<SEC-DOCUMENT>0001104659-24-060476.txt : 20240513
<SEC-HEADER>0001104659-24-060476.hdr.sgml : 20240513
<ACCEPTANCE-DATETIME>20240513154554
ACCESSION NUMBER:		0001104659-24-060476
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20240510
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240513
DATE AS OF CHANGE:		20240513

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Fifth District Bancorp, Inc.
		CENTRAL INDEX KEY:			0002012726
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		ORGANIZATION NAME:           	02 Finance
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-277776
		FILM NUMBER:		24938727

	BUSINESS ADDRESS:	
		STREET 1:		4000 GENERAL DEGAULLE DRIVE
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70114
		BUSINESS PHONE:		514-362-7544

	MAIL ADDRESS:	
		STREET 1:		4000 GENERAL DEGAULLE DRIVE
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70114
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2414192d1_8k.htm
<DESCRIPTION>FORM 8-K
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 12pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="border-top: Black 2pt solid; font-size: 1pt; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WASHINGTON, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of Report (Date of earliest event reported):
May 10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Fifth District Bancorp, Inc.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in its
Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 37%"><U>Maryland</U></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 22%"><U>333-277776</U></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 37%">99-1897673</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(State or Other Jurisdiction of Incorporation)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(Commission File No.)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><U>4000 Charles DeGaulle Drive, New Orleans, Louisiana</U></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><U>70114</U></TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 10pt">(Address of Principal Executive Offices)</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>(504) 362-7544</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registrant&#8217;s telephone number, including
area code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Not Applicable</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former name or former address, if changed since
last report)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: left; width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: left">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: left">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="text-align: left">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 20%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; width: 42%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-size: 10pt">Title of Each Class</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Trading Symbol(s)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 10pt">Name of Each Exchange on Which Registered</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant is
an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Emerging growth company <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act. <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 1.01</B></TD><TD><B>Entry Into a Material Definitive Agreement.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 10, 2024, Fifth District Bancorp, Inc.
(the &#8220;Company&#8221;) and Fifth District Savings Bank (the &#8220;Bank&#8221;) entered into an Agency Agreement with Performance
Trust Capital Partners, LLC (&#8220;Performance Trust&#8221;), pursuant to which Performance Trust will assist the Company, on a best
efforts basis, in marketing the Company&#8217;s common stock during the Company&#8217;s stock offering in connection with the Bank&#8217;s
proposed conversion from a mutual savings bank to a stock savings bank.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For its services in the subscription offering,
Performance Trust will receive a success fee equal to 0.95% of the aggregate purchase price of the shares of common stock of the Company
sold in the subscription offering (other than shares purchased by employee benefit plans of the Company or the Bank and by directors,
officers and employees of the Company or the Bank and their immediate family members) at closing. For its services in any community offering,
Performance Trust will receive a success fee equal to 1.50% of the aggregate purchase price of the shares of common stock of the Company
sold in any community offering (other than shares purchased by employee benefit plans of the Company or the Bank and by directors, officers
and employees of the Company or the Bank and their immediate family members) at closing, except for purchases by institutional accredited
investors solicitated and/or initiated by Performance Trust for which the success fee equals 5.00%. Performance Trust will also receive
a management fee of $30,000, which will be credited against the success fee due at closing.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company will also reimburse Performance Trust
for is legal fees and expenses up to a maximum of $100,000 and for its other expenses up to $60,000 (which may be increased to up to
$75,000 in the event of a resolicitation).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, Performance Trust will receive a
fee of $30,000 for its services as records agent and stock information center manager (which may be increased by up to $10,000 in the
event of a material delay in the conversion transaction, among other factors), as well as reimbursement for its out-of-pocket expenses
up to $30,000.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If the Company conducts a syndicated community
offering, the Company will pay a fee equal to 5.0% of the aggregate dollar amount of the shares of common stock of the Company sold in
any syndicated community offering by Performance Trust or by any other participating broker dealer.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The shares of Company common stock are being offered
for sale pursuant to a Registration Statement on Form S-1, as amended (Registration No. 333-277776), filed by the Company under the Securities
Act of 1933, as amended, and a related prospectus dated May 10, 2024.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the terms of the
Agency Agreement is qualified in its entirety by reference to the Agency Agreement, which is filed as Exhibit 1.1 hereto and incorporated
by reference herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>




<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"><B>Item 9.01</B></TD><TD><B>Financial Statements and Exhibits.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">(d)</TD><TD STYLE="text-align: justify">Exhibits</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD></TD><TD STYLE="text-align: left"><U>Exhibit No.</U></TD><TD STYLE="text-align: justify"><U>Description</U></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD>&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD>
         <TD STYLE="text-align: center; width: 1in"><A HREF="tm2414192d1_ex1-1.htm" STYLE="-sec-extract: exhibit">1.1</A></TD><TD STYLE="text-align: justify"><A HREF="tm2414192d1_ex1-1.htm" STYLE="-sec-extract: exhibit">Agency
                                            Agreement dated May 10, 2024</A></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif">FIFTH DISTRICT BANCORP, INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">Date: May 13, 2024</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 46%">/s/ Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">President and Chief Executive Officer</TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>tm2414192d1_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Execution Copy</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Up to 6,900,000 Shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Subject to increase up to 7,935,000 in shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">the event of an increase in the pro forma market</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">value of the Company&rsquo;s Common Stock)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FIFTH DISTRICT BANCORP,&nbsp;INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(a Maryland corporation)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Common Stock</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(par value $0.01 per share)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGENCY AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">May&nbsp;10, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance Trust Capital Partners, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">500 West Madison Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Suite&nbsp;450</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chicago,&nbsp;Illinois 60661</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Fifth District Bancorp,&nbsp;Inc.,
a Maryland corporation (the &ldquo;Company&rdquo;), and Fifth District Savings Bank, a federally-chartered mutual savings bank (the &ldquo;Bank&rdquo;),
hereby confirm their agreement with Performance Trust Capital Partners, LLC (&ldquo;Performance Trust&rdquo; or the &ldquo;Agent&rdquo;)
with respect to the offer and sale by the Company of up to 6,900,000 shares (subject to increase up to 7,935,000 shares) of the Company&rsquo;s
common stock, par value $0.01 per share (the &ldquo;Common Stock&rdquo;). The shares of Common Stock to be sold by the Company in the
Offerings (as hereinafter defined) are hereinafter called the &ldquo;Securities.&rdquo; It is acknowledged that the number of Securities
to be sold in the Offerings may be increased or decreased as described in the Prospectus (as hereinafter defined). If the number of Securities
is increased or decreased in accordance with the Plan (as hereinafter defined), the term &ldquo;Securities&rdquo; shall mean such greater
or lesser number, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Securities are being
offered for sale in accordance with the Plan of Conversion, as may be subsequently amended (the &ldquo;Plan&rdquo;), adopted by the Boards
of Directors of the Company and the Bank pursuant to which the Bank intends to convert from the mutual form of organization to the stock
form of organization pursuant to the following steps, or in any other manner that is consistent with the purposes of the Plan and applicable
laws and regulations: (i)&nbsp;the formation of the Company as the savings and loan holding company of the Bank pursuant to the Plan
and the regulations of the Board of Governors of the Federal Reserve System (the &ldquo;FRB&rdquo;); and (ii)&nbsp;the sale of Common
Stock pursuant to the Plan and the regulations of the Office of the Comptroller of the Currency (the &ldquo;OCC&rdquo;). The Plan is
subject to approval by at least a majority of the votes eligible to be cast by the members of the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the Plan, the
Company will offer to certain depositors of the Bank and to the Bank&rsquo;s tax-qualified employee benefit plans rights to subscribe
for the Securities in a subscription offering (the &ldquo;Subscription Offering&rdquo;). Securities that are not subscribed for in the
Subscription Offering may be offered to certain members of the general public in a community offering (the &ldquo;Community Offering&rdquo;),
with preference given to natural persons (including trusts of natural persons) residing in Jefferson, Orleans, and St. Tammany Parishes
in Louisiana. The Community Offering, which together with the Subscription Offering, as each may be extended or reopened from time to
time, are herein referred to as the &ldquo;Subscription and Community Offerings,&rdquo; may be commenced concurrently with, during or
after the Subscription Offering. It is currently anticipated that any Securities not subscribed for in the Subscription and Community
Offerings will be offered, subject to Section&nbsp;2 hereof, in a syndicated community offering (the &ldquo;Syndicated Offering&rdquo;);
provided, however, that the Community Offering may be held concurrently with, during or after the Subscription Offering and the Syndicated
Offering. The Subscription and Community Offerings and the Syndicated Offering are hereinafter referred to collectively as the &ldquo;Offerings.&rdquo;
The conversion of the Bank from the mutual form of organization to the stock form of organization, the formation of the Company, the
acquisition of the capital stock of the Bank by the Company, and the Offerings are referred to herein collectively as the &ldquo;Conversion.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has filed with
the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) a registration statement on Form&nbsp;S-1 (No.333-277776), including
a related prospectus, for the registration of the sale of the Securities under the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;), has filed such amendments thereto, if any, and such amended prospectuses as may have been required to the date hereof by
the Commission in order to declare such registration statement effective, and will file such additional amendments thereto and such amended
prospectuses and prospectus supplements as may hereafter be required. Such registration statement (as amended to date, if applicable,
and as from time to time amended or supplemented hereafter) and the prospectuses constituting a part thereof (including in each case
all documents incorporated or deemed to be incorporated by reference therein and the information, if any, deemed to be a part thereof
pursuant to the rules&nbsp;and regulations of the Commission promulgated under the Securities Act, as from time to time amended or supplemented
pursuant to the Securities Act or otherwise (the &ldquo;Securities Act Regulations&rdquo;)), as well as the preliminary prospectus, if
any, as defined in Rule&nbsp;430A of the Security Act Regulations contained in a post-effective amendment to the Registration Statement,
are hereinafter referred to as the &ldquo;Registration Statement&rdquo; and the &ldquo;Prospectus,&rdquo; respectively, except that if
any revised prospectus shall be used by the Company in connection with the Subscription and Community Offerings or the Syndicated Offering,
if any, which differs from the Prospectus on file at the Commission at the time the Registration Statement becomes effective (whether
or not such revised prospectus is required to be filed by the Company pursuant to Rule&nbsp;424(b)&nbsp;of the Securities Act Regulations),
the term &ldquo;Prospectus&rdquo; shall refer to such revised prospectus from and after the time it is first provided to the Agent for
such use.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Concurrently with the execution
of this Agreement, the Company is delivering to the Agent copies of the Prospectus to be used in the Subscription and Community Offerings
and, if necessary, will deliver copies of the Prospectus and a prospectus supplement for use in a Syndicated Offering, if any. Such Prospectus
contains information with respect to the Bank, the Company and the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION&nbsp;1. REPRESENTATIONS
AND WARRANTIES.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank jointly and severally represent and warrant to the Agent as of the date hereof as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Registration Statement has been declared effective by the Commission, no stop order has been issued with respect thereto and no proceedings
therefor have been initiated or, to the knowledge of the Company and the Bank, threatened by the Commission. At the time the Registration
Statement became effective and at the Closing Time referred to in Section&nbsp;2 hereof, the Registration Statement complied and will
comply as to form in all material respects with the requirements of the Securities Act and the Securities Act Regulations and did not
and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary
to make the statements therein not misleading. The Prospectus as of the date hereof does not, and at the Closing Time referred to in
Section&nbsp;2 hereof will not, include an untrue statement of a material fact or omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the
representations and warranties in this subsection shall not apply to statements in or omissions from the Registration Statement or Prospectus
made in reliance upon and in conformity with information with respect to the Agent furnished to the Company in writing by the Agent or
its counsel expressly for use in the Registration Statement or Prospectus which the Company and the Bank agree consists solely of the
Agent Information (as hereinafter defined) described as such in Section&nbsp;6(a)&nbsp;hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the time of filing the Registration Statement relating to the offering of the Securities and as of the date hereof, the Company was not,
and is not, an ineligible issuer, as defined in Rule&nbsp;405 of the Securities Act Regulations. At the time of the filing of the Registration
Statement and at the time of the use of any issuer free writing prospectus, as defined in Rule&nbsp;433(h)&nbsp;of the Securities Act
Regulations, the Company met the conditions required by Rules&nbsp;164 and 433 of the Securities Act Regulations for the use of a free
writing prospectus. If required to be filed, the Company has filed any issuer free writing prospectus related to the Securities at the
time it was required to be filed under Rule&nbsp;433 of the Securities Act Regulations and, if not required to be filed, it has retained
such free writing prospectus in the Company&rsquo;s records pursuant to Rule&nbsp;433(g)&nbsp;of the Securities Act Regulations and,
if any issuer free writing prospectus is used after the date hereof in connection with the offering of the Securities, the Company will
file or retain such free writing prospectus as required by Rule&nbsp;433 of the Securities Act Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
of the Applicable Time, neither (i)&nbsp;the Issuer-Represented General Free Writing Prospectus(es) issued at or prior to the Applicable
Time and the Statutory Prospectus, all considered together (collectively, the &ldquo;General Disclosure Package&rdquo;), nor (ii)&nbsp;any
individual Issuer-Represented Limited-Use Free Writing Prospectus, when considered together with the General Disclosure Package, included,
nor will include, any untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements
in or omissions from any Prospectus included in the Registration Statement relating to the Securities or any Issuer-Represented Free
Writing Prospectus based upon and in conformity with written information furnished to the Company by the Agent expressly for use therein,
it being understood and agreed that the only information furnished by the Agent consists of the Agent Information described in Section&nbsp;6(a)&nbsp;hereof.
