Exhibit 8.3
 
[LETTERHEAD OF RP Financial, LC.]                                   

Financial Services Industry Consultants



                                       July 19, 1996

Board of Directors
Fulton Savings Bank, FSB
410 Market Street
Fulton, Missouri 65251

     Re:  Plan of Conversion: Subscription Rights
          Fulton Savings Bank, FSB

Gentlemen:

     All capitalized terms not otherwise defined in this letter have the
meanings given such terms in the Plan of Conversion adopted by the Board of
Directors of Fulton Savings Bank, FSB ("Fulton Savings" or the "Bank") whereby
the Bank will convert from a federally chartered mutual savings bank to a
federally chartered capital stock savings bank and issue all of the Bank's
outstanding capital stock to Fulton Bancorp, Inc. (the "Holding Company").
Simultaneously, the Holding Company will issue shares of Common Stock.

     We understand that in accordance with the Plan of Conversion, Subscription
Rights to purchase shares of Common Stock in the Holding Company are to be
issued to: (1) Eligible Account Holders; (2) the ESOP; (3) Supplemental Eligible
Account Holders; and (4) Other Members.  Based solely upon our observation that
the Subscription Rights will be available to such parties without cost, will be
legally non-transferable and of short duration, and will afford such parties the
right only to purchase shares of Common Stock at the same price as will be paid
by members of the general public in the Direct Community Offering and Syndicated
Community Offering, 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, pursuant to our valuation of
the Subscription Rights:

     (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 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
stocks as a whole or the Holding Company's value alone.  Accordingly, no
assurance can be given that persons who subscribe to shares of common stock in
the conversion will thereafter be able to buy or sell such shares at the same
price paid in the Subscription Offering.

                                       Sincerely,


                                       /s/ James J. Oren
                                       ------------------
                                           James J. Oren
                                           Vice President
                          


                       [LETTERHEAD OF RP Financial, LC.]