Exhibit 8.3


                                               March 2, 2001


Board of Directors
CharterBank
600 Third Avenue
West Point, Georgia  31833

Re:     Plan of Reorganization and Stock Issuance Plan: Subscription Rights
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Members of the Board of Directors:

        All capitalized terms not otherwise defined in this letter have the
meanings given to such terms in an amended Plan of Reorganization and Stock
Issuance Plan (the "Plan") adopted by the Board of Directors of CharterBank (the
"Bank") on October 26, 2000. Pursuant to the Plan, CharterBank will become a
wholly-owned subsidiary of Charter Financial Corp. (the "Company"), a federal
corporation in organization, and the Company will issue a majority of its Common
Stock to First Charter, MHC (the "MHC"), and will sell a minority of its Common
Stock to the public.

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

        1. the Subscription Rights will have no ascertainable market value; and

        2. the price at which the Subscription Rights are exercisable will not
           be more or less than the estimated pro forma market value of the
           shares upon issuance.


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

                                                     Respectfully submitted,

                                                     RP FINANCIAL, LC.