[LOGO]
June 5, 2000
Dear Stockholder:
NASB Financial, Inc. (the "Company"), is offering to purchase up
to 387,500 shares of its common stock at $12.50 per share. Our records
indicate that you are the owner of shares of this class.
The conditions of the Offer are explained in detail in the enclosed
Offer to Purchase and Letter of Transmittal. Please read these material
carefully before making any decision with respect to the Offer. Also
included is the Offer is an explanation of its effect on those
stockholders that decide not to tender their shares.
Although the Company's Board of Directors has authorized the Offer,
neither the Board nor the Company makes any recommendation as to whether
stockholders should tender shares to the Company. You should make an
independent decision after consulting with your advisors.
If you decide to respond to the Offer, please fill out the Letter
of Transmittal and deliver it to the Company, along with the stock
certificates that represent the shares you are tendering. The enclosed
materials contained detailed instructions on the proper procedures for
tendering your shares. The Offer will expire at 5:00 p.m. Central Time
on July 5, 2000, unless extended by the Company. If you have any
further questions, please call us at (816) 765-2200 and ask for the
Investor Relations Department.
Sincerely,
/s/ David H. Hancock
David H. Hancock
Board Chairman
