EXHIBIT 99.4

                             KELLER & COMPANY, INC.

                        FINANCIAL INSTITUTION CONSULTANTS
                              555 METRO PLACE NORTH
                                    SUITE 524
                               DUBLIN, OHIO 43017
                      (614) 766-1426   (614) 766-1459 FAX

March 16, 2006

Boards of Directors
Monadnock Mutual Holding Company
Monadnock Community Bank
One Jaffrey Road
Peterborough, New Hampshire 03458

Re: Subscription Rights - Monadnock Bancorp, Inc.

Gentlemen:

The purpose of this letter is to provide an opinion of the value of the
subscription rights of the "to be issued" common stock of Monadnock Bancorp,
Inc. (the "Corporation"), the successor company to Monadnock Mutual Holding
Company, in regard to the second stage stock offering of the Corporation.

Because the Subscription Rights to purchase shares of Common Stock in the
Corporation, which are to be issued to the depositors of Monadnock Community
Bank and will be acquired by such recipients without cost, will be
nontransferable and of short duration and will afford the recipients the right
only to purchase shares of Common Stock at the same price as will be paid by
members of the general public in a Direct Community Offering, we are of the
opinion that:

      (1)   The Subscription Rights will have no ascertainable fair market
            value, and;

      (2)   The price at which the Subscription Rights are exercisable will not
            be more or less than the fair market value of the shares on the date
            of the exercise.

Further, it is our opinion that the Subscription Rights will have no economic
value on the date of distribution or at the time of exercise, whether or not a
community offering takes place.

Sincerely,

KELLER & COMPANY, INC.

/s/ Michael R. Keller

Michael R. Keller
President