Crazy Woman Creek Bancorp Incorporated

March 24, 2010

Dear Shareholder:

As you know we had a great first quarter of fiscal year 2010. With those positive results, we have turned our attention to aggressively reducing the level of non-performing assets. Due to the economy, it has generally not been a good time to liquidate these assets. Dealing with these assets has detracted from more positive activities and we have determined it is in the best interest of the Bank to aggressively attempt to liquidate these assets at this time; the cost will take its toll on our income.

The Board of Directors understands the importance of the preservation of capital. Our overriding concern is to maintain the "well-capitalized" designation as defined by our primary regulator. Today that is an 8% tier one capital ratio. Based upon our projections our capital ratio would be close to the minimum well-capitalized requirement if we declared the second quarter dividend.

In light of these activities your Board of Directors, with management's recommendation, has determined to suspend dividends. We believe this will be a temporary situation and that with our aggressive attitude of disposing of non-performing assets we will have the ability to return the Bank to a profitable situation in a relatively short timeframe.

A former employer of mine often used the phrase "the return of my money is much more important than the return on my money". We hope you agree with this and understand that we have set our priorities on the importance of returning your money and in the future providing a fair return on your money.

Sincerely,

Crazy Woman Creek Bancorp