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                                                                    EXHIBIT 99.5

                             KELLER & COMPANY, INC.
                             555 METRO PLACE NORTH
                                   SUITE 524
                               DUBLIN, OHIO 43017

                                 (614) 766-1426
                               (614) 766-1459 FAX





July 16, 1997




The Board of Directors
Columbia Federal Savings Bank
2497 Dixie Highway
Fort Mitchell, KY  41017-3085


Re:    Conversion Valuation Agreement

Attn:  Robert V. Lynch, President


     Keller & Company, Inc. (hereinafter referred to as KELLER) hereby proposes
to prepare an independent conversion appraisal of Columbia Federal Savings
Bank, Fort Mitchell, Kentucky (hereinafter referred to as COLUMBIA), relating
to the conversion of COLUMBIA from a mutual to a stock institution.  KELLER
will provide a pro forma valuation of the market value of the shares to be sold
in the proposed conversion of COLUMBIA.

     KELLER is a financial consulting firm that primarily serves the financial
institution industry.  KELLER is experienced in evaluating and appraising
thrift institutions and thrift institution holding companies.  KELLER is an
experienced conversion appraiser for filings with the Office of Thrift
Supervision ("OTS") and the Federal Deposit Insurance Corporation ("FDIC") and
is also approved by the Internal Revenue Service as an expert in thrift stock
valuations.

     KELLER agrees to prepare the conversion appraisal in the format required
by OTS in a timely manner for prompt filing with OTS and the Securities and
Exchange Commission.  KELLER will provide any additional information as
requested and will complete appraisal updates in accordance with regulatory
requirements.  KELLER will also be available to meet with any regulatory agency
to review the appraisal.



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     The appraisal report will provide a detailed description of COLUMBIA,
including its financial condition, operating performance, asset quality, rate
sensitivity position, liquidity level and management qualifications.  The
appraisal will include a description of COLUMBIA's market area, including both
economic and demographic characteristics and trends.  An analysis of other
publicly-traded thrift institutions will be performed to determine a comparable
group and adjustments to the appraised value will be made based on a comparison
of COLUMBIA with the comparable group.

     In making its appraisal, KELLER will rely upon the information in the
Subscription and Community Offering Circular (Prospectus), including the
financial statements.  Among other factors, KELLER will also consider the
following:  the present and projected operating results and financial condition
of COLUMBIA; the economic and demographic conditions in COLUMBIA's existing
marketing area; pertinent historical financial and other information relating
to COLUMBIA; a comparative evaluation of the operating and financial statistics
of COLUMBIA with those of other thrift institutions; the proposed price per
share; the aggregate size of the offering of Common Stock; the impact of the
Conversion on COLUMBIA's capital position and earnings potential; COLUMBIA's
proposed dividend policy; and the trading market for securities of comparable
institutions and general conditions in the market for such securities. In
preparing the appraisal, KELLER will rely solely upon, and assume the accuracy
and completeness of, financial and statistical information provided by
COLUMBIA, and will not independently value the assets or liabilities of
COLUMBIA in order to prepare the appraisal.

     Upon completion of the conversion appraisal, KELLER will provide a written
presentation to the Board of Directors of COLUMBIA to review the content of the
appraisal, the format and the assumptions.  A written presentation will be
provided to each board member.

     For its services in making this appraisal, KELLER's fee will be $17,000.
The appraisal fee will include the preparation of one valuation update.  All
additional valuation updates will be subject to an additional fee of $1,000
each.  Upon the acceptance of this proposal, KELLER shall be paid a retainer of
$3,000 to be applied to the total appraisal fee of $17,000, the balance of
which will be payable at the time of the completion of the appraisal.

     COLUMBIA agrees, by the acceptance of this proposal, to indemnify KELLER
and its employees and affiliates for certain costs and expenses, including
reasonable legal fees, in connection with claims or litigation relating to the
appraisal and arising out of any misstatement or untrue statement of a material
fact in information supplied to KELLER by COLUMBIA or by an intentional
omission by COLUMBIA to state a material fact in the information so provided,
except where KELLER has been negligent or at fault.



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     This proposal will be considered accepted upon the execution of the two
enclosed copies of this agreement and the return of one executed copy and the
retainer fee to KELLER.

                                    KELLER & COMPANY, INC.




                           By:  /s/ Michael R. Keller
                                _______________________________________
                                Michael R. Keller
                                President





                                    Columbia Federal Savings Bank




                           By:  /s/ Robert V. Lynch
                                _______________________________________
                                Robert V. Lynch
                                President



                           Date:  August 18, 1997