Matthew Mullet, Chief Financial Officer 1st Security Bank of Washington Mountlake Terrace, Washington 98043-2172 Dear Mr. Mullet:FS Bancorp, Inc. • March 1st, 2012 • Savings institutions, not federally chartered
This letter sets forth the agreement between 1st Security Bank of Washington, Mountlake Terrace, Washington (the “Bank”), and RP® Financial, LC (“RP Financial”) for independent appraisal services in connection with the stock to be issued concurrent with the Bank’s proposed mutual-to-stock conversion transaction. The specific appraisal services to be rendered by RP Financial are described below.
FS Bancorp, Inc. up to 2,817,500 Shares (subject to increase up to 3,240,125 shares) COMMON SHARES ($0.01 Par Value) Subscription Price $10.00 Per Share AGENCY AGREEMENTAgency Agreement • March 1st, 2012 • FS Bancorp, Inc. • Savings institutions, not federally chartered • New York
