Fairmount Bancorp, Inc. - FORM S-1 - EX-99.2 - EXHIBIT 99.2 - December 17, 2009

Attached files

file filename
S-1 - FORM S-1 - Fairmount Bancorp, Inc.ds1.htm
EX-2 - EXHIBIT 2 - Fairmount Bancorp, Inc.dex2.htm
EX-4 - EXHIBIT 4 - Fairmount Bancorp, Inc.dex4.htm
EX-1.1 - EXHIBIT 1.1 - Fairmount Bancorp, Inc.dex11.htm
EX-3.1 - EXHIBIT 3.1 - Fairmount Bancorp, Inc.dex31.htm
EX-3.2 - EXHIBIT 3.2 - Fairmount Bancorp, Inc.dex32.htm
EX-8.2 - EXHIBIT 8.2 - Fairmount Bancorp, Inc.dex82.htm
EX-8.1 - EXHIBIT 8.1 - Fairmount Bancorp, Inc.dex81.htm
EX-5.1 - EXHIBIT 5.1 - Fairmount Bancorp, Inc.dex51.htm
EX-23.3 - EXHIBIT 23.3 - Fairmount Bancorp, Inc.dex233.htm
EX-99.1 - EXHIBIT 99.1 - Fairmount Bancorp, Inc.dex991.htm
EX-10.2 - EXHIBIT 10.2 - Fairmount Bancorp, Inc.dex102.htm
EX-10.4 - EXHIBIT 10.4 - Fairmount Bancorp, Inc.dex104.htm
EX-99.3 - EXHIBIT 99.3 - Fairmount Bancorp, Inc.dex993.htm
EX-10.5 - EXHIBIT 10.5 - Fairmount Bancorp, Inc.dex105.htm
EX-10.3 - EXHIBIT 10.3 - Fairmount Bancorp, Inc.dex103.htm
EX-10.1 - EXHIBIT 10.1 - Fairmount Bancorp, Inc.dex101.htm
EX-99.7 - EXHIBIT 99.7 - Fairmount Bancorp, Inc.dex997.htm
EX-23.2 - EXHIBIT 23.2 - Fairmount Bancorp, Inc.dex232.htm
EX-99.6 - EXHIBIT 99.6 - Fairmount Bancorp, Inc.dex996.htm

Exhibit 99.2

FELDMAN FINANCIAL ADVISORS, INC.

 

1001 CONNECTICUT AVENUE, NW — SUITE 840

WASHINGTON, DC 20036

202-467-6862 • (FAX) 202-467-6963

December 11, 2009

Board of Directors

Fairmount Bank

8216 Philadelphia Road

Baltimore, Maryland 21237

Members of the Board:

It is the opinion of Feldman Financial Advisors, Inc., that the subscription rights to be received by the eligible account holders and other eligible subscribers of Fairmount Bank (the “Bank”), pursuant to the Plan of Conversion (the “Plan”) adopted by the Board of Directors of the Bank, do not have any ascertainable market value at the time of distribution or at the time the rights are exercised in the subscription offering.

In connection with the Plan, the Bank will convert from the mutual to stock form of organization, issue all of its capital stock to a newly formed holding company, Fairmount Bancorp, Inc. (the “Company”), and the Company will offer all of its outstanding shares of common stock for sale in a subscription offering to eligible account holders, an employee stock ownership plan, supplemental eligible account holders, and other members. Any shares of common stock that remain unsubscribed for in the subscription offering will be offered by the Company for sale in a community offering to members of the general public.

Our opinion is based on the fact that the subscription rights are acquired by the recipients without cost, are nontransferable and of short duration, and afford the recipients the right only to purchase shares of common stock of the Company at a price equal to its estimated pro forma market value, which will be the same price at which any unsubscribed shares will be purchased in the community offering.

Sincerely,

LOGO

FELDMAN FINANCIAL ADVISORS, INC.

Fairmount Bancorp, Inc. Reports