Exhibit 8.3
 
[LETTERHEAD OF RP FINANCIAL]

                                                     June 14, 1996

Board of Directors
Community Bank of Excelsior Springs, A Savings Bank
1001 N. Jesse James Road
Excelsior Springs, Missouri  64024

Re:  Plan of Conversion:  Subscription Rights
     Community Bank of Excelsior Springs, A Savings Bank

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 Community Bank of Excelsior Springs, A Savings Bank (the "Bank")
whereby the Bank will convert from a federally chartered mutual savings bank to
a federally chartered stock savings bank and issue all of the Bank's outstanding
capital stock to CBES 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 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/ Ronald S. Riggin
                                             Ronald S. Riggins
                                             President