7600 W. Roosevelt Road, Ste.

LL2 Forest Park, Illinois 60130 Phone 888-978-6648

March 28, 2013

Dear Shareholder: I am writing again since my last letter of February 22nd because I want to ensure that every shareholder is very clear about the value of their investment in Covenant Bancshares Inc., the holding company that owned Covenant Bank, and to share a few additional thoughts. As most shareholders already know, Covenant Bank was closed Friday, February 15, 2013 and placed in receivership with the Federal Deposit Insurance Corporation (FDIC). The FDIC entered into a purchase and assumption agreement with Liberty Bank and Trust Company of New Orleans, which assumed all of the deposits and most of the assets of Covenant Bank. Covenant Banks management team did everything to the best of its ability to save the bank. Because of the housing market crisis, property values went down, including the properties of our Covenant Bank loan customers. When the losses mounted, the federal regulators required additional capital increases to offset the losses. We made every attempt over the last few years to raise the additional money needed to meet the regulatory requirements for Covenant Bank. We had raised some but not enough to satisfy the requirements of the regulators. Many investors have understandably asked about the value of their shares since Covenant Bank was the only asset of Covenant Bancshares Inc. Let me answer this question here. Regrettably, all of our shares, including mine, presently have no value ($0). Because of this, some on the outside have viewed our investment as a failure. In my opinion, there are several areas where Covenant Bank was successful in fulfilling our original vision of serving the underserved community. Here are a few reasons why I make this statement. During our four-plus years of service to the community: 1. We processed nearly 1.4 million transactions, served over 3,000 depositors and customers annually, and earned the trust and business of 75% of the North Lawndale deposit market. Our housing initiatives provided over $16 million in financing for more than 130 homeowners in targeted low-income communities. Because of this, the federal government awarded us four bank enterprise awards for our lending activity in economically distressed communities.

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We worked with borrowers during the mortgage crisis to keep their homes and investment properties when home foreclosures were at an all-time high. Our innovative Covenant Cares program provided debt consolidation and payday loan alternatives to struggling borrowers so they wouldnt have to choose between putting food on the table or paying back predatory loans, some with interest rates as high as 600%.

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As an investor, you helped to do all of this. Our presence has permanently improved the quality of life for many people in the North Lawndale community for generations to come. We have done good work, and now we look to God who is faithful to complete what we have begun, He which hath begun a good work in you will perform it until the day of Jesus Christ (Philippians 1:6). There is no loss in the Kingdom of God. I am seeking the Lord on what our next steps will be with Covenant Bancshares, Inc., and ask that you give me your prayers and patience as I seek divine wisdom and direction as to what course we will take from this point. The vision is still alive and well. If you have questions that I have not addressed, please feel free to call 888.978.6648. Sincerely,

Dr. William S. Winston