Exhibit 99.2

March 9, 2016                                                 

Boards of Directors

WCF Financial, M.H.C.

Webster City Federal Bancorp

WCF Bancorp, Inc.

WCF Financial Bank

401 Fair Meadow Drive

Webster City, Iowa 50595

Members of the Boards of Directors:

All capitalized terms not otherwise defined in this letter have the meanings given such terms in the plan of conversion (the “Plan”) adopted by the Boards of Directors of WCF Financial, M.H.C. (the “MHC”), Webster City Federal Bancorp (the “Company”) and WCF Financial Bank (the “Bank”). The Plan provides for the conversion of the MHC into the capital stock form of organization. Pursuant to the Plan, a new Iowa stock holding company named WCF Bancorp, Inc. (“Bancorp”) will be organized and will sell shares of common stock in a public offering. When the conversion is completed, all of the capital stock of the Bank will be owned by Bancorp and all of the common stock of Bancorp will be owned by public stockholders.

We understand that in accordance with the Plan, subscription rights to purchase shares of common stock in the Company are to be issued to: (1) Eligible Account Holders; (2) Tax-Qualified Plans; (3) Supplemental Eligible Account Holders; and (4) Other Members. Based solely upon our observation that the subscription rights will be available to such parties without cost, will be legally non-transferable and of short duration, and will afford such parties the right only to purchase shares of common stock at the same price as will be paid by members of the general public in the community and syndicated or firm commitment underwritten offerings but without undertaking any independent investigation of state or federal law or the position of the Internal Revenue Service with respect to this issue, we are of the belief that, as a factual matter:

Changes in the local and national economy, the legislative and regulatory environment, the stock market, interest rates, and other external forces (such as natural disasters or significant world events) may occur from time to time, often with great unpredictability and may materially impact the value of thrift stocks as a whole or Bancorp’s value alone. Accordingly, no assurance can be given that persons who subscribe to shares of common stock in the subscription offering will thereafter be able to buy or sell such shares at the same price paid in the subscription offering.

Sincerely,