RP FINANCIAL, LC.
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Financial Services Industry Consultants
December 1, 2003
Boards of Directors
K-Fed Mutual Holding Company
K-Fed Bancorp
Kaiser Federal Bank
1359 North Grand Avenue, Suite 200
Covina, California 91724
Members of the Boards:
We hereby consent to the use of our firm's name in the application for a
minority stock issuance on Form MHC-2, and in the Registration Statement on Form
S-1, and any amendments thereto. We also hereby consent to the inclusion of,
summary of and references to our Appraisal Report and our statement concerning
subscription rights in such filings including the Prospectus of K-Fed Bancorp.
Sincerely,
/s/ RP FINANCIAL, LC.
RP FINANCIAL, LC.
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WASHINGTON HEADQUARTERS
Rosslyn Center Telephone: (703) 528-1700
1700 North Moore Street, Suite 2210 Fax No. (703) 528-1788
Arlington, VA 22209 E-Mail: mail@rpfinancial.com