bank")
from a federal-chartered mutual savings bank to a federal-chartered stock
savings bank.
Because the Subscription Rights to purchase shares of Common Stock in Columbia
Financial of Kentucky, Inc., which are to be issued to the depositors of
Columbia Federal Savings Bank and the other members of the Bank and will be
acquired by such recipients without cost, will be nontransferable and of short
duration and will afford the recipients the right only to purchase shares of
Common Stock at the same price as will be paid by members of the general
public in a Direct Community Offering, we are of the opinion that:
(1) The Subscription rights will have no ascertainable fair market
value, and;
(2) The price at which the Subscription Rights are exercisable will
not be more or less that the fair market value of the shares on
the date of the exercise.
Further, it is our opinion that the Subscription Rights will have no economic
value on the date of distribution or at the time of exercise, whether or not a
community offering takes place.
Sincerely,
XXXXXX & COMPANY, INC.
/s/ Xxxxxxx X. Xxxxxx
---------------------------
Xxxxxxx X. Xxxxxx
President