As used in this paragraph and elsewhere in this Agreement:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Applicable
Time&rdquo; means each and every date when a potential purchaser submitted a subscription or otherwise committed to purchase Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Statutory
Prospectus&rdquo;, as of any time, means the Prospectus relating to the Securities that is included in the Registration Statement relating
to the Securities immediately prior to the relevant Applicable Time, including any document incorporated by reference therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Issuer-Represented
Free Writing Prospectus&rdquo; means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule&nbsp;433(h)&nbsp;of the Securities
Act Regulations, relating to the Securities. The term does not include any writing exempted from the definition of prospectus pursuant
to clause (a)&nbsp;of Section&nbsp;2(a)(10)&nbsp;of the Securities Act, without regard to Rule&nbsp;172 or Rule&nbsp;173 of the Securities
Act Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Issuer-Represented
General Free Writing Prospectus&rdquo; means any Issuer- Represented Free Writing Prospectus that is intended for general distribution
to prospective investors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Issuer-Represented
Limited-Use Free Writing Prospectus&rdquo; means any Issuer- Represented Free Writing Prospectus that is not an Issuer-Represented General
Free Writing Prospectus. The term Issuer-Represented Limited-Use Free Writing Prospectus also includes any &ldquo;<I>bona fide</I> electronic
road show,&rdquo; as defined in Rule&nbsp;433 of the Securities Act Regulations, which is made available without restriction pursuant
to Rule&nbsp;433(d)(8)(ii)&nbsp;of the Securities Act Regulations or otherwise, even though not required to be filed with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">&ldquo;Permitted
Free Writing Prospectus&rdquo; means any free writing prospectus consented to by the Company and the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Issuer-Represented Free Writing Prospectus, as of its date of first use and at all subsequent times through the completion of the Offerings
and sale of the Securities or until any earlier date that the Company notified or notifies the Agent (as described in the next sentence),
did not, does not and will not include any information that conflicted, conflicts or will conflict with the information contained in
the Registration Statement relating to the offering of the Securities, including any document incorporated by reference therein that
has not been superseded or modified. If at any time following the date of first use of an Issuer-Represented Free Writing Prospectus
there occurred or occurs an event or development as a result of which such Issuer-Represented Free Writing Prospectus materially conflicted,
conflicts or would conflict with the information contained in the Registration Statement relating to the offering of the Securities or
included, includes or would include an untrue statement of a material fact or omitted, omits or would omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances prevailing at that subsequent time, not misleading, the Company
has notified or will notify promptly the Agent so that any use of such Issuer-Represented Free-Writing Prospectus may cease until it
is amended or supplemented and the Company has promptly amended or will promptly amend or supplement such Issuer-Represented Free Writing
Prospectus to eliminate or correct such conflict, untrue statement or omission. The foregoing two sentences do not apply to statements
in or omissions from any Issuer-Represented Free Writing Prospectus based upon and in conformity with the Agent Information furnished
to the Company by the Agent expressly for use therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Prospectus and each Issuer-Represented Free Writing Prospectus when filed, if filed by electronic transmission, pursuant to EDGAR (except
as may be permitted by Regulation S-T under the Securities Act), was identical to the copy thereof delivered to the Agent for use in
connection with the offer and sale of the Securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has filed with the FRB an Application to Become a Savings and Loan Holding Company or to Acquire a Savings Association or Savings
and Loan Holding Company on Form&nbsp;FR LL-10(s), and has filed such amendments thereto and supplemental materials as may have been
required to the date hereof, for approval, pursuant to the Home Owners&rsquo; Loan Act, as amended (the &ldquo;HOLA&rdquo;), and the
regulations promulgated thereunder for the Company to become a savings and loan holding company with respect to the Bank (such application,
as amended to date, if applicable, and from time to time amended or supplemented hereafter is hereinafter referred to as the &ldquo;Holding
Company Application&rdquo;). The Company has received written notice from the FRB of its approval of the Holding Company Application,
such approval remains in full force and effect, no order has been issued by the FRB suspending or revoking such approval and no proceedings
therefor have been initiated or, to the knowledge of the Company or the Bank, threatened by the FRB. At the date of such approval and
at the Closing Time referred to in Section&nbsp;2 hereof, the Holding Company Application complied and will comply in all material respects
with the applicable provisions of the HOLA and the regulations promulgated thereunder (the &ldquo;FRB Regulations&rdquo;) and the Holding
Company Application is truthful and accurate in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has filed with the OCC an Application for Conversion from Mutual to Stock Form&nbsp;on Form&nbsp;AC, and has filed such amendments
thereto and supplementary materials as may have been required to the date hereof (such application, as amended to date, if applicable,
and as from time to time amended or supplemented hereafter, is hereinafter referred to as the &ldquo;Conversion Application&rdquo;).
The Offerings and the Plan have been duly adopted by the Boards of Directors of the Company and the Bank and, prior to the Closing Time,
will have been approved by at least a majority of the votes eligible to be cast by members of the Bank, and such adoptions have not since
been rescinded or revoked and such approvals will not have been rescinded or revoked as of the Closing Time. The Conversion Application
has been approved by the OCC, and such approval remains in full force and effect and no order has been issued by the OCC suspending or
revoking such approval and no proceedings therefor have been initiated or, to the knowledge of the Company or the Bank, threatened by
the OCC. At the date of such approval and at the Closing Time referred to in Section&nbsp;2 hereof, the Conversion Application complied
and will comply as to form in all material respects with the applicable provisions of the rules&nbsp;and regulations of the OCC (the
 &ldquo;OCC Regulations&rdquo;) and the Conversion Application is truthful and accurate in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(viii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the time of its use, the proxy statement for the solicitation of proxies from the members of the Bank for the special meeting to approve
the Plan (the &ldquo;Members&rsquo; Proxy Statement&rdquo;), and any other proxy solicitation materials, will comply in all material
respects with the applicable provisions of the OCC Regulations, and will not contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading. The Company and the Bank will promptly file the Prospectus and any supplemental sales literature with the Commission
and the OCC. The Prospectus and all supplemental sales literature, as of the date the Registration Statement became effective and at
the Closing Time referred to in Section&nbsp;2 hereof, complied and will comply in all material respects with the applicable requirements
of the OCC Regulations and the Securities Act Regulations and, at or prior to the time of their first use, will have received all required
authorizations of the OCC and Commission for use in final form.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Commission, the FRB, the OCC, or any state securities &ldquo;blue sky&rdquo; authority has, as applicable, by order or otherwise,
prevented or suspended the use of the Members&rsquo; Proxy Statement, the Prospectus or any supplemental sales literature authorized
by the Company or the Bank for use in connection with the Offerings, and no proceedings for such purposes are pending or, to the knowledge
of the Company or the Bank, threatened.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time referred to in Section&nbsp;2 hereof, the Company and the Bank will have satisfied the conditions precedent to the Conversion
in accordance with the Plan, the applicable OCC Regulations, the applicable FRB Regulations and all other applicable laws, regulations,
decisions and orders, including all material terms, conditions, requirements and provisions precedent to the Conversion imposed upon
the Company or the Bank by the OCC, the FRB or any other regulatory authority, other than those which the regulatory authority permits
to be completed after the Conversion or which have been waived thereby. The Conversion, the Offerings and other transactions contemplated
hereby do not and will not require any material consent, approval, authorization or permit or filing with any other governmental agency
or regulatory authority, except as disclosed in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">RP
Financial, LC (the &ldquo;Appraiser&rdquo;), which prepared the valuation of the Company as part of the Conversion, has advised the Company,
and the Bank in writing that it satisfies all requirements for an appraiser set forth in the applicable OCC Regulations and any interpretations
or guidelines issued by the OCC or its staff with respect thereto and that it has not been advised by the OCC that it is not so qualified
to prepare such valuation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Elliott
Davis LLC (&ldquo;Elliott Davis&rdquo;), the independent registered public accountants who audited the financial statements of the Bank
for the two fiscal years ended December&nbsp;31, 2023 included in the Registration Statement, has advised the Company and the Bank in
writing that they are independent public accountants within the meaning of Rule&nbsp;101 of the American Institute of Certified Public
Accountants (the &ldquo;AICPA&rdquo;), that they are registered with the Public Company Accounting Oversight Board (the &ldquo;PCAOB&rdquo;)
and such accountants are, with respect to the Company and the Bank, independent certified public accountants as required by the Securities
Act, the Securities Act Regulations and the OCC Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has no subsidiaries. Upon completion of the Conversion, the only direct subsidiary of the Company will be the Bank. Upon completion
of the Conversion, the Company will not conduct any material business initially other than indirectly through the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xiv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
financial statements and the related notes thereto included in the Registration Statement, the Prospectus and the General Disclosure
Package present fairly the financial position of the Bank at the dates indicated and the results of operations, comprehensive income,
changes in equity and cash flows for the periods specified, and comply as to form with the applicable accounting requirements of the
Securities Act Regulations and the OCC Regulations; except as otherwise stated in the Registration Statement, the Prospectus and the
General Disclosure Package, said financial statements have been prepared in conformity with generally accepted accounting principles
in the United States applied on a consistent basis and present fairly the information required to be stated therein, except as noted
therein. The other financial, statistical and pro forma information and related notes included in the Prospectus and the General Disclosure
Package present fairly the information shown therein on a basis consistent with the audited financial statements included in the Prospectus,
and as to the pro forma adjustments, the adjustments made therein have been consistently applied on the basis described therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Since
the respective dates as of which information is given in the Registration Statement, the Prospectus and the General Disclosure Package,
except as otherwise stated therein: (A)&nbsp;there has been no material adverse change in the financial condition, results of operations,
business affairs, management or prospects of the Company and the Bank, considered as one enterprise, whether or not arising in the ordinary
course of business (&ldquo;Material Adverse Effect&rdquo;), (B)&nbsp;except for transactions specifically referred to or contemplated
in the Registration Statement, the Prospectus and the General Disclosure Package, there have been no transactions entered into by the
Company or the Bank, other than those in the ordinary course of business substantially consistent with past practice, which are material
with respect to the Company and the Bank, considered as one enterprise, (C)&nbsp;the capitalization, liabilities, assets, properties
and business of the Company and the Bank conform in all material respects to the descriptions contained in the Prospectus and the General
Disclosure Package and neither the Company nor the Bank has any material liabilities of any kind, contingent or otherwise, except as
disclosed in the Registration Statement, the Prospectus or the General Disclosure Package and (D)&nbsp;neither the Company nor the Bank
has issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money, except for borrowings in
the ordinary course of business consistent with past practice from the same or similar sources as indicated in the Prospectus and the
General Disclosure Package.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Maryland
with full corporate power and authority to own, lease and operate its properties and to conduct its business as described in the Prospectus
and to enter into and perform its obligations under this Agreement and the transactions contemplated hereby; the Company is qualified
to transact business in the State of Louisiana and at or prior to the Closing Time, the Company will be duly qualified to transact business
and in good standing in each other jurisdiction in which such qualification is required, whether by reason of the ownership or leasing
of property or the conduct of business, except where the failure to so qualify would not have a Material Adverse Effect. Following the
completion of the Conversion, the Company will be a registered saving and loan holding company under the HOLA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xvii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
authorized capital stock of the Company is as set forth in the Prospectus and the General Disclosure Package under &ldquo;Capitalization.&rdquo;
Upon consummation of the Conversion, the issued and outstanding capital stock of the Company will be within the range as set forth in
the Prospectus and the General Disclosure Package under &ldquo;Capitalization&rdquo; (except for subsequent issuances, if any, pursuant
to reservations, agreements or employee benefit plans referred to in the Prospectus and the General Disclosure Package); no shares of
Common Stock have been or will be issued and outstanding prior to the Closing Time referred to in Section&nbsp;2 hereof; at the time
of the Conversion, the Securities will have been duly authorized for issuance and, when issued and delivered by the Company pursuant
to the Plan against payment of the consideration calculated as set forth in the Plan and stated on the cover page&nbsp;of the Prospectus,
will be duly and validly issued and fully paid and nonassessable; the terms and provisions of the Common Stock conform in all material
respects to all statements relating thereto contained in the Prospectus and the General Disclosure Package; the certificates and/or book
entries, as applicable, representing the shares of Common Stock will conform in all material respects to the requirements of applicable
law and regulations; and the issuance of the Securities is not subject to preemptive or other similar rights except for subscription
rights granted under the Plan in accordance with OCC Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xviii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank is duly qualified to transact business and is in good standing under the laws of its jurisdiction of organization and in each jurisdiction
in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business, except
where the failure to so qualify would not have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has no authorized capital stock. All holders of the savings, demand or other authorized accounts of the Bank are members of the
Bank. The Bank has been duly organized and is validly existing as a federally-chartered mutual savings bank with full corporate power
and authority to own, lease and operate its property and to conduct its business as described in the Prospectus and the General Disclosure
Package and to enter into and perform its obligations under this Agreement and the transactions contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has, and as of the Closing Time, the Company will have, obtained all licenses, permits and other governmental authorizations currently
required for the conduct of their respective businesses or required for the conduct of their respective businesses as contemplated by
the Holding Company Application and the Conversion Application and as described in the Prospectus and the General Disclosure Package,
except where the failure to obtain such licenses, permits or other governmental authorizations would not have a Material Adverse Effect.
