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                                NSS BANCORP, INC.
                (NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

                        BASSWOOD FINANCIAL PARTNERS, L.P.
                   (NAME OF PERSON(S) FILING PROXY STATEMENT)

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                        BASSWOOD FINANCIAL PARTNERS, L.P.
                                52 Forest Avenue
                                Paramus, NJ 07652

                                                                 June 15, 1998

Dear Fellow NSS Shareholder:

         We are writing to you today to inform the  shareholders of NSS Bancorp,
Inc.  ("NSS") of the importance of the next annual  shareholder  meeting and the
issues that will be addressed.  We have made a significant  financial commitment
to NSS and  beneficially  own more than  234,000  shares of NSS, or 9.90% of the
total outstanding shares. We are deeply concerned with the lack of direction and
vision of the current Board of Directors of NSS (the  "Board").  We believe that
NSS has a chance to maximize the value of its shareholders' investments but must
act now before the window of opportunity closes.

         We will be  seeking  your  support  to  elect  three  highly  qualified
candidates to the Board at its next annual meeting of shareholders. A summary of
their backgrounds appears on the reverse side of this letter.

         As most of you are aware, the NSS annual meeting is usually held in the
spring.  Last  year's  meeting,   for  example,   was  held  on  May  20,  1997.
Unfortunately,  the  Board of NSS,  having  been  notified  of our  interest  in
participating  in this year's  election,  has determined not to hold the meeting
until much  later  than usual -- indeed,  they have still not set a date for the
meeting. The Board must allow the shareholders,  the true owners of the company,
a forum to express their views on the  management  and direction  that the Board
has taken.

         Let's put an end to these stall tactics and get down to the business of
maximizing the value of our investment. Sooner or later, this Board will have to
call a  shareholders  meeting and  investors  will have a chance to consider our
nominees and our program. At this year's annual meeting, you will have the power
to  support  positive  change  at NSS,  and to  influence  the  destiny  of your
investment.

         In the meantime,  we recommend that you contact your financial  advisor
to discuss the current merger activity in the banking sector.

              LOOK FOR OUR PROXY MATERIALS AND THE WHITE PROXY CARD

                                               Sincerely,

                                               Basswood Financial Partners, L.P.




We believe that after you have reviewed each of the candidate's qualifications,
you will agree that they have the  knowledge  and  experience  to represent  the
interests of the company and of all shareholders:

Wolfgang  Schoellkopf  currently is a principal of the Ramius Capital Group,  an
investment management company. Mr. Schoellkopf is also a director of SLM Holding
Corporation. From 1996 to 1997, Mr. Schoellkopf was Vice Chairman of First Union
National Bank in Newark,  New Jersey.  Prior  thereto,  he was Vice Chairman and
Chief Financial Officer of First Fidelity  Bancorporation (which was merged into
First Union Corporation in 1996). Mr.  Schoellkopf is also a member of the Board
of the Inner-City Scholarship Fund at MaryMount University.

George R. Zoffinger  currently is the President and Chief  Executive  Officer of
Constellation  Capital Corp., an investment management company. Mr. Zoffinger is
also a director of New Jersey  Resources  Corporation and Camelot Music Holding,
Inc.  From 1995 to February  1998,  Mr.  Zoffinger  was the  President and Chief
Executive Officer of Value Property Trust, a real estate investment trust (REIT)
which  was  recently  sold to  Wellsford  Properties.  From  1994 to  1996,  Mr.
Zoffinger was the Chairman of CoreStates New Jersey  National Bank. From 1991 to
1994, he was the President and Chief Executive Officer of Constellation  Bancorp
(which was merged into  CoreStates  Financial Corp and,  thereafter,  into First
Union  Corporation).  Prior to that, Mr. Zoffinger served as the Commissioner of
Commerce  and  Economic  Development  for the  State  of New  Jersey  and he was
appointed  by  President  Clinton  to serve as a  delegate  to the  White  House
Conference on Small Business.

Bennett Lindenbaum has been a money manager for Basswood Partners,  L.P. and the
Vice President of Basswood  Management,  Inc. since 1993. Both Basswood Partners
and Basswood  Management  oversee and manage the investment of other  affiliates
which primarily invest in banks, bank holding companies and thrift institutions.
Prior to that, Mr.  Lindenbaum  was the Vice  President of  Investments  for MGS
Corporation,  a company involved in propane gas distribution,  a bank analyst at
SNL  Securities,  and a financial  analyst in the  Investment  Banking  Group at
Shearson Lehman Brothers.

                           -------------------------

In addition to Basswood  Financial  Partners,  L.P., other  participants in this
solicitation  in  opposition  to  management  may include  two of our  executive
officers,  Matthew  Lindenbaum and Bennett  Lindenbaum,  as well as seven of our
employees,  Debbie Coticchio, Marc Samit, Brian Jackelow,  Raymond French, David
Verlander,  Claudine  Blazina and Stella  Kourkoulakos,  and the two independent
candidates:  Wolfgang  Schoellkopf and George R. Zoffinger.  Basswood  Financial
Partners, L.P. owns 105,191 shares of NSS Bancorp, Inc. The following affiliates
of Basswood  Financial  Partners,  L.P. own NSS Bancorp,  Inc. shares:  Basswood
International  Fund, Inc. owns 36,809 shares, 1994 Garden State Trust owns 7,905
shares,   Whitewood  Financial  Partners,   L.P.  owns  1,956  shares,  Basswood
Supplemental  Fund, L.P. owns 75,315 shares,  and Jet I, L.P. owns 7,795 shares.
Matthew  Lindenbaum  owns 100 shares and may be deemed to  beneficially  own the
aforementioned  234,971  shares  held by a  combination  of  Basswood  Financial
Partners, L.P. and its affiliates.  Bennett Lindenbaum,  Basswood Partners, L.P.
and Basswood  Management,  Inc., may each also be deemed to beneficially own the
aforementioned  234,971  shares  held by a  combination  of  Basswood  Financial
Partners,  L.P.  and its  affiliates.  Mr.  Schoellkopf  owns 220  shares of NSS
Bancorp,  Inc. and Mr. Zoffinger owns 420 shares of NSS Bancorp, Inc. Other than
the  above,  Basswood  Financial  Partners,  L.P.  does  not  have,  and  to its
knowledge,  none of such other persons has, any interest, direct or indirect, by
security holdings or otherwise, in NSS Bancorp, Inc. shares.