Exhibit 99.7
                                October 27, 1997




Board of Directors
Wyman Park Federal Savings and Loan
  Association
11 West Ridgely Road
Lutherville, Maryland

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 Wyman Park  Federal  Savings  and Loan  Association,  Lutherville,
Maryland, ("Wyman Park" or "Association") on June 18, 1997.


     It is our  understanding  that,  pursuant  to Office of Thrift  Supervision
regulations,  subscription rights are  non-transferable.  Persons violating such
prohibition  may lose their rights to purchase  stock in the  Conversion  and be
subject to other possible sanctions.


     Because the  Subscription  Rights to purchase shares of Common Stock in the
Association  to be issued to the  Association's  employee  stock benefit  plans,
depositors of the  Association,  and to other members of the Association will be
acquired by such recipients, without cost, will be non-transferable and of short
duration  and will afford the  recipients  the right only to purchase  shares of
Common Stock at the same price as will paid by members of the general  public in
a Community Offering, we are of the opinion that:



the Subscription  Rights will have no  ascertainable  fair market value and, 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 exercise.




                                                      Sincerely,
                                                      Ferguson & Company

                                                      /s/ Charles M. Hebert

                                                      Charles M. Hebert
                                                      Principal