All such licenses, permits and other governmental authorizations are, or with respect to the Company at the Closing Time will be, in
full force and effect and the Company and the Bank are, or with respect to the Company, will be in all material respects in compliance
therewith. Neither the Company nor the Bank has received notice of any proceeding or action relating to the revocation or modification
of any such license, permit or other governmental authorization which, singly or in the aggregate, if the subject of an unfavorable decision,
ruling or finding, might have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank is a member in good standing of the Federal Home Loan Bank of Dallas; the deposit accounts of the Bank are insured by the Federal
Deposit Insurance Corporation (the &ldquo;FDIC&rdquo;) up to the applicable limits and upon consummation of the Conversion, the liquidation
account for the benefit of eligible account holders and supplemental eligible account holders will be duly established in accordance
with the requirements of the Plan and the OCC Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
authorized capital stock of the Company consists of 20,000,000 shares of Common Stock and 1,000,000 shares of preferred stock, par value
$0.01 per share (the &ldquo;Company Preferred Stock&rdquo;); no shares of Common Stock and no shares of Company Preferred Stock have
been or will be issued and outstanding prior to the Closing Time. Upon consummation of the Conversion, the authorized capital stock of
the Bank will consist of 9,000,000 shares of common stock, par value $0.01 per share (the &ldquo;Bank Common Stock&rdquo;) and 1,000,000
shares of preferred stock, par value $0.01 per share (the &ldquo;Bank Preferred Stock&rdquo;), of which no shares of Bank Common Stock
and no shares of Bank Preferred Stock will be issued and outstanding as of the date hereof. Except as described in the Prospectus and
the General Disclosure Package, there are no outstanding rights to acquire any shares of Bank Common Stock. No shares of Common Stock
or Bank Common Stock, and no shares of Company Preferred Stock or Bank Preferred Stock, will be issued prior to the Closing Time. The
terms and provisions of Common Stock conform to all statements relating thereto contained in the Prospectus and the General Disclosure
Package. The shares of Bank Common Stock to be issued to the Company will have been duly authorized for issuance and, when issued and
delivered by the Bank pursuant to the Plan against payment of the consideration described in the Plan and in the Prospectus and the General
Disclosure Package, will be duly and validly issued and fully paid and nonassessable, and, except as described in the Prospectus and
the General Disclosure Package, all such Bank Common Stock will be owned beneficially and of record by the Company, free and clear of
any security interest, mortgage, pledge, lien, encumbrance or legal or equitable claim; and the certificates representing the shares
of the Bank Common Stock will conform with the requirements of applicable laws and regulations. The issuance of the Bank Common Stock
is not subject to preemptive or similar rights and there are no other warrants, options or rights of any kind to acquire additional shares
of Bank Common Stock or Bank Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank have taken all corporate action necessary for them to execute, deliver and perform this Agreement and the transactions
contemplated hereby, and this Agreement has been duly executed and delivered by, and is the valid and binding agreement of the Company
and the Bank, assuming due execution by the Agent, enforceable in accordance with its terms, except as may be limited by bankruptcy,
insolvency or similar laws and the availability of equitable remedies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxiv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Subsequent
to the respective dates as of which information is given in the Registration Statement, the Prospectus and the General Disclosure Package
and prior to the Closing Time, except as otherwise may be indicated or contemplated therein, neither the Company nor the Bank will have
(A)&nbsp;issued any securities or incurred any liability or obligation, direct or contingent, for borrowed money, except borrowings in
the ordinary course of business from the same or similar sources and in similar amounts as indicated in the Prospectus and the General
Disclosure Package or (B)&nbsp;entered into any transaction or series of transactions which is material in light of the business of the
Company and the Bank, considered as one enterprise, excluding the origination, purchase and sale of loans or the purchase or sale of
investment securities or mortgage-backed securities in the ordinary course of business consistent with past practice.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
approval of any regulatory or supervisory or other public authority is required of the Company or the Bank in connection with the execution
and delivery of this Agreement, the issuance of the Securities or the consummation of the Conversion that has not been obtained or will
be obtained prior to the Closing Time and a copy of which has been delivered to the Agent, except as may be required under the &ldquo;blue
sky&rdquo; or state securities laws of various jurisdictions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank is or at the Closing Time will be in violation of its respective articles of incorporation, charter or bylaws;
and neither the Company nor the Bank is in default (nor has any event occurred which, with notice or lapse of time or both, would constitute
a default) in the performance or observance of any obligation, agreement, covenant or condition contained in any contract, indenture,
mortgage, loan agreement, note, lease or other instrument to which the Company or the Bank is a party or by which it or either of them
may be bound, or to which any of the property or assets of the Company or the Bank is subject, except for such defaults that would not,
individually or in the aggregate, have a Material Adverse Effect; and there are no contracts or documents of the Company or the Bank
that are required to be filed as exhibits to the Registration Statement, the Conversion Application or the Holding Company Application
that have not been so filed or described.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxvii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Conversion, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated herein have
been duly authorized by all necessary corporate action on the part of the Company and the Bank and do not and will not conflict with
or constitute a breach of, or default under, or result in the creation or imposition of any lien, charge or encumbrance upon any property
or assets of the Company or the Bank pursuant to any contract, indenture, mortgage, loan agreement, note, lease or other instrument to
which the Company or the Bank is a party or by which it or any of them may be bound, or to which any of the property or assets of the
Company or the Bank is subject, except for such conflicts, breaches or defaults that would not, individually or in the aggregate, have
a Material Adverse Effect; nor will such action result in any violation of the provisions of the respective articles of incorporation,
charter or bylaws of the Company or the Bank, or any applicable law, administrative regulation or administrative or court decree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxviii)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
labor dispute with the employees of the Company or the Bank exists or, to the knowledge of the Company or the Bank, is imminent or threatened;
and the Company and the Bank are not aware of any existing or threatened labor disturbance by the employees of any of its principal suppliers
or contractors that might be expected to result in any Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Company and the Bank has good and marketable title to all properties and assets for which ownership is material to the business
of the Company and the Bank and to those properties and assets described in the Prospectus and the General Disclosure Package as owned
by them, free and clear of all liens, charges, encumbrances or restrictions, except such as are described in the Prospectus and the General
Disclosure Package, and all of the leases and subleases material to the business of the Company or the Bank under which the Company or
the Bank hold properties, including those described in the Prospectus and the General Disclosure Package, are valid and binding agreements
of the Company or the Bank, enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency or similar
laws and availability of equitable remedies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxx)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as would not have a Material Adverse Effect, the Company, and the Bank (i)&nbsp;own or have the right to use all patents, patent applications,
trademarks, service marks, trade names, trademark registrations, service mark registrations, domain names and other source indicators,
copyrights and copyrightable works, know-how, trade secrets, systems, procedures, proprietary or confidential information and all other
worldwide intellectual property, industrial property and proprietary rights (collectively, &ldquo;Intellectual Property&rdquo;) used
in the conduct of their respective businesses; (ii)&nbsp;the Company and the Bank conduct of their respective businesses does not infringe,
misappropriate or otherwise violate any Intellectual Property of any person; (iii)&nbsp;the Company and the Bank have not received any
written notice of any claim relating to Intellectual Property; and (iv)&nbsp;to the knowledge of the Company and the Bank, the Intellectual
Property of the Company and the Bank is not being infringed, misappropriated or otherwise violated by any person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
information technology assets and equipment, computers, systems, networks, hardware, software, websites, applications, and databases
(collectively, &ldquo;IT Systems&rdquo;) of the Company and the Bank are adequate for, and operate and perform in all material respects
as required in connection with the operation of the business of the Company and the Bank as currently conducted and, to the knowledge
of the Company and the Bank, free and clear of all material bugs, errors, defects, Trojan horses, time bombs, malware and other corruptants,
except as would not have a Material Adverse Effect. The Company and the Bank have implemented and maintained commercially reasonable
controls, policies, procedures, and safeguards to maintain and protect their material confidential information and the integrity, continuous
operation, redundancy and security of all IT Systems and data (including all personal, personally identifiable, sensitive, confidential
or regulated data (&ldquo;Personal Data&rdquo;)) used in connection with their businesses, and there have been no breaches, violations,
outages or unauthorized uses of or accesses to same, except for those that have been remedied without material cost or liability or the
duty to notify any other person, nor any incidents under internal review or investigations relating to the same. The Company and the
Bank are presently in material compliance with all applicable laws or statutes and all judgments, orders, rules&nbsp;and regulations
of any court or arbitrator or governmental or regulatory authority, internal policies and contractual obligations relating to the privacy
and security of IT Systems and Personal Data and to the protection of such IT Systems and Personal Data from unauthorized use, access,
misappropriation or modification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank is in violation of any order or directive from the FRB, the OCC, the FDIC, the Commission or any regulatory
authority to make any material change in the method of conducting its respective businesses; the Company and the Bank have conducted
and are conducting their business so as to comply in all material respects with all applicable statutes, regulations and administrative
and court decrees (including, without limitation, all regulations, decisions, directives and orders of the FRB, the OCC, the FDIC and
the Commission). Neither the Company nor the Bank is subject or is party to, or has received any notice or advice that any of them may
become subject or party to, any investigation with respect to any cease-and-desist order, agreement, consent agreement, memorandum of
understanding or other regulatory enforcement action, proceeding or order with or by, or is a party to any commitment letter or similar
undertaking to, or is subject to any directive by, or has been a recipient of any supervisory letter from, or has adopted any board resolutions
at the request of, any Regulatory Agency (as defined below) that currently restricts in any material respect the conduct of their business
or that in any material manner relates to their capital adequacy, their credit policies, their management or their business (each, a
 &ldquo;Regulatory Agreement&rdquo;), nor has the Company or the Bank been advised by any Regulatory Agency that it is considering issuing
or requesting any such Regulatory Agreement; and there is no unresolved violation, criticism or exception by any Regulatory Agency with
respect to any report or statement relating to any examinations of the Company or the Bank that, in the reasonable judgment of the Company
or the Bank, is expected to result in a Material Adverse Effect, or that might materially and adversely affect the properties or assets
thereof or that might materially and adversely affect the consummation of the Conversion or the performance of this Agreement. As used
herein, the term &ldquo;Regulatory Agency&rdquo; means any federal or state agency charged with the supervision or regulation of depository
institutions or holding companies of depository institutions, or engaged in the insurance of depository institution deposits, or any
court, administrative agency or commission or other governmental agency, authority or instrumentality having supervisory or regulatory
authority with respect to the Company or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">There
is no action, suit or proceeding before or by any court or governmental agency or body, domestic or foreign, now pending, or, to the
knowledge of the Company or the Bank, threatened, against or affecting the Company or the Bank that is required to be disclosed in the
Registration Statement (other than as disclosed therein), or that might result in any Material Adverse Effect, or that might materially
and adversely affect the properties or assets thereof, the performance of this Agreement or the consummation of the Conversion; all pending
legal or governmental proceedings to which the Company or the Bank is a party or of which any of their respective property or assets
is the subject that are not described in the Registration Statement, including ordinary routine litigation incidental to their business,
are considered in the aggregate not material.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxiv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank have obtained an opinion of its counsel, Luse Gorman, PC, with respect to the (i)&nbsp;legality of the Securities
to be issued and (ii)&nbsp;federal income tax consequences of the Conversion, and an opinion of LaPorte, A Professional Accounting Corporation,
with respect to the Louisiana tax consequences of the Conversion, copies of which are filed as exhibits to the Registration Statement;
all material aspects of the aforesaid opinions are accurately summarized in the Prospectus and the General Disclosure Package; the facts
and representations upon which such opinions are based are truthful, accurate and complete in all material respects; and neither the
Company nor the Bank has taken or will take any action inconsistent therewith.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank is and, upon completion of the Conversion and the Offerings and sale of the Securities and the application of
the net proceeds therefrom, will be, required to be registered under the Investment Company Act of 1940, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
of the loans represented as assets on the most recent financial statements or selected financial information of the Bank and on the financial
statements of the Bank included in the Prospectus and the General Disclosure Package meet or are exempt from all requirements of federal,
state or local law pertaining to lending, including, without limitation, truth in lending (including the requirements of Regulations
Z and 12 C.F.R. Part&nbsp;226), real estate settlement procedures, consumer credit protection, equal credit opportunity and all disclosure
laws applicable to such loans, except for violations which, if asserted, would not result in a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxvii)</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">With
the exception of the intended loan to the Bank&rsquo;s Employee Stock Ownership Plan (the &ldquo;ESOP&rdquo;) by the Company to enable
the ESOP to purchase Securities in an amount up to 8.00% of the shares of Common Stock that will be sold in the Offerings, none of the
Company, the Bank or, to the knowledge of the Company and the Bank, their employees has made any payment of funds of the Company or the
Bank as a loan for the purchase of shares of Common Stock or made any other payment of funds prohibited by law, and no funds have been
set aside to be used for any payment prohibited by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxviii)</FONT>&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Company and the Bank maintains a system of internal accounting controls sufficient to provide reasonable assurance that (a)&nbsp;transactions
are executed in accordance with management&rsquo;s general or specific authorizations; (b)&nbsp;transactions are recorded as necessary
to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain asset accountability;
(c)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific authorization; and (d)&nbsp;the
recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with
respect to any differences.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xxxix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank are in compliance in all material respects with the applicable financial recordkeeping and reporting requirements
of the Currency and Foreign Transaction Reporting Act of 1970, as amended, and the rules&nbsp;and regulations thereunder. The Bank has
established compliance programs and is in compliance in all material respects with the requirements of the USA PATRIOT Act and all applicable
regulations promulgated thereunder and any other applicable money laundering or similar or related laws and any related rules, regulations
or guidelines issued, administered or enforced by any applicable governmental agency or regulatory authority. There is no charge, investigation,
action, suit or proceeding before any court, regulatory authority or governmental agency or body pending or, to the knowledge of the
Company and the Bank, threatened regarding the Bank&rsquo;s compliance with the USA PATRIOT Act or any regulations promulgated thereunder
and any other applicable money laundering or similar or related laws and any related rules, regulations or guidelines issued, administered
or enforced by any applicable governmental agency or regulatory authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xl)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank, nor any properties owned or operated by the Company or the Bank, is in violation of or liable under any Environmental
Law (as defined below), except for such violations or liabilities that, individually or in the aggregate, would not result in a Material
Adverse Effect. There are no actions, suits or proceedings, or demands, claims, notices or investigations (including, without limitation,
notices, demand letters or requests for information from any environmental agency) instituted or pending, or to the knowledge of the
Company or the Bank threatened, relating to the liability of any property owned or operated by the Company or the Bank under any Environmental
Law, except for such actions, suits or proceedings, or demands, claims, notices or investigations that, individually or in the aggregate,
would not have a Material Adverse Effect. For purposes of this subsection, the term &ldquo;Environmental Law&rdquo; means any federal,
state, local or foreign law, statute, ordinance, rule, regulation, code, license, permit, authorization, approval, consent, order, judgment,
decree, injunction or agreement with any regulatory authority relating to (i)&nbsp;the protection, preservation or restoration of the
environment (including, without limitation, air, water, vapor, surface water, groundwater, drinking water supply, surface soil, subsurface
soil, plant and animal life or any other natural resource), and/or (ii)&nbsp;the use, storage, recycling, treatment, generation, transportation,
processing, handling, labeling, production, release or disposal of any substance presently listed, defined, designated or classified
as hazardous, toxic, radioactive or dangerous, or otherwise regulated, whether by type or by quantity, including any material containing
any such substance as a component.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xli)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank have filed all federal, state and local income and franchise tax returns required to be filed and have made timely
payments of all taxes shown as due and payable in respect of such returns, and no deficiency has been asserted with respect thereto by
any taxing authority. No tax deficiency that has been asserted or, to the knowledge of the Company and the Bank, could be asserted against
the Company or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has submitted or will have submitted prior to the Closing Time all notices required to consummate the Conversion and to have
the Securities listed on the Nasdaq Stock Market effective as of the Closing Time referred to in Section&nbsp;2 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xliii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
or prior to the Closing Time, the Company will have filed a Form&nbsp;8-A (the &ldquo;Exchange Act Registration Statement&rdquo;) for
the Securities to be registered under Section&nbsp;12(g)&nbsp;of the Securities and Exchange Act of 1934, as amended (the &ldquo;Exchange
Act&rdquo;), as from time to time amended or supplemented pursuant to the Exchange Act or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xliv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">There
are no affiliations or associations (as such terms are defined by the Financial Industry Regulatory Authority (&ldquo;FINRA&rdquo;)),
direct or indirect, between any member of FINRA and any of the Company&rsquo;s or the Bank&rsquo;s officers or directors. Neither the
Company nor the Bank has: (i)&nbsp;issued any securities within the last 18 months (except for notes to evidence bank loans or other
liabilities in the ordinary course of business or as described in the Prospectus and the General Disclosure Package); (ii)&nbsp;had any
dealings with respect to sales of securities within the 12 months prior to the date hereof with any member of the FINRA, or any person
related to or associated with such member, other than discussions and meetings relating to the Offerings and purchases and sales of U.S.
government and agency and other securities in the ordinary course of business; (iii)&nbsp;entered into a financial management consulting
agreement except as contemplated hereunder; or (iv)&nbsp;engaged any intermediary between the Agent and the Company and the Bank in connection
with the Offerings, and no person is being compensated in any manner for such services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank carries, or is covered by, and the Company will carry, or be covered by, prior to the Closing Time, insurance in such amounts and
covering such risks as is adequate for the conduct of their respective businesses and the value of their respective properties as is
customary for companies engaged in similar industries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Company and the Bank has relied on the Agent or its counsel for any legal, tax or accounting advice in connection with the Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlvii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
records of eligible account holders, supplemental eligible account holders, and other depositor members are accurate and complete in
all material respects; as of the date established to determine those members of the Bank entitled to vote at the special meeting of members.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlviii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank are in compliance in all material respects with all presently applicable provisions of the Employee Retirement Income
Security Act of 1974, as amended, including the regulations and published interpretations thereunder (&ldquo;ERISA&rdquo;); no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which the Company
or the Bank, respectively, would have any liability; Neither the Company nor the Bank has incurred and does not expect to incur liability
under (i)&nbsp;Title IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections
412 or 4971 of the Internal Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the
 &ldquo;Code&rdquo;); and each &ldquo;pension plan&rdquo; for which the Company and the Bank would have any liability that is intended
to be qualified under Section&nbsp;401(a)&nbsp;of the Code is so qualified in all material respects and nothing has occurred, whether
by action or by failure to act, that would cause the loss of such qualification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xlix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company is in compliance with the applicable provisions of the Sarbanes-Oxley Act, the rules&nbsp;and regulations of the Commission thereunder,
and the Nasdaq corporate governance rules&nbsp;applicable to the Company and the Company will use its best efforts to comply with those
provisions of the Sarbanes-Oxley Act and the Nasdaq corporate governance rules&nbsp;that will become effective in the future upon their
effectiveness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
forward-looking statement (within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Exchange Act) contained
in the Registration Statement, the General Disclosure Package, the Prospectus and any Issuer-Represented Free Writing Prospectus has
been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. Any statistical and market related
data contained in any Issuer-Represented Free Writing Prospectus, the Prospectus and the Registration Statement are based on or derived
from sources which the Company and the Bank believe were reliable and accurate at the time they were filed with the Commission.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(li)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">All
of the information, as may have been updated or amended, provided to the Agent or to counsel for the Agent by the Company and the Bank
and their respective officers and directors and, to the Company&rsquo;s and the Bank&rsquo;s knowledge, the holders of any securities
(debt or equity) or options to acquire any securities of the Company in connection with letters, filings or other supplemental information
provided to FINRA pursuant to FINRA Rules&nbsp;5110 and 5121 is true, complete and correct.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank nor any of their affiliates does business with the government of Cuba or with any person or affiliate located
in Cuba within the meaning of Section&nbsp;517.075, Florida Statutes. For purposes of this subsection, &ldquo;affiliate&rdquo; means
a person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with
the Company or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(liii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank nor any director, officer, employee or, to the knowledge of the Company or the Bank, after due inquiry, agent
or affiliate thereof is (a)&nbsp;currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the
U.S. Treasury Department (&ldquo;OFAC&rdquo;) or relevant sanctioning authority; (b)&nbsp;located, organized or resident in a country
or territory that is the subject of such sanctions (including, without limitation, Burma/Myanmar, Crimea, Cuba,&nbsp;Iran, North Korea,
Sudan, Syria and Russia); and (c)&nbsp;the Company will not, directly or indirectly, use the proceeds of the Offerings, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing
the activities of any person, or engage in dealings or transactions with any person, or in any country, or territory, subject to any
U.S. sanctions administered by OFAC or relevant sanctioning authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(liv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank nor, to the knowledge of the Company or the Bank, any director, officer, employee, agent, affiliate or other
person associated with and acting on behalf of the Company or the Bank has (a)&nbsp;used any corporate funds for any unlawful contribution,
gift, entertainment or other unlawful expense relating to political activity; (b)&nbsp;made or taken an act in furtherance of an offer,
promise or authorization of any direct or indirect unlawful payment or benefit to any foreign or domestic government official or employee,
including of any government-owned or controlled entity or of a public international organization, or any person acting in an official
capacity for or on behalf of any of the foregoing, or any political party or party official or candidate for political office; (c)&nbsp;violated
or is in violation of any provision of the Foreign Corrupt Practices Act of 1977, as amended, or any applicable law or regulation implementing
the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offence
under the Bribery Act 2010 of the United Kingdom or any other applicable anti- bribery or anti-corruption law; or (d)&nbsp;made, offered,
agreed, requested or taken an act in furtherance of any unlawful bribe or other unlawful benefit, including, without limitation, any
rebate, payoff, influence payment, kickback or other unlawful or improper payment or benefit. The Bank has instituted, maintains and
enforces, and the Company and the Bank will continue to maintain and enforce policies and procedures designed to promote and ensure compliance
with all applicable anti-bribery and anti-corruption laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company has established or will establish and maintain prior to the Closing Time disclosure controls and procedures (as such term is
defined in Rule&nbsp;13a-14 and 15d-14 under the Exchange Act), that (i)&nbsp;are designed to ensure that material information relating
to the Company including the Bank, is made known to each of the Company&rsquo;s principal executive officer and its principal financial
officer by others within those entities, (ii)&nbsp;have been (or will be) evaluated for effectiveness as of a date within 90 days prior
to the filing of the Company&rsquo;s annual or quarterly report filed with the Commission subsequent to the Closing Time and (iii)&nbsp;are
or will be effective in all material respects to perform the functions for which they were established. There (i)&nbsp;are no significant
deficiencies in the design or operation of internal controls that could adversely affect the Company&rsquo;s ability to record, process,
summarize, and report financial data and/or (ii)&nbsp;has not been any fraud, whether or not material, that involves management or other
employees who have a role in the Company&rsquo;s internal controls; and since the date of the most recent evaluation of such disclosure
controls and procedures, there have been no material changes in internal controls or in other factors that could significantly affect
internal controls, including any corrective actions with regard to significant deficiencies, material weaknesses or fraud.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lvi)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as has not had and would not reasonably be expected to have a Material Adverse Effect:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has complied with, and all documentation in connection with the origination, processing, underwriting and credit approval of any
mortgage loan originated, purchased or serviced by the Bank satisfied, (i)&nbsp;all applicable federal, state and local laws, rules&nbsp;and
regulations with respect to the origination, insuring, purchase, sale, pooling, servicing, subservicing, or filing of claims in connection
with mortgage loans, including all laws relating to real estate settlement procedures, consumer credit protection, truth in lending laws,
usury limitations, fair housing, transfers of servicing, collection practices, equal credit opportunity and adjustable rate mortgages,
(ii)&nbsp;the responsibilities and obligations relating to mortgage loans set forth in any agreement between the Bank and any Agency,
Loan Investor or Insurer (as such terms are hereinafter defined), (iii)&nbsp;the applicable rules, regulations, guidelines, handbooks
and other requirements of any Agency, Loan Investor or Insurer and (iv)&nbsp;the terms and provisions of any mortgage or other collateral
documents and other loan documents with respect to each mortgage loan; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(B)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
Agency, Loan Investor or Insurer has (i)&nbsp;claimed in writing that the Bank has violated or has not complied with the applicable underwriting
standards with respect to mortgage loans sold by the Bank to a Loan Investor or Agency, or with respect to any sale of mortgage servicing
rights to a Loan Investor, (ii)&nbsp;imposed in writing restrictions on the activities (including commitment authority) of the Bank or
(iii)&nbsp;indicated in writing to the Company or the Bank that it has terminated or intends to terminate its relationship with the Bank
for poor performance, poor loan quality or concern with respect to the Bank&rsquo;s compliance with laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of hereof (X)&nbsp;&ldquo;Agency&rdquo;
means the Federal Housing Administration, the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association, the
Federal National Mortgage Association, the U.S. Department of Veterans&rsquo; Affairs, the Rural Development Service of the U.S. Department
of Agriculture or any other federal or state agency with authority to (i)&nbsp;determine any investment, origination, lending or servicing
requirements with regard to mortgage loans originated, purchased or serviced by the Bank or (ii)&nbsp;originate, purchase, or service
mortgage loans, or otherwise promote mortgage lending, including state and local housing finance authorities; (Y)&nbsp;&ldquo;Loan Investor&rdquo;
means any person (including an Agency) having a beneficial interest in any mortgage loan originated, purchased or serviced by the Bank
or a security backed by or representing an interest in any such mortgage loan; and (Z)&nbsp;&ldquo;Insurer&rdquo; means a person who
insures or guarantees for the benefit of the mortgagee all or any portion of the risk of loss upon borrower default on any of the mortgage
loans originated, purchased or serviced by the Bank, including the Federal Housing Administration, the U.S. Department of Veterans&rsquo;
Affairs, the Rural Housing Service of the U.S. Department of Agriculture and any private mortgage insurer, and providers of hazard, title
or other insurance with respect to such mortgage loans or the related collateral.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lvii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Except
as described in the Prospectus and the General Disclosure Package, there are no contractual encumbrances or contractual restrictions
or regulatory restrictions on the ability (i)&nbsp;of the Company or the Bank to pay dividends or to make any other distributions on
the Company&rsquo;s or the Bank&rsquo;s capital stock or (ii)&nbsp;of the Company or the Bank (A)&nbsp;to pay any indebtedness owed to
the Company or the Bank, (B)&nbsp;to make any loans or advances to, or investments in, the Company or the Bank, subject to applicable
law and regulation, or (C)&nbsp;to transfer any of its property or assets to the Company or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lviii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Bank has, in all material respects, properly administered all accounts for which it acts as a fiduciary, including accounts for which
it serves as a trustee, agent, custodian, personal representative, guardian, conservator or investment advisor, in accordance with the
terms of the governing documents and applicable law and regulations. Neither the Bank nor any director, officer or employee of the Bank
has committed any breach of trust or fiduciary duty with respect to any such fiduciary account, and the accountings for each such fiduciary
account are true and correct in all material respects and accurately reflect the assets of such fiduciary account.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(lix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">From
the time of submission of the Registration Statement to the Commission through the date hereof, the Company has been and is an &ldquo;emerging
growth company,&rdquo; as defined in Section&nbsp;2(a)&nbsp;of the Securities Act. Neither the Company nor the Bank (i)&nbsp;has alone
engaged in any Testing-the-Waters Communications or (ii)&nbsp;authorized anyone (including the Agent) to engage in Testing-the-Waters
Communications. &ldquo;Testing-the-Waters Communication&rdquo; means any oral or written communication with potential investors undertaken
in reliance on either Section&nbsp;5(d)&nbsp;of Securities Act or Rule&nbsp;163B of the Securities Act Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
certificate signed by any officer of the Company or the Bank and delivered to the Agent or counsel for the Agent shall be deemed a representation
and warranty by the Company or the Bank to the Agent and, for purposes of the opinions to be delivered to the Agent pursuant to Sections
5(b)(1)&nbsp;and 5(b)(2)&nbsp;hereof, to the counsel for the Company and the Agent as to matters covered thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;2.
</B></FONT><B>APPOINTMENT OF AGENT; SALE AND DELIVERY OF THE SECURITIES; CLOSING</B>. On the basis of the representations and warranties
herein contained and subject to the terms and conditions herein set forth, the Company hereby appoints Performance Trust (i)&nbsp;as
its exclusive marketing agent to consult with and advise the Company, and to assist the Company with the solicitation of subscriptions
and purchase orders for the Securities, in the Subscription Offering and the Community Offering and (ii)&nbsp;as sole book-running manager
in connection with the solicitation of purchase orders for the Securities in the Syndicated Offering, if applicable. On the basis of
the representations and warranties herein contained, and subject to the terms and conditions herein set forth, Performance Trust accepts
such appointment and agrees to use its best efforts to assist the Company with the solicitation of subscriptions and purchase orders
for Securities in accordance with this Agreement; provided, however, that the Agent shall not be obligated to take any action that is
inconsistent with any applicable laws, regulations, decisions or orders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The services to be rendered
pursuant to this appointment include the following: (i)&nbsp;consulting as to the securities marketing implications of the Plan; (ii)&nbsp;reviewing
with the Board of Directors the financial impact of the Offerings on the Company, based upon the Appraiser&rsquo;s appraisal of the Common
Stock; (iii)&nbsp;reviewing all offering documents, including the Prospectus, stock order forms and related offering materials (it being
understood that preparation and filing of such documents is the sole responsibility of the Company, the Bank and their counsel); (iv)&nbsp;assisting
in the design and implementation of a marketing strategy for the Offerings; (v)&nbsp;assisting the Company&rsquo;s and the Bank&rsquo;s
management in scheduling and preparing for meetings with potential investors and/or other broker-dealers in connection with the Offerings,
and (vi)&nbsp;providing such other general advice and assistance as may be reasonably necessary to promote the successful completion
of the Offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The appointment of the Agent
hereunder shall terminate upon the earlier to occur of (i)&nbsp;forty-five (45) days after the last day of the Subscription Offering
and, if held, the Community Offering, unless the Company and the Agent agree in writing to extend such period and the OCC agrees to extend
the period of time in which the Securities may be sold, or (ii)&nbsp;the receipt and acceptance of subscriptions and purchase orders
for all of the Securities, or (iii)&nbsp;the completion of the Syndicated Offering, if applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If any of the Securities
remain available after the expiration of the Subscription Offering and, if held, the Community Offering, at the request of the Company
and the Bank, the Agent will seek to form a syndicate of registered brokers or dealers (&ldquo;Selected Dealers&rdquo;) to assist in
the solicitation of purchase orders of such Securities on a best efforts basis in a Syndicated Offering. Performance Trust will serve
as sole book-running manager of any Syndicated Offering. The Agent will endeavor to distribute the Securities among the Selected Dealers
in a fashion that best meets the distribution objectives of the Company and the Bank and the requirements of the Plan, which may result
in limiting the allocation of stock to certain Selected Dealers. It is understood that in no event shall the Agent be obligated to act
as a Selected Dealer or to take or purchase any Securities. This Agreement is not intended to constitute, and should not be construed
as, an agreement or commitment between the Company and the Bank, on the one hand, and the Agent, on the other, relating to a firm commitment
underwriting of the Securities or any other securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event the Company
is unable to sell at least the total minimum amount of the Securities, as set forth on the cover page&nbsp;of the Prospectus, within
the period herein provided, this Agreement shall terminate and the Company shall refund promptly to any persons who have subscribed for
any of the Securities the full amount that it may have received from them, together with interest as provided in the Prospectus and the
General Disclosure Package, and no party to this Agreement shall have any obligation to the others hereunder, except for the obligations
of the Company and the Bank as set forth in Sections 4, 6(a)&nbsp;and 7 hereof and the obligations of the Agent as provided in Sections
6(b)&nbsp;and 7 hereof. Appropriate arrangements for promptly placing the funds received from subscriptions for Securities or other offers
to purchase Securities in special interest-bearing accounts with the Bank until all Securities are sold and paid for were made by the
Company prior to the commencement of the Subscription Offering, with provision for refund to the purchasers as set forth above, or for
delivery to the Company if all Securities are sold.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If at least the total minimum
amount of Securities, as set forth on the cover page&nbsp;of the Prospectus, are sold, the Company agrees to issue or have issued the
Securities sold and to release for delivery certificates for such Securities or statements reflecting book entry ownership of such Securities
at the Closing Time against payment therefor by release of funds from the special interest-bearing accounts referred to above. The closing
shall be held at the offices of Luse Gorman, PC, at 10:00 a.m., Eastern Time, or at such other place and time as shall be agreed upon
by the parties hereto, on a business day to be agreed upon by the parties hereto. Certificates or statements reflecting book-entry ownership
of Securities shall be delivered directly to the purchasers thereof in accordance with their directions. Notwithstanding the foregoing,
certificates or statements reflecting book-entry ownership of Securities purchased through Selected Dealers shall be made available to
the Agent for inspection at least 24 hours prior to the Closing Time at such office as the Agent shall designate. The hour and date upon
which the Company shall release for delivery all of the Securities, in accordance with the terms hereof, is herein called the &ldquo;Closing
Time.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company will pay any
stock issue and transfer taxes that may be payable with respect to the sale of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition to the reimbursement
of the expenses specified in Section&nbsp;4 hereof, the Agent will receive:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
management fee of $30,000 (the &ldquo;Management Fee&rdquo;) (which shall be credited against the fees and expenses payable to the Agent
set forth in this Section&nbsp;2), all of which Management Fee has been paid prior to the date hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
compensation for its marketing agent services in the Subscription Offering, a fee equal to ninety-five hundredths of one percent (0.95%)
of the aggregate purchase price of the Securities sold in the Subscription Offering, excluding Securities purchased by or on behalf of
(i)&nbsp;any employee benefit plan or trust of the Company or the Bank established for the benefit of their respective directors, officers
and employees, (ii)&nbsp;any charitable foundation established by the Company or the Bank, and (iii)&nbsp;any director, officer or employee
of the Company or the Bank or members of their immediate families (whether directly or through a personal trust), which term shall mean
parents, spouse, siblings and children;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">as
compensation for its marketing agent services in the Community Offering, a fee equal to one and a half percent (1.50%) of the aggregate
purchase price of the Securities sold in the Community Offering, excluding Securities purchased by or on behalf of (i)&nbsp;any employee
benefit plan or trust of the Company or the Bank established for the benefit of their respective directors, officers and employees, (ii)&nbsp;any
charitable foundation established by the Company or the Bank, and (iii)&nbsp;any director, officer or employee of the Company or the
Bank or members of their immediate families (whether directly or through a personal trust), which term shall mean parents, spouse, siblings
and children; provided, however, that the 1.50% fee shall be five percent (5.00%) with respect to Securities sold in the Community Offering
to each purchaser who: (i)&nbsp;is an &ldquo;accredited investor&rdquo; as set forth in 12 CFR 230.501, excluding natural persons as
defined in 12 CFR 230.501(a)(5)-(6), and (ii)&nbsp;was solicited and/or initiated by the Agent; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">with
respect to any Securities sold in the Syndicated Offering, an aggregate fee of five percent (5.00%) of the aggregate purchase price of
Securities sold in the Syndicated Offering.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If requested by the Company,
the Agent shall provide information which evidences the satisfaction of the conditions for the payment of the 5.00% fee set forth in
sub-section (c)&nbsp;immediately above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If this Agreement is terminated
by the Agent in accordance with the provisions of Section&nbsp;9(a)&nbsp;hereof or the Offering is terminated by the Company, no fee
shall be payable by the Company to the Agent; provided, however, that the Company shall reimburse the Agent in accordance with the provisions
of Section&nbsp;4 hereof for all of its reasonable out-of-pocket expenses up to $60,000 (which may be increased to $75,000 in the event
of a resolicitation of subscribers in the Subscription and Community Offerings) and for its attorney&rsquo;s fees and expenses up to
$100,000, for a total maximum of $160,000 ($175,000 in the event of a resolicitation of subscribers in the Subscription and Community
Offerings); provided, however, that the Agent shall document such expenses to the reasonable satisfaction of the Company and the Bank.
In addition, the Company shall be obligated to pay the other fees and expenses as contemplated by the provisions of Section&nbsp;4 hereof
in the event of any such termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, the Agent will
receive a fee of $30,000, $15,000 of which has been paid prior to the date hereof, for certain services rendered as Stock Information
Center Manager as set forth in the letter dated October&nbsp;25, 2023 between the Agent and the Bank (the &ldquo;Stock Information Center
Manager Engagement&rdquo;); provided, however, in the event of any unusual or additional items or duplication of services required as
a result of a material change in applicable regulations or the Plan, or a material delay or other similar events, such fee can be increased
by up to $10,000. In addition, the Agent shall be reimbursed for its reasonable out-of-pocket expenses incurred in connection with its
records management agent services up to $30,000; provided, however, that the Agent shall document such expenses to the reasonable satisfaction
of the Company and the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All fees payable to the Agent
hereunder shall be payable in immediately available funds at the Closing Time, or upon the termination of this Agreement, as the case
may be.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;3.
</B></FONT><B>COVENANTS OF THE COMPANY AND THE BANK</B>. The Company and the Bank jointly and severally covenant with the Agent as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will prepare and file such amendments or supplements to the Registration Statement, the Prospectus, the Conversion
Application, the Holding Company Application and the Members&rsquo; Proxy Statement as may hereafter be required by the Commission Regulations,
by the applicable OCC Regulations or by the applicable FRB Regulations. Following completion of the Subscription and Community Offerings,
in the event of a Syndicated Offering, the Company and the Bank will (i)&nbsp;promptly prepare and file with the Commission, if required,
a post-effective amendment to the Registration Statement relating to the results of the Subscription and Community Offerings, any additional
information with respect to the proposed plan of distribution, including the Syndicated Offering, if any, and any revised pricing information
or (ii)&nbsp;if no such post-effective amendment is required, will file with the Commission a prospectus or prospectus supplement containing
information relating to the results of the Subscription and Community Offerings and pricing information pursuant to Rule&nbsp;424 of
the Securities Act Regulations, in either case in a form acceptable to the Agent. The Company and the Bank will notify the Agent immediately,
and confirm the notice in writing, (i)&nbsp;of the effectiveness of any post-effective amendment of the Registration Statement, the filing
of any supplement to the Prospectus and the filing of any amendment to the Conversion Application or the Holding Company Application,
(ii)&nbsp;of the receipt of any comments from the FRB, the OCC or the Commission with respect to the transactions contemplated by this
Agreement or the Plan, (iii)&nbsp;of any request by the Commission, the FRB or the OCC for any amendment to the Registration Statement,
the Conversion Application, the Holding Company Application or any amendment or supplement to the Prospectus or for additional information,
(iv)&nbsp;of the issuance by each of the OCC and the FRB of its approvals or non-objections, as applicable, of the Conversion Application,
the Holding Company Application or the initiation of any proceedings for that purpose, (v)&nbsp;of the issuance by the Commission or
by the OCC of an order suspending the Offerings or the use of the Prospectus or any Issuer-Represented Free Writing Prospectus or the
initiation or threatened initiation of such proceedings, (vi)&nbsp;of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement or the initiation of any proceedings for that purpose, and (vii)&nbsp;of the receipt of any
notice with respect to the suspension of any qualification of the Securities for offering or sale in any jurisdiction. The Company and
the Bank will make every reasonable effort to prevent the issuance of any stop order and, if any stop order is issued, to obtain the
lifting thereof at the earliest possible moment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company represents and agrees that, unless it obtains the prior consent of the Agent, and the Agent represents and agrees that, unless
it obtains the prior consent of the Company, they have not made and will not make any offer relating to the Securities that would constitute
an Issuer-Represented Free Writing Prospectus or that would constitute a &ldquo;free writing prospectus,&rdquo; as defined in Rule&nbsp;405
of the Securities Act Regulations, required to be filed with the Commission. The Company represents that it has and will comply with
the requirements of Rule&nbsp;433 of the Securities Act Regulations applicable to any Permitted Free Writing Prospectus, including timely
Commission filing where required, legending and record keeping. The Company need not treat any communication as a free writing prospectus
if it is exempt from the definition of prospectus pursuant to clause (a)&nbsp;of Section&nbsp;2(a)(10)&nbsp;of the Securities Act without
regard to Rule&nbsp;172 or 173 of the Securities Act Regulations. If at any time following issuance of an Issuer- Represented Free Writing
Prospectus there occurred or occurs an event or development as a result of which such Issuer-Represented Free Writing Prospectus materially
conflicted or would materially conflict with the information contained in the Registration Statement or included or would include an
untrue statement of a material fact or omitted or would omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances prevailing at that subsequent time, not misleading, the Company will notify promptly the Agent so that
any use of such Issuer-Represented Free Writing Prospectus may cease until it is amended or supplemented and the Company will promptly
amend or supplement such Issuer-Represented Free Writing Prospectus to eliminate or correct such conflict, untrue statement or omission;
provided, however, that this covenant shall not apply to any statements or omissions made in reliance upon and in conformity with the
Agent Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will give the Agent notice of their intention to file or prepare any amendment to the Conversion Application, the
Holding Company Application or the Registration Statement (including any post-effective amendment) or any amendment or supplement to
the Prospectus (including any revised prospectus that the Company proposes for use in connection with any Syndicated Offering that differs
from the prospectus on file at the Commission at the time the Registration Statement becomes effective, whether or not such revised prospectus
is required to be filed pursuant to Rule&nbsp;424(b)&nbsp;of the Securities Act Regulations), will furnish the Agent with copies of any
such amendment or supplement a reasonable amount of time prior to such proposed filing or use, as the case may be, and will not file
any such amendment or supplement or use any such prospectus to which the Agent or counsel for the Agent may object.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will deliver to the Agent as many signed copies and as many conformed copies of the Holding Company Application,
the Conversion Applications and the Registration Statement as originally filed and of each amendment thereto (including exhibits filed
therewith or incorporated by reference therein) as the Agent may reasonably request, and from time to time such number of copies of the
Prospectus as the Agent may reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period when the Prospectus is required to be delivered, the Company and the Bank will comply, at their own expense, with all requirements
imposed upon them by the FRB, by the OCC, by the applicable OCC Regulations and FRB Regulations, as from time to time in force, and by
the Securities Act, the Securities Act Regulations, the Exchange Act, and the Exchange Act Regulations so far as necessary to permit
the continuance of sales or dealing in shares of Common Stock during such period in accordance with the provisions hereof and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
any event or circumstance shall occur as a result of which it is necessary, in the reasonable opinion of counsel for the Agent, to amend
or supplement the Registration Statement or Prospectus in order to make the Prospectus not misleading in the light of the circumstances
existing at the time it is delivered to a purchaser or if it is necessary to amend or supplement the Prospectus to comply with applicable
law and regulation, the Company and the Bank will forthwith amend or supplement the Registration Statement or Prospectus (in form and
substance satisfactory to counsel for the Agent) so that, as so amended or supplemented, the Registration Statement or Prospectus will
not include an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances existing at the time it is delivered to a purchaser, not misleading or so the Prospectus will comply
with applicable law and regulation, and the Company and the Bank will furnish to the Agent a reasonable number of copies of such amendment
or supplement. For the purpose of this subsection, the Company and the Bank will each furnish such information with respect to itself
as the Agent may from time to time reasonably request.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will take all necessary action, in cooperation with the Agent, to qualify the Securities for offering and sale under
the applicable securities laws of such states of the United States and other jurisdictions as the OCC Regulations may require and as
the Agent and the Company have agreed; provided, however, that neither the Company nor the Bank shall be obligated to file any general
consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified. In each jurisdiction
in which the Securities have been so qualified, the Company and the Bank will file such statements and reports as may be required by
the laws of such jurisdiction to continue such qualification in effect for a period of not less than one year from the effective date
of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company authorizes the Agent and any Selected Dealer to act as agents of the Company in distributing the Prospectus to persons entitled
to receive subscription rights and other persons to be offered Securities having record addresses in the states or jurisdictions set
forth in a survey of the securities or &ldquo;blue sky&rdquo; laws of the various jurisdictions in which the Offerings will be made.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will make generally available to its security holders as soon as practicable, but not later than 60 days after the close of the
period covered thereby, an earnings statement (in form complying with the provisions of Rule&nbsp;158 of the Securities Act Regulations)
covering a twelve-month period beginning not later than the first day of the Company&rsquo;s fiscal quarter next following the &ldquo;effective
date&rdquo; (as defined in said Rule&nbsp;158) of the Registration Statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period ending on the third anniversary of the expiration of the fiscal year during which the closing of the transactions contemplated
hereby occurs, the Company will furnish to its shareholders as soon as practicable after the end of each such fiscal year an annual report
(including consolidated balance sheets and consolidated statements of income, comprehensive income, changes in stockholders&rsquo; equity
and cash flows, certified by an independent registered public accounting firm) and, as soon as practicable after the end of each of the
first three quarters of each fiscal year (beginning with the fiscal quarter ending after the effective date of the Registration Statement),
will furnish consolidated summary financial information of the Company and the Bank for such quarter in reasonable detail. In addition,
the Company will use its reasonable best efforts to make public such annual report and quarterly consolidated summary financial information
through the issuance of appropriate press releases at the same time or prior to the time of the furnishing thereof to shareholders of
the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period ending on the third anniversary of the expiration of the fiscal year during which the closing of the transactions contemplated
hereby occurs, the Company will furnish to the Agent as soon as publicly available, a copy of each report or other document of the Company
furnished generally to shareholders of the Company or furnished to or filed with the Commission under the Exchange Act or any national
securities exchange or system on which any class of securities of the Company is listed, and from time to time, such other information
concerning the Company as the Agent may reasonably request. For purposes of this paragraph, any document filed electronically with the
Commission shall be deemed furnished to the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will (i)&nbsp;use their best efforts to satisfy the conditions precedent to the Offerings and the Conversion in
accordance with the Plan, the applicable OCC Regulations, the applicable FRB Regulations and all other applicable laws, regulations,
decisions and orders, including all material terms, conditions, requirements and provisions precedent to the Conversion and the Offerings
imposed upon the Company or the Bank by the Commission, the OCC, the FRB or any other regulatory authority or state securities (blue
sky) authority, and to comply with those which the regulatory authority permits to be completed after the Conversion and the Offerings;
and (ii)&nbsp;conduct the Conversion and the Offerings in the manner described in the Prospectus and in accordance with the Plan, the
OCC Regulations, the FRB Regulations and all other applicable material laws, regulations, decisions and orders, including in compliance
with all terms, conditions, requirements and provisions precedent to the Conversion and the Offerings imposed upon the Company and the
Bank by the Commission, the OCC, the FRB or any other regulatory or blue sky authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will comply, at their own expense, with all requirements imposed by the Commission, the OCC, the FRB and the Nasdaq
stock market or pursuant to the applicable Commission Regulations, OCC Regulations, and FRB Regulations, as from time to time in force.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will promptly inform the Agent upon its receipt of service with respect to any material litigation or administrative action instituted
with respect to the Conversion and/or the Offerings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
of the Company and the Bank will use the net proceeds received by it from the sale of the Securities in the manner specified in the Prospectus
and the General Disclosure Package under &ldquo;How We Intend to Use the Proceeds from the Stock Offering.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will report the use of proceeds from the Offerings on its first periodic report following the Closing Time filed pursuant to
Sections 13(a)&nbsp;and 15(d)&nbsp;of the Exchange Act and on any subsequent periodic reports as may be required pursuant to Rule&nbsp;463
of the Securities Act Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company will maintain the effectiveness of the Exchange Act Registration Statement for not less than three years following the Closing
Time and will comply in all material respects with its filing obligations under the Exchange Act. For not less than three years following
the Closing Time, the Company will use its best efforts to effect and maintain the listing of the Common Stock on the Nasdaq Stock Market
and, once listed on the Nasdaq Stock Market, the Company will comply with all applicable listing standards required by the Nasdaq Stock
Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will take such actions and furnish such information as are reasonably requested by the Agent in order for the Agent
to ensure compliance with FINRA Rules&nbsp;5130 and 5131.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Other
than in connection with any employee benefit plan or arrangement described in the Prospectus and the General Disclosure Package, the
Company will not, without the prior written consent of the Agent, sell or issue, contract to sell or otherwise dispose of any shares
of Common Stock other than the Securities for a period of 180 days following the Closing Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period beginning on the date hereof and ending on the later of the third anniversary of the Closing Time or the date on which the
Agent receives full payment in satisfaction of any claim for indemnification or contribution to which they may be entitled pursuant to
Sections 6 or 7 hereof, respectively, made prior to the third anniversary of the Closing Time, neither the Company nor the Bank shall,
without the prior written consent of the Agent (such consent not to be unreasonably withheld, conditioned or delayed), take or permit
to be taken any action that could result in the Common Stock or the Bank Common Stock becoming subject to any security interest, mortgage,
pledge, lien or encumbrance, with the exception of the intended loan to the Bank&rsquo;s ESOP by the Company to enable the ESOP to purchase
Securities in an amount up to 8.00% of the sum of the Common Stock that is sold in the Offerings and contributed to the charitable foundation
to be established by the Bank and funded by the Company in connection with the Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will comply with the conditions imposed by or agreed to with the FRB or the OCC in connection with its approval
of the Holding Company Application and the Conversion Application, respectively. Upon consummation of the Conversion, the liquidation
account for the benefit of eligible account holders and supplemental eligible account holders, if any, will be duly established in accordance
with the Plan and the requirements of the Conversion Regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company shall not deliver the Securities until the Company and the Bank have satisfied each condition set forth in Section&nbsp;5 hereof,
unless such condition is waived by the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company or the Bank will furnish to the Agent as early as practicable prior to the Closing Time, but no later than two (2)&nbsp;full
business days prior thereto, a copy of the latest available unaudited interim financial statements of the Bank, which have been read
by Elliott Davis, as stated in their letters to be furnished pursuant to subsections (f)&nbsp;and (g)&nbsp;of Section&nbsp;5 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">During
the period in which the Prospectus is required to be delivered, each of the Company and the Bank will conduct its respective business
in compliance in all material respects with all applicable federal and state laws, rules, regulations, decisions, directives and orders,
including all decisions, directives and orders of the Commission, the FRB, the OCC, and the FDIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Neither
the Company nor the Bank will amend the Plan in any manner that would affect the sale of the Securities or the terms of this Agreement
without the consent of the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will not, prior to the Closing Time, incur any liability or obligation, direct or contingent, or enter into any
material transaction, other than in the ordinary course of business consistent with past practice, except as contemplated by the Prospectus
and the General Disclosure Package.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will use all reasonable efforts to comply with, or cause to be complied with, the conditions precedent to the obligations
of the Agent specified in Section&nbsp;5 hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will provide the Agent with any information necessary to carry out the allocation of the Securities in the event
of an oversubscription, and such information will be accurate and reliable in all material respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank will notify the Agent when funds have been received for the minimum number of Securities set forth in the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;4.
</B></FONT><B>PAYMENT OF EXPENSES</B>. The Company and the Bank jointly and severally agree to pay all expenses incident to the performance
of their obligations under this Agreement, including but not limited to (i)&nbsp;the cost of obtaining all securities and bank regulatory
approvals, including any required FINRA filing fees including the filing fees paid by the Agent referenced below, (ii)&nbsp;the cost
of printing and distributing the materials used in the Offerings, (iii)&nbsp;the costs of blue sky qualification (including fees and
expenses of blue sky counsel) of the Securities in the various states, (iv)&nbsp;the fees and expenses incurred in connection with obtaining
the listing of the Securities on the Nasdaq Stock Market, (v)&nbsp;all fees and disbursements of the Company&rsquo;s, and the Bank&rsquo;s
counsel, accountants and other advisors, and (vi)&nbsp;the establishment and operational expenses for the Stock Information Center (e.g.
postage, telephones, supplies, temporary employees,&nbsp;etc.). In the event the Agent incurs any such fees and expenses on behalf of
the Company or the Bank, the Company or the Bank will reimburse the Agent for such fees and expenses whether or not the Conversion is
consummated; provided, however, that the Agent shall not incur any substantial expenses on behalf of the Company or the Bank without
prior approval, which approval will not be unreasonably withheld.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company and the Bank
jointly and severally agree to pay certain expenses incident to the performance of the Agent&rsquo;s obligations under this Agreement,
regardless of whether the Conversion is consummated, including (i)&nbsp;the filing fees paid or incurred by the Agent in connection with
all filings with FINRA, (ii)&nbsp;all reasonable documented out-of-pocket expenses up to $60,000 (which may be increased to $75,000 in
the event of a resolicitation of subscribers in the Subscription and Community Offerings) incurred by the Agent in connection with its
services as marketing agent as described above including, without limitation, travel, meals, lodging, postage, syndication and documentation
expenses, and up to $100,000, incurred by the Agent on legal fees and expenses and (iii)&nbsp;reasonable out-of-pocket expenses up to
$30,000 as records agent and stock information center manager; provided, however, that the Agent shall document such expenses to the
reasonable satisfaction of the Company and the Bank. All fees and expenses to which the Agent is entitled to reimbursement under this
paragraph of this Section&nbsp;4 shall be due and payable upon receipt by the Company or the Bank of a written accounting therefor setting
forth in reasonable detail the expenses incurred by the Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;5.
</B></FONT><B>CONDITIONS OF AGENT&rsquo;S OBLIGATIONS</B>. The Company, the Bank and the Agent agree that the issuance and the sale of
Securities and all obligations of the Agent hereunder are subject to the accuracy of the representations and warranties of the Company
and the Bank herein contained as of the date hereof and the Closing Time, to the accuracy of the statements of officers and directors
of the Company and the Bank made pursuant to the provisions hereof, to the performance by the Company and the Bank of their obligations
hereunder, and to the following further conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">No
stop order suspending the effectiveness of the Registration Statement, including any post-effective amendment thereto, shall have been
issued under the Securities Act or proceedings therefor initiated or, to the knowledge of the Company, threatened by the Commission,
no order suspending the Offerings or authorization for final use of the Prospectus, including any prospectus included in a post- effective
amendment to the Registration Statement, shall have been issued or proceedings therefor initiated or, to the knowledge of the Company,
threatened by the Commission, the OCC or the FRB and no order suspending the sale of the Securities in any jurisdiction shall have been
issued.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, the Agent shall have received:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
favorable opinion, dated as of the Closing Time, of Luse Gorman, PC, counsel for the Company and the Bank, in form and substance satisfactory
to counsel for the Agent, as attached hereto as Exhibit&nbsp;A.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
favorable opinion, dated as of the Closing Time, of Nelson Mullins Riley&nbsp;&amp; Scarborough LLP, counsel for the Agent, as to such
matters as the Agent may reasonably require.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition to giving their opinions required by subsections (b)(l)&nbsp;and (b)(2), respectively, of this Section, Luse Gorman, PC and
Nelson Mullins Riley&nbsp;&amp; Scarborough LLP shall each additionally state that nothing has come to their attention that would lead
them to believe that the Registration Statement (except for financial statements and schedules and other financial, pro forma, appraisal
or statistical data included therein, as to which counsel need make no statement), at the time it became effective, contained an untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein
not misleading or that the Prospectus (except for financial statements and schedules and other financial, pro forma, appraisal or statistical
data included therein, as to which counsel need make no statement), at the time the Registration Statement became effective, as of the
date of the Prospectus or at the Closing Time, or (if applicable) that the General Disclosure Package as of the Applicable Time, included
or includes an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements
therein, in the light of the circumstances under which they were made, not misleading.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In giving their opinions,
Luse Gorman, PC and Nelson Mullins Riley&nbsp;&amp; Scarborough LLP may rely as to matters of fact on certificates of officers and directors
of the Company and the Bank and certificates of public officials. Nelson Mullins Riley&nbsp;&amp; Scarborough LLP may also rely on the
opinion of Luse Gorman, PC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time referred to in Section&nbsp;2 hereof, the Company and the Bank shall have completed in all material respects the conditions
precedent to the Conversion in accordance with the Plan, the applicable OCC Regulations, the applicable FRB Regulations and all other
applicable laws, regulations, decisions and orders, including all terms, conditions, requirements and provisions precedent to the Conversion
imposed upon the Company or the Bank by the OCC or any other regulatory authority other than those which the OCC, the FRB or any such
other regulatory authority permit to be completed after the consummation of the Conversion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, there shall not have been, since the date hereof or since the respective dates as of which information is given in
the Registration Statement and the Prospectus, any Material Adverse Effect, whether or not arising in the ordinary course of business,
and the Agent shall have received a certificate of the Chief Executive Officer of the Company and the Bank and the Chief Financial Officer
of the Company and the Bank, dated as of the Closing Time, to the effect that (i)&nbsp;there has been no such Material Adverse Effect,
(ii)&nbsp;there shall have been no material transaction entered into by the Company or the Bank from the latest date as of which the
financial condition of the Company or the Bank, as set forth in the Registration Statement, the Prospectus and the General Disclosure
Package other than transactions referred to or contemplated therein and transactions in the ordinary course of business consistent with
past practice, (iii)&nbsp;neither the Company nor the Bank shall have received from the FRB, the OCC or the FDIC any order or direction
(oral or written) to make any material change in the method of conducting its business with which it has not complied (which order or
direction, if any, shall have been disclosed in writing to the Agent) or which would materially and adversely affect the business, financial
condition, results of operations or prospects of the Company or the Bank, considered as one enterprise, (iv)&nbsp;the representations
and warranties in Section&nbsp;1 hereof are true and correct with the same force and effect as though expressly made at and as of the
Closing Time, (v)&nbsp;each of the Company and the Bank have complied with all agreements and satisfied all conditions on their part
to be performed or satisfied at or prior to the Closing Time, (vi)&nbsp;no stop order suspending the effectiveness of the Registration
Statement has been issued and no proceedings for that purpose have been initiated or, to the knowledge of the Company or the Bank, threatened
by the Commission, (vii)&nbsp;no order suspending the FRB&rsquo;s approval of the Holding Company Application or the transactions contemplated
thereby or the OCC&rsquo;s approval of the Conversion Application or the transactions contemplated thereby has been issued and no proceedings
for that purpose have been initiated or, to the knowledge of the Company or the Bank, threatened by the FRB or the OCC and no person
has sought to obtain regulatory or judicial review of the action of the OCC in approving the Plan in accordance with the OCC Regulations
nor has any person sought to obtain regulatory or judicial review of the action of the OCC in approving the Conversion Application or
the FRB in approving the Holding Company Application, and (viii)&nbsp;no order suspending the Subscription and Community Offerings or
the Syndicated Offering or authorization for use of the Prospectus has been issued and no proceedings for that purpose have been initiated
by the OCC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, the Agent shall have received a certificate of the Chief Executive Officer of the Company and the Bank and the Chief
Financial Officer of the Company and the Bank, dated as of the Closing Time, to the effect that (i)&nbsp;they have reviewed the contents
of the Registration Statement, the Prospectus and the General Disclosure Package; (ii)&nbsp;based on each of their knowledge, the Registration
Statement, the Prospectus and the General Disclosure Package do not contain any untrue statement of a material fact or omit to state
a material fact necessary in order to make the statements made therein, in light of the circumstances under which such statements were
made, not misleading; and (iii)&nbsp;based on each of their knowledge, the financial statements and other financial information included
in the Registration Statement, the Prospectus and the General Disclosure Package fairly present the financial condition and results of
operations of the Bank as of and for the dates and periods covered by the Registration Statement and the Prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
of the date hereof, the Agent shall have received from Elliott Davis a letter dated such date, in form and substance satisfactory to
the Agent, to the effect that: (i)&nbsp;they are independent public accountants with respect to the Company and the Bank within the meaning
of the Code of Ethics of the AICPA, the Securities Act and the Securities Act Regulations and the OCC Regulations, they are registered
with the PCAOB, and they are not in violation of the auditor independence requirements of the Sarbanes-Oxley Act; (ii)&nbsp;it is their
opinion that the financial statements and supporting schedules included in the Registration Statement and covered by their opinions therein
comply as to form in all material respects with the applicable accounting requirements of the Securities Act and the Securities Act Regulations;
(iii)&nbsp;based upon limited procedures as agreed upon by the Agent and Elliott Davis set forth in detail in such letter, nothing has
come to their attention which causes them to believe that, except as set forth in such letter, (A)&nbsp;the unaudited amounts of net
interest income and net income set forth under &ldquo;Selected Financial and Other Data of Fifth District&rdquo; or under &ldquo;Recent
Developments&rdquo; in the Prospectus and the General Disclosure Package do not agree with the amounts set forth in unaudited financial
statements as of and for the dates and periods presented under such captions or such amounts were not determined on a basis substantially
consistent with that used in determining the corresponding amounts in the audited financial statements included in the Registration Statement,
the Prospectus and the General Disclosure Package, (B)&nbsp;at a specified date not more than five (5)&nbsp;business days prior to the
date of this Agreement, there has been any increase in the long- term or short-term debt of the Bank or any decrease in total assets,
the allowance for credit losses, total deposits or equity of the Bank, in each case as compared with the amounts shown in the December&nbsp;31,
2023 audited balance sheets or, (C)&nbsp;during the period from December&nbsp;31, 2023 to a specified date not more than five (5)&nbsp;business
days prior to the date of this Agreement, there were any decreases, as compared with the corresponding period in the preceding fiscal
year, in total interest income, net interest income, net interest income after provision for credit losses, income before income tax
expense or net income of the Bank or increases in interest expense or the provision for credit losses, except in all instances for increases
or decreases which the Registration Statement, the Prospectus and the General Disclosure Package disclose have occurred or may occur;
and (iv)&nbsp;in addition to the examination referred to in their opinions and the limited procedures referred to in clause (iii)&nbsp;above,
they have carried out certain specified procedures, not constituting an audit, with respect to certain amounts, percentages and financial
information that are included in the Registration Statement, Prospectus and the General Disclosure Package and that are specified by
the Agent, and have found such amounts, percentages and financial information to be in agreement with the relevant accounting, financial
and other records of the Company and the Bank identified in such letter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, the Agent shall have received from Elliott Davis a letter dated as of the Closing Time, to the effect that it reaffirms
the statements made in the letter furnished pursuant to subsection (f)&nbsp;of this Section, except that the specified date referred
to shall be a date not more than five (5)&nbsp;days prior to the Closing Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, the Securities shall have been approved for listing on the Nasdaq Stock Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, the Agent shall have received a letter from the Appraiser, dated as of the Closing Time, confirming its appraisal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
the Closing Time, counsel for the Agent shall have been furnished with such documents and opinions as they may require for the purpose
of enabling them to pass upon the issuance and sale of the Securities as herein contemplated and related proceedings, or in order to
evidence the accuracy of any of the representations or warranties, or the fulfillment of any of the conditions, herein contained; and
all proceedings taken by the Company in connection with the issuance and sale of the Securities as herein contemplated shall be satisfactory
in form and substance to the Agent and counsel for the Agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">At
any time prior to the Closing Time, (i)&nbsp;there shall not have occurred any material adverse change in the financial markets in the
United States or elsewhere or any outbreak of hostilities or escalation thereof or other calamity or crisis the effect of which, in the
judgment of the Agent, are so material and adverse as to make it impracticable to market the Securities or to enforce contracts, including
subscriptions or orders, for the sale of the Securities, and (ii)&nbsp;trading generally on any of the NYSE MKT, the New York Stock Exchange
or the Nasdaq shall not have been suspended, and minimum or maximum prices for trading shall not have been fixed, or maximum ranges for
prices for securities have been required, by any of said exchanges or by order of the Commission or any other governmental authority,
and a banking moratorium shall not have been declared by either Federal or Louisiana authorities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;6.
</B></FONT><B>INDEMNIFICATION</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank, jointly and severally, agree to indemnify and hold harmless the Agent, each person, if any, who controls the Agent,
within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act, and its respective partners, directors,
officers, employees and agents as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">from
and against any and all loss, liability, claim, judgment, damage and expense whatsoever, as incurred, related to or arising out of the
Conversion or any action taken by the Agent where acting as agent of the Company or the Bank or otherwise as described in Section&nbsp;2
hereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">from
and against any and all loss, liability, claim, judgment, damage and expense whatsoever, as incurred, based upon or arising out of (A)&nbsp;any
untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectus, the General
Disclosure Package, any Issuer-Represented Free Writing Prospectus, the Members&rsquo; Proxy Statement or any amendment or supplement
thereto (including any post-effective amendment), (B)&nbsp;the omission or alleged omission to state a material fact required to be stated
in the Registration, the Prospectus, the General Disclosure Package or any Issuer-Represented Free Writing Prospectus or necessary to
make the statements therein not misleading or (C)&nbsp;any omission or alleged omission from the Prospectus, the General Disclosure Package,
any Issuer-Represented Free Writing Prospectus or the Members&rsquo; Proxy Statement to state therein a material fact necessary in order
to make the statements made therein, in light of the circumstances under which they were made, not misleading;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">from
and against any and all loss, liability, claim, judgment, damage and expense whatsoever, as incurred, to the extent of the aggregate
amount paid in settlement of any litigation, or any investigation or proceeding by any governmental agency or body, commenced or threatened,
or of any claim whatsoever described in clauses (i)&nbsp;or (ii)&nbsp;above, if such settlement is effected with the written consent
of the Company or the Bank, which consent shall not be unreasonably withheld; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">from
and against any and all expense whatsoever, as incurred (including, subject to Section&nbsp;6(c)&nbsp;hereof, the fees and disbursements
of counsel chosen by the Agent), reasonably incurred in investigating, preparing or defending against any litigation, or any investigation,
proceeding or inquiry by any governmental agency or body, commenced or threatened, or any claim pending or threatened whatsoever described
in clauses (i)&nbsp;or (ii)&nbsp;above, to the extent that any such expense is not paid under clause (i), (ii)&nbsp;or (iii)&nbsp;above;
provided, however, that the indemnification provided for in this paragraph (a)&nbsp;shall not apply to any loss, liability, claim, judgment,
damage or expense that (i)&nbsp;arises out of any untrue statement or alleged untrue statement of a material fact contained in the Prospectus
or the General Disclosure Package or any Issuer-Represented Free Writing Prospectus (or any amendment or supplement thereto), or the
omission or alleged omission therefrom of a material fact necessary in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading which was made in reliance upon and in conformity with the written information furnished to
the Company by the Agent expressly for use therein, provided that the Company and the Bank hereby acknowledge and agree that the only
information that the Agent has furnished to the Company consists solely of the information set forth in the first sentence in the second
paragraph of the section &ldquo;The Conversion and Stock Offering &ndash; Plan of Distribution; Selling Agent and Underwriter Compensation
 &ndash; Subscription and Community Offering&rdquo;, the section &ldquo;The Conversion and Offering &ndash; Plan of Distribution; Selling
Agent and Underwriter Compensation &ndash; Syndicated Community Offering&rdquo; and the second paragraph of the section &ldquo;The Conversion
and Offering &ndash; Stock Information Center Management&rdquo; in the Prospectus (the &ldquo;Agent Information&rdquo;), or (ii)&nbsp;is
finally judicially determined by a court of competent jurisdiction to be primarily attributable to the bad faith, gross negligence or
willful misconduct of the Agent arising out of the engagement of the Agent pursuant to, or the performance by the Agent of the services
contemplated by, this Agreement. To the extent required by law, the indemnification provided for in this paragraph (a)&nbsp;shall be
subject to and limited by Section&nbsp;23A of the Federal Reserve Act, as amended.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Agent agrees to indemnify and hold harmless the Company and the Bank, their directors or each of their officers who signed the Registration
Statement, and each person, if any, who controls the Company within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20
of the Exchange Act against any and all loss, liability, claim, judgment, damage and expense described in the indemnity contained in
subsection (a)&nbsp;of this Section, as incurred, but only with respect to untrue statements or omissions, or alleged untrue statements
or omissions, of a material fact made in the Prospectus or the General Disclosure Package or any Issuer-Represented Free Writing Prospectus
(or any amendment or supplement thereto) in reliance upon and in conformity with the Agent Information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
indemnified party shall give notice as promptly as reasonably practicable to each indemnifying party of any action commenced against
it in respect of which indemnity may be sought hereunder, but failure to so notify an indemnifying party shall not relieve such indemnifying
party from any liability that it may have otherwise than on account of this indemnity agreement. If any such action shall be brought
or asserted against an indemnified party and such indemnified party shall have notified the indemnifying party thereof, the indemnifying
party shall retain counsel reasonably satisfactory to the indemnified party (who shall not, without the consent of the indemnified party,
be counsel to the indemnifying party) to represent the indemnified party in such proceeding and shall pay the reasonable fees and expenses
of such counsel related to such proceeding, as incurred. In any such proceeding, any indemnified party shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i)&nbsp;the indemnifying
party and the indemnified party shall have mutually agreed to the contrary; (ii)&nbsp;the indemnifying party has failed within a reasonable
time to retain counsel reasonably satisfactory to the indemnified party; (iii)&nbsp;the indemnified party shall have reasonably concluded
that there may be legal defenses available to such indemnified party that are different from or in addition to those available to the
indemnifying party; or (iv)&nbsp;the named parties in any such proceeding (including any impleaded parties) include both the indemnifying
party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential
differing interest between them. An indemnifying party may participate at its own expense in the defense of any such action. The indemnifying
party shall not be liable for the fees and expenses of more than one counsel (in addition to no more than one local counsel in each separate
jurisdiction in which any action or proceeding is commenced) separate from such indemnifying party&rsquo;s own counsel for all indemnified
parties in connection with any one action or separate but similar or related actions in the same jurisdiction arising out of the same
general allegations or circumstances. Notwithstanding anything to the contrary in this Section&nbsp;6, the indemnifying party shall not,
without the prior written consent of an indemnified party (which consent shall not be unreasonably withheld), effect any settlement of
any pending or threatened action in respect of which indemnity could have been sought hereunder by such indemnified party unless (i)&nbsp;such
settlement includes an unconditional release of such indemnified party in form and substance satisfactory to such indemnified party from
all liability on claims that are the subject matter of such action and (ii)&nbsp;does not include any statement as to or any admission
of fault, culpability or a failure to act by or on behalf of any indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Company and the Bank also agree that the Agent shall not have any liability (whether direct or indirect, in contract or tort or otherwise)
to the Bank or the Bank&rsquo;s or the Company&rsquo;s creditors relating to or arising out of the engagement of the Agent pursuant to,
or the performance by the Agent of the services contemplated by, this Agreement, except to the extent that any liability is found in
a final judgment by a court of competent jurisdiction to have resulted primarily from the Agent&rsquo;s willful misconduct or gross negligence.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">In
addition to, and without limiting, the provisions of Section&nbsp;(6)(a)(iv)&nbsp;hereof, in the event that the Agent, any person, if
any, who controls the Agent within the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act or any
of its partners, directors, officers, employees, affiliates or agents is requested or required to appear as a witness or otherwise gives
testimony in any action, proceeding, investigation or inquiry brought by or on behalf of or against the Company, the Bank, the Agent
or any of its affiliates or any participant in the transactions contemplated hereby in which the Agent or such person or agent is not
named as a defendant, the Company and the Bank jointly and severally agree to reimburse the Agent and its partners, directors, officers,
employees or agents for all reasonable and necessary out-of-pocket expenses incurred by them in connection with preparing or appearing
as a witness or otherwise giving testimony and to compensate the Agent and its partners, directors, officers, employees or agents in
an amount to be mutually agreed upon.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
any other provision set forth in this Section&nbsp;6, in no event shall any payment made by the Company or the Bank pursuant to this
Section&nbsp;6 exceed the amount permissible under applicable federal law, including, without limitation, Section&nbsp;18(k)&nbsp;of
the Federal Deposit Insurance Act and the regulations promulgated thereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;7.
</B></FONT><B>CONTRIBUTION</B>. In order to provide for just and equitable contribution in circumstances in which the indemnity agreement
provided for in Section&nbsp;6 hereof is for any reason held to be unenforceable by the indemnified parties although applicable in accordance
with its terms or is insufficient in respect of any losses, liabilities, claims, judgments, damages or expenses referred to therein,
the Company, the Bank and the Agent shall contribute to the aggregate losses, liabilities, claims, damages and expenses of the nature
contemplated by said indemnity agreement incurred by the Company or the Bank and the Agent, as incurred, in such proportions (i)&nbsp;that
the Agent is responsible for that portion represented by the percentage that the maximum aggregate marketing fees appearing on the cover
page&nbsp;of the Prospectus bears to the maximum aggregate gross proceeds appearing thereon and the Company and the Bank are jointly
and severally responsible for the balance or (ii)&nbsp;if, but only if, the allocation provided for in clause (i)&nbsp;is for any reason
held unenforceable, in such proportion as is appropriate to reflect not only the relative benefits to the Company and the Bank on the
one hand and the Agent on the other, as reflected in clause (i), but also the relative fault of the Company and the Bank on the one hand
and the Agent on the other, as well as any other relevant equitable considerations; provided, however, that no person guilty of fraudulent
misrepresentation (within the meaning of Section&nbsp;11(f)&nbsp;of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation. For purposes of this Section, each person, if any, who controls the Agent within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act and its respective partners, directors, officers,
employees, affiliates and agents shall have the same rights to contribution as the Agent, and each director of the Company and the Bank,
each officer of the Company who signed the Registration Statement, and each person, if any, who controls the Company or the Bank within
the meaning of Section&nbsp;15 of the Securities Act or Section&nbsp;20 of the Exchange Act shall have the same rights to contribution
as the Company and the Bank. Notwithstanding anything to the contrary set forth herein, to the extent permitted by applicable law, in
no event shall the Agent be required to contribute an aggregate amount in excess of the aggregate marketing fees to which the Agent is
entitled and actually paid pursuant to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;8.
</B></FONT><B>REPRESENTATIONS, WARRANTIES AND AGREEMENTS TO SURVIVE DELIVERY</B>. All representations, warranties and agreements contained
in this Agreement, or contained in certificates of officers of the Company or the Bank submitted pursuant hereto, shall remain operative
and in full force and effect, regardless of any investigation made by or on behalf of the Agent or controlling person, or by or on behalf
of the Company, and shall survive delivery of the Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>SECTION&nbsp;9. TERMINATION
OF AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Agent may terminate this Agreement, by notice to the Company, at any time at or prior to the Closing Time (i)&nbsp;if there has been,
since the date of this Agreement or since the respective dates as of which information is given in the Registration Statement, any Material
Adverse Effect, whether or not arising in the ordinary course of business, (ii)&nbsp;if there has occurred any material adverse change
in the financial markets in the United States or elsewhere or any outbreak of hostilities or escalation thereof or other calamity or
crisis the effect of which, in the judgment of the Agent, are so material and adverse as to make it impracticable to market the Securities
or to enforce contracts, including subscriptions or orders, for the sale of the Securities, (iii)&nbsp;if trading generally on the Nasdaq
Stock Market, the NYSE MKT or the New York Stock Exchange has been suspended, or minimum or maximum prices for trading have been fixed,
or maximum ranges for prices for securities have been required, by any of said exchanges or by order of the Commission or any other governmental
authority, or if a banking moratorium has been declared by either Federal or Louisiana authorities, (iv)&nbsp;if any condition specified
in Section&nbsp;5 hereof shall not have been fulfilled when and as required to be fulfilled; (v)&nbsp;if there shall have been such material
adverse change in the condition or prospects of the Company or the Bank or the prospective market for the Company&rsquo;s Securities
as in the Agent&rsquo;s good faith opinion would make it inadvisable to proceed with the offering, sale or delivery of the Securities;
(vi)&nbsp;if, in the Agent&rsquo;s good faith opinion, the aggregate price for the Securities established by the Appraiser is not reasonable
or equitable under then prevailing market conditions, or (vii)&nbsp;if the Conversion is not consummated on or prior to December&nbsp;31,
2024.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">If
this Agreement is terminated pursuant to this Section&nbsp;9, such termination shall be without liability of any party to any other party
except as provided in Sections 2 and 4 hereof relating to the reimbursement of expenses and except that the provisions of Sections 6
and 7 hereof shall survive any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;10.
NOTICES</B></FONT>. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted by any standard form of telecommunication. Notices to the Agent shall be directed to 500 West Madison Street, Suite&nbsp;450,
Chicago,&nbsp;Illinois 60661 , attention of J. Andrew Hitt, with a copy to Robert D. Klingler,&nbsp;Esq., at Nelson Mullins Riley&nbsp;&amp;
Scarborough LLP, 201 17th Street NW, Suite&nbsp;1700, Atlanta, GA 30363; notices to the Company and the Bank shall be directed to any
of them at 4000 General DeGaulle Drive, New Orleans, LA 70114, attention of Brian W. North, President and Chief Executive Officer, with
a copy to Thomas P. Hutton,&nbsp;Esq., at Luse Gorman, PC, 5335 Wisconsin Avenue, N.W., Suite&nbsp;780, Washington, D.C. 20015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;11.
</B></FONT><B>PARTIES</B>. This Agreement shall inure to the benefit of and be binding upon the Agent, the Company and the Bank and their
respective successors. Nothing expressed or mentioned in this Agreement is intended or shall be construed to give any person, firm or
corporation, other than the Agent, the Company and the Bank and their respective successors and the controlling persons and the partners,
officers, directors, trustees, employees affiliates and agents referred to in Sections 6 and 7 hereof and their heirs and legal representatives,
any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision herein or therein contained. This
Agreement and all conditions and provisions hereof and thereof are intended to be for the sole and exclusive benefit of the Agent, the
Company and the Bank and their respective successors, and said controlling persons, partners, officers, directors and trustees and their
heirs, partners, legal representatives, and for the benefit of no other person, firm or corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;12.
</B></FONT><B>ENTIRE AGREEMENT; AMENDMENT</B>. This Agreement represents the entire understanding of the parties hereto with reference
to the transactions contemplated hereby and supersedes any and all other oral or written agreements heretofore made except for the Stock
Information Center Manager Engagement. No waiver, amendment or other modification of this Agreement shall be effective unless in writing
and signed by the parties hereto. This Agreement may be executed in several counterparts, each of which is deemed an original but all
of which constitute one and the same instrument. Delivery of an executed counterpart by facsimile, by &ldquo;.pdf&rdquo; data file or
by other electronic means shall be equally effective as delivery of a manually executed counterpart of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;13.
</B></FONT><B>GOVERNING LAW AND TIME</B>. This Agreement and any claim, controversy or dispute arising under or related to this Agreement
shall be governed by and construed in accordance with the laws of the State of Illinois applicable to agreements made and to be performed
in said State without regard to the conflicts of laws provisions thereof. Unless otherwise noted, specified times of day refer to Eastern
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;14.
</B></FONT><B>SEVERABILITY</B>. Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as
to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable
the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of
this Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall
be interpreted to be only so broad as is enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>SECTION&nbsp;15.
</B></FONT><B>HEADINGS</B>. Section&nbsp;headings are not to be considered part of this Agreement, are for convenience and reference
only, and are not to be deemed to be full or accurate descriptions of the contents of any paragraph or subparagraph.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[The next page&nbsp;is the signature page]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the foregoing is in accordance
with your understanding of our agreement, please sign and return to the Company a counterpart hereof, whereupon this instrument, along
with all counterparts, will become a binding agreement between the Agent on the one hand, and the Company and the Bank on the other in
accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Very truly yours,</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">FIFTH DISTRICT BANCORP,&nbsp;INC.</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: President and Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">FIFTH DISTRICT SAVINGS BANK</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif">/s/ Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: Brian W. North</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: President and Chief Executive Officer</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">CONFIRMED AND ACCEPTED</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">As of date first above written:</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Performance Trust Capital Partners, LLC</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ J. Andrew Hitt</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Name: J. Andrew Hitt</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">Title: Managing Director</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">[<I>Signature Page to Agency Agreement</I>]</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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