Chaffe & Associates, Inc.

Employee Stock Ownership Plan

ESOPs require independent valuations from inception through conclusion.  Since its formation in 1982, Chaffe & Associates, Inc. has performed valuations for several companies’ ESOPs in a variety of industries.  Chaffe & Associates, Inc. is regularly called upon to assist with ESOP plan formations, annual valuations, plan terminations, and to render fairness opinions.  All of Chaffe & Associates, Inc.’s ESOP valuations are prepared in accordance with U.S. Department of Labor’s Proposed Regulations Section 2510.3-18.