FFBW, Inc. - FORM S-1 - EX-99.2 - EXHIBIT 99.2 - June 14, 2017

Attached files

file filename
EX-10.3 - EXHIBIT 10.3 - FFBW, Inc.t1701791_ex10-3.htm
EX-99.3 - EXHIBIT 99.3 - FFBW, Inc.t1701791_ex99-3.htm
EX-99.1 - EXHIBIT 99.1 - FFBW, Inc.t1701791_ex99-1.htm
EX-23.4 - EXHIBIT 23.4 - FFBW, Inc.t1701791_ex23-4.htm
EX-23.2 - EXHIBIT 23.2 - FFBW, Inc.t1701791_ex23-2.htm
EX-21 - EXHIBIT 21 - FFBW, Inc.t1701791_ex21.htm
EX-10.6 - EXHIBIT 10.6 - FFBW, Inc.t1701791_ex10-6.htm
EX-10.5 - EXHIBIT 10.5 - FFBW, Inc.t1701791_ex10-5.htm
EX-10.4 - EXHIBIT 10.4 - FFBW, Inc.t1701791_ex10-4.htm
EX-10.2 - EXHIBIT 10.2 - FFBW, Inc.t1701791_ex10-2.htm
EX-10.1 - EXHIBIT 10.1 - FFBW, Inc.t1701791_ex10-1.htm
EX-8.2 - EXHIBIT 8.2 - FFBW, Inc.t1701791_ex8-2.htm
EX-8.1 - EXHIBIT 8.1 - FFBW, Inc.t1701791_ex8-1.htm
EX-5 - EXHIBIT 5 - FFBW, Inc.t1701791_ex5.htm
EX-4 - EXHIBIT 4 - FFBW, Inc.t1701791_ex4.htm
EX-3.2 - EXHIBIT 3.2 - FFBW, Inc.t1701791_ex3-2.htm
EX-3.1 - EXHIBIT 3.1 - FFBW, Inc.t1701791_ex3-1.htm
EX-2 - EXHIBIT 2 - FFBW, Inc.t1701791_ex2.htm
EX-1.1 - EXHIBIT 1.1 - FFBW, Inc.t1701791_ex1-1.htm
S-1 - FORM S-1 - FFBW, Inc.t1701791_s1.htm

 

Exhibit 99.2

 

KELLER & COMPANY, INC.

FINANCIAL INSTITUTION CONSULTANTS

555 METRO PLACE NORTH

SUITE 524

DUBLIN, OHIO 43017

 

(614) 766-1426        (614) 766-1459 FAX

 

June 14, 2017

 

The Boards of Directors

FFBW, Inc.

First Federal Bank of Wisconsin

1360 S. Moorland Road

Brookfield, Wisconsin 53005

 

Re: Subscription Rights – FFWB Inc.

 

To the Boards:

 

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 FFBW, Inc. (the “Corporation”), in regard to the stock offering of the Corporation.

 

Because the subscription rights to purchase shares of common stock in the Corporation, which are to be issued to the depositors and certain borrowers of First Federal Bank of Wisconsin 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 than 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,

 

KELLER & COMPANY, INC.  
/s/ Michael R. Keller  
Michael R. Keller  
President  
   
MRK:jmm  

 

 

  

FFBW, Inc. Reports

Also read