[LETTERHEAD OF TRIDENT SECURITIES]
March 6, 2001
Board of Directors
Globe Homestead Federal Savings Association
4051 Veterans Boulevard
Metairie, LA 70002
RE: Conversion Stock Marketing Services
Dear Board of Directors:
This letter sets forth the terms of the proposed engagement between Trident
Securities, a division of McDonald Investments, Inc., ("Trident") and Globe
Homestead Federal Savings Association, Metairie, Louisiana, together with its
successors and assigns, (the "Association") concerning our investment banking
and marketing services in connection with the conversion of the Association from
a mutual to a capital stock form of organization.
Trident is prepared to assist the Association in connection with the offering of
its shares of common stock during the subscription offering and community
offering as such terms are defined in the Association's Plan of Conversion. The
specific terms of the services contemplated hereunder shall be set forth in a
definitive sales agency agreement (the "Agreement") between Trident and the
Association to be executed on the date the offering circular/prospectus is
declared effective by the appropriate regulatory authorities. The price of the
shares during the subscription offering and community offering will be the price
established by the Association's Board of Directors, based upon an independent
appraisal as approved by the appropriate regulatory authorities, provided such
price is mutually acceptable to Trident and the Association.
In connection with the subscription offering and community offering, Trident
will act as financial advisor and exercise its best efforts to assist the
Association in the sale of its common stock during the subscription offering and