Oral Agreement for Web Application Services between American Home Bank, N.A. and Construction Mortgage Acceptance Corporation
American Home Bank, National Association (AHB) and Construction Mortgage Acceptance Corporation (CMAC) agreed that AHB would use certain web-based applications hosted by Affinigent, Inc. for a monthly fee of $1,000. The agreement is on a month-to-month basis and can be terminated by either party at any time. Notably, AHB executives James M. Deitch and Anna R. Smith have ownership interests in CMAC.
EXHIBIT 10.37
Oral Agreement by and between
American Home Bank, National Association and
Construction Mortgage Acceptance Corporation
In 2006, American Home Bank, National Association (“AHB”) entered into an agreement with Construction Mortgage Acceptance Corporation (“CMAC”) for the use of certain Web based applications hosted by Affinigent, Inc. The terms of the agreement is on a month to month basis for a fee of $1,000 per month. AHB and CMAC may terminate this arrangement at any time.
James M. Deitch, AHB’s Chairman and Chief Executive Officer, owns 56.18% of CMAC and Anna R. Smith, AHB’s President and Chief Operating Officer, owns 3.8% of CMAC.